Coventry to reduce mortgage rates

"The Society has over twice as many borrowers on Privilege rate as Standard variable rate." said Rachel Haworth, Head of Marketing at the Coventry. "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."

This rate change is effective from now for new customers and from 1 November 2008 for existing customers.