Coventry Building Society  

Coventry to keep brokers in mortgage maturity loop

Coventry to keep brokers in mortgage maturity loop

Coventry for Intermediaries will write to customers when they come up to the end of their mortgage deals, suggesting they get in touch with their mortgage broker.

The lender will write to both residential and buy-to-let clients, and will also inform brokers when they write to borrowers as the mortgages mature.

Kevin Purvey, director of intermediaries at Coventry, said the new step showed how much the lender valued mortgage brokers.

Article continues after advert

He said: "Changing a mortgage is a big decision and we believe that brokers should be at the centre of this process.

"That us why the letter we write to borrowers points them back to their brokers, why we let the brokers know that we are writing to their client and why we have taken the additional step of sharing the letter with them too."

Jorden Abbs, director of operations at specialist buy-to-let mortgage broker Commercial Trust, welcomed the news.

He said: "The decision to refer clients at renewal back to their broker is to be commended.

"It is possible that, in the interim period since securing their previous mortgage, the needs or circumstances of a client may change, or that new products are launched into the market that would better suit them, rather than transferring to a product selected only from within the existing lender’s product range. 

"This is exactly the role the broker plays. With a diverse range of lenders, offering thousands of buy-to-let mortgages, the expertise of a specialist can be critical to achieving a cost-effective solution.

"This is especially true in the aftermath of the Prudential Regulation Authority changes to mortgage affordability rules and the ongoing stepped withdrawal of mortgage interest tax relief."

rosie.murray-west@ft.com