Coventry Building Society to Raise Fixed Mortgage Rates for All Customers Starting Monday

Coventry Building Society disclosed that, effective Monday, it will lift rates on all its fixed-rate mortgage products for both new and existing residential and buy-to-let customers. The decision reflects climbing bond yields and swap rates, which have increased lenders' funding expenses. Mortgage brokers urged borrowers whose contracts expire within six months to secure a deal now rather than wait for potential improvements.

Industry commentators linked the volatility to renewed Middle East tensions and the prospect of higher energy prices, which could keep inflation and interest rates elevated. Several mortgage advisers warned that while the move may be a warning sign, it does not guarantee an immediate cascade of similar hikes across the sector.