Coventry Building Society - Flexx Rates

mgarl10024

Hi all,

For many of it's mortgage products, Coventry use an internal "Flexx rate", .e.g. on their Offset Flexx for Term products.

I am looking for the current value of this rate and its historical values, but despite extensive googling and rooting around Coventry's site cannot find it.

I'm sure that I must just be missing it as Coventry much be obligated to publish it somewhere?

Any help appreciated.

amnblog

We had a thread on this product range a few weeks ago.

Historical values, which I am sure Coventry can provide, will just tell you that, history. BOE base rates over the past 10 years will tell you all you need to know about relying on historical data.

The key factor for the borrower is that the CBS have a large amount of their book on these Flexx rates and SVR (I believe close to half the book). Together with the no exit penalty policy, this leaves them open to losing too much of their book if they move pricing too aggressively.

They cannot afford this, and that is your protection.

mgarl10024

Hi Amnblog,

Thanks for the reply.

Unlike the other thread, I wasn't seeking protection etc. I was just seeking the raw data of what the rate is currently, and a history of when it changed and from what.

Like BoE rate information, and given that many customer accounts are run on this information, I just assumed it would be readily available - but have not been able to find it.

Do you know where I might find this information?

danny13

Did you ever find any historic data?

mgarl10024

danny13 wrote: »

Did you ever find any historic data?

Hi Danny.

No. I've just logged in to get the response from them, redacted for security:

Thank you for your message XXXXXX.

I have looked into this for you and can confirm that we do not publish the historic rates of our products. We do have various different Flexx for term rates. The product that you have was released in XXX and was XXX% when it was released. This rate has not changed since it was released.

Should you need any further help, please reply back to this message. We aim to answer your enquiry within two working days.

Alternatively, you can contact our Customer Service Centre on 0800 121 8899. Our advisors are available Monday to Friday 8am-8pm, Saturday 9am-5pm, Sunday 10am-4pm, telephone self-service available 24 hours a day, 365 days a year. Contact your service provider for details of call charges, as costs may vary.

Kind regards

If they don't publish the rates, I guess we just have to periodically check them for changes. As I write this, their online system tells me that my rate is the same as the day I signed up.

caileag

Has anyone had confirmation of whether the Flexx rates will be changing, as a result of the base rate change?

From the Coventry website
"All variable mortgage rates will reduce by 0.25% with effect from 1 September 2016. We will write to all affected borrowers no later than 23rd August 2016."

but also

"Variable
Your mortgage might be affected. Although the interest rate on your mortgage isn't directly linked to the Bank of England Base Rate, we take it into account when we review our rates every month. If we decide to change rates, we'll let you know as soon as possible to give you time to change your repayments, if you need to. "

(bolding is mine, not Coventry's)

So - sounds like they should be reducing, but second paragraph raises a doubt.

Any more information out there?

Noble_Savage

Yes. Flexx variable rates, coming under the banner of "All variable mortgage rates," will be reducing.

caileag

Thanks, great news