Coventry for intermediaries has announced that it will now inform brokers and their clients that their mortgages are maturing four months ahead of time.
The building society says that this will give brokers more time to discuss options with their clients.
Coventry director of intermediaries Kevin Purvey (pictured) says: “Letting brokers know that their clients’ mortgages are maturing six weeks earlier than before felt like the next logical step in working collaboratively with our intermediary partners.
“Plus, we don’t have a restricted mortgage range for existing borrowers – including those introduced by a broker – meaning they have access to the same products as any new customer. And we will of course continue to direct broker-introduced borrowers back to their mortgage adviser – it’s all part of our commitment to the intermediary sector.”
Earlier this year, Nationwide introduced 12 week maturity letters that remind mortgage customers that they can go either directly to a lender or through a broker when searching for a new mortgage product.