Coventry cuts SVR on mortgages
Borrowers on Coventry Building Society's Privilege rate will see their mortgage cut to 6.50 per cent.
The reduction, which applies to borrowing members of five or more years, comes as the building society reduces its standard variable mortgage by 0.25 per cent to 6.84 per cent.
New customers will already be able to take advantage of the rate cut and existing borrowers will see the change take effect on November 1st.
Rachel Haworth, head of marketing at the Coventry, said: "The society has over twice as many borrowers on Privilege rate as standard variable rate.
"These reductions maintain the competitiveness of our rates, despite the fact that funding costs have not fallen in line with the recent Bank of England base rate cut."
The deals are available online, over the phone or by visiting a branch.
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