"Changing a mortgage is a big decision and we believe that brokers should be at the centre of this process. "
Coventry for Intermediaries is highlighting the importance of using a broker to its clients who are coming up to maturity on their mortgage.
From now on, the lender will inform brokers when they write to borrowers ahead of their residential or buy-to-let mortgage maturing, and will share a copy of the letter itself which recommends that borrowers get in touch with their broker when considering their next steps.
The letter to borrowers says: "Changing your mortgage is an important decision, so take professional advice. Speak to your mortgage advisor who will look at your current situation and review your requirements."
In its latest email to brokers, Coventry said: "Our next BTL mortgage maturity is 31 July. We'll be writing to our BTL customers with July 2018 maturities at the end of May to let them know. If you have any clients with mortgage deals that are coming to an end, now is the time to get in touch with them. As always, we'll be directing them back to you."
Kevin Purvey, director of intermediaries, commented: “Changing a mortgage is a big decision and we believe that brokers should be at the centre of this process. That’s why the letter we write to borrowers points them back to their brokers, why we let the brokers know that we’re writing to their client and why we’ve taken the additional step of sharing the letter with them too. As well as making sure brokers are included in the maturity process, it shows how much we value the role they play.”