Remortgaging From Coventry Building Society

Why Do Borrowers Remortgage From Coventry Building Society?

Coventry BS borrowers typically look to remortgage when their initial deal period comes to an end. The jump from a competitive fixed rate to the SVR can be considerable, and most homeowners prefer to secure a new deal rather than absorb the higher cost.

Additional motivations for leaving Coventry BS include:

• Better rates elsewhere — while Coventry BS offers good deals, they may not always have the lowest rate for your specific circumstances
• Equity release — tapping into the value your home has gained since you took out your mortgage
• Changing circumstances — a new job, change in income, or shift in financial goals may mean a different lender is a better fit
• Shorter or longer term — restructuring your mortgage to pay it off faster or reduce monthly payments

If your mortgage is with the Co-operative Bank, which is now part of the Coventry BS group, you have the same freedom to remortgage to any lender on the market.

Coventry Building Society's SVR and How It Compares

Coventry Building Society's standard variable rate is currently around 7.49%. While Coventry BS is often praised for its competitive initial deals, the SVR is a different matter entirely.

On a £200,000 repayment mortgage, the difference between 7.49% and a competitive fixed rate in the low-to-mid range could save you well over £300 per month. Over the course of a year on the SVR, that is a substantial sum.

Coventry BS does provide product transfer options, and given their reputation, these can sometimes be competitive. But without comparing against the full market, you cannot be sure you are getting the best value.

Steps to Remortgage From Coventry Building Society

If you have decided to explore options beyond Coventry BS, the process is as follows:

• Gather your mortgage details — know your current balance, rate, deal end date, and any early repayment charges
• Check your property value — an up-to-date valuation determines your loan-to-value ratio, which directly impacts the rates you qualify for
• Research the market — a broker can compare Coventry BS's product transfer rates against hundreds of other lender options
• Choose your deal and apply — the new lender handles the transition, including repaying your Coventry BS mortgage
• Solicitor completes the legal work — many remortgage deals include free conveyancing, keeping your costs down

Starting the process six months ahead of your deal end date is ideal, giving you time to secure a rate without rushing.

Important Considerations Before Leaving Coventry BS

Before you remortgage away from Coventry Building Society, review the following:

• Early repayment charges — if you are still within your deal period, check the penalty structure in your mortgage offer document
• Account closure fees — Coventry BS may apply an administration charge when you pay off your mortgage
• Product transfer competitiveness — Coventry BS is known for offering reasonable retention deals, so do not dismiss them without checking
• Co-operative Bank link — if you are a Co-operative Bank mortgage customer, your options are the same as for Coventry BS borrowers
• Overpayment allowances — if your current deal allows overpayments and you have been using this facility, check whether a new deal offers the same flexibility

The Advantage of Using a Broker When Leaving Coventry BS

Coventry Building Society operates primarily as a direct lender, meaning many of their best deals are available without a broker. However, a broker opens up the rest of the market, including lenders and rates that are only available through intermediaries.

A broker can provide a side-by-side comparison of Coventry BS's product transfer against alternative deals, factoring in fees, cashback, and the total cost over the deal period. This ensures you make an informed decision rather than simply choosing the lowest headline rate.

For borrowers with more complex situations, such as multiple income sources, recent credit issues, or non-standard properties, a broker's expertise in matching you with the right lender is especially valuable.