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Coventry latest to pass on bank rate rise

Coventry Building Society has upped its savings and mortgage rates in response to the Bank of England’s decision to increase the base rate in early August.

As well as increasing the rate on its savings products, all of the building society’s variable mortgage rates will rise by 0.25 per cent, too. The changes will occur from 1 September.

A Coventry Building Society spokesperson comments: “We’re contacting all affected members, not just the ones the regulations require us to, because we want all members to know and understand the decisions we’re making.” Said members will be contacted by 23 August.

Coventry joins an increasing roster of lenders who have taken such action, including Nationwide, Santander, and Sainsbury’s Bank.

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