"We understand that by giving brokers better service, by putting them first and doing the right things, they’re able to do the same for their clients."
For Coventry for intermediaries, Winning Values means standing out from the crowd, making a difference and leading by example.
This means being readily available to address the needs of brokers and their customers; finding new and innovative ways to simplify and encourage homeownership in the UK and spearheading industry best practice through thought leadership and future planning.
There’s no denying that it's been a tough few years for the mortgage market, with higher interest rates, soaring inflation and the rising cost of living creating affordability challenges and ongoing uncertainty for consumers, brokers and lenders alike.
Yet, throughout this period of volatility, Coventry for intermediaries has held true to its customer service values and continued to demonstrate its in-built resilience and adaptability in an ever-changing market.
We understand that by giving brokers better service, by putting them first and doing the right things, they’re able to do the same for their clients. For us, it’s about making sure our great people provide brokers with the certainty they’ve been looking for so they can do their job efficiently and effectively.
Fairness of values
Our longstanding commitment to providing a two day notice period on product withdrawals is an excellent example of how we will always support brokers through thick and thin. For over 15 years, we have upheld this practice so that brokers have certainty when it matters the most, are able to take their time to make the right decisions with their clients and are not forced to rush applications. This support for brokers is further enhanced through our expert telephony team, as well as field BDMs and telephone BDMs, who are always on hand to answer broker questions.
When brokers call us they’ll always be able to speak to the right person and we’ll be proactive and helpful in every conversation. It begins with a quick response, leading to a conversation that’s as long as it needs to be because we don’t have call targets.
This is even more important in the current higher interest rate and less certain economic environment, where brokers may have more questions regarding a case. Not only does this approach ensure they have all the information they need but it also helps to achieve the best outcome for their customers.
We are constantly investing in technology too, helping us to streamline and make brokers lives more efficient and to ensure we’re always there when needed. A recent change was extending our webchat opening hours from 9am till 5pm to 8am till 6pm, a move to better mirror brokers’ working patterns and make it easier for them to connect with us.
The success of this hands-on approach can be seen through our swift and efficient call waiting times, which currently sit at an average of 20 seconds for new cases and case updates - illustrating our commitment to ongoing excellent customer service.
Being there for first-time buyers
Coventry for intermediaries is always looking for ways to align products and service offerings with our core building society ethos; placing our community of brokers and their clients at the heart of everything we do. We will always adapt to how an ever-changing market impacts them and the new challenges they face - particularly first-time buyers and for issues over energy efficiency.
With this in mind, finding ways to address the challenges facing first-time buyers when trying to get onto the property ladder is important to us. The struggles facing first-time buyers have been well documented over the years, yet there is still so much to be done to help many achieve their dream of homeownership.
Today’s first-time buyers are the second-time buyers and upsizers of the future. Without them, the rest of the housing market becomes unstuck. Our purpose as a building society is making people better off through life, which is why we have increased our support for these borrowers and developed products that support their ever-changing needs.
By taking a step beyond the product offering and understanding that the first-time buyer market is more complex than just the cheapest rate and highest LTV, we have developed products that enable gifted deposits from the Bank of Family while also incorporating the need for higher LTVs that take into account the challenges of saving a deposit.
Some family members may want to gift their children deposits, but they may also want that money back at some point in the future. To offer a solution, we accept gifted deposits which could be changed to a second charge where the repayment of the charge is at sale of the property only.
By adapting to change and constantly evolving to meet the needs of these customers, Coventry for intermediaries is helping to develop products that better suit the needs of this demographic, helping them get onto the property ladder and lay the foundations for their future.
The future is now
Understanding the here and the now is crucial to any business success. However, winning values are also about the bigger picture and how we can evolve to continue to help people achieve their goals by understanding the needs of future generations, the development of future products and addressing future challenges.
We’re the first B-Corp certified building society and are committed to supporting sustainability, for example.
Our Green Further Advance offers lower rates for green home improvements, with a maximum loan amount of £25,000. Your clients can benefit from the lower rate when at least 50% of the advance is used for energy-efficiency improvements designed to reduce their energy bills and improve their EPC rating. And a wide range of improvements, including insulation, window and door improvements and heating and energy installations are eligible.
This green initiative galvanises our purpose and clearly demonstrates that we practice what we preach - product options are designed around our values and the current needs of customers facing an energy crisis. Adopting a forward-looking approach is crucial as ESG and the green agenda become increasing priorities for customers, the government and wider housing market.
Being a successful lender means never standing still. We are constantly seeking ways to improve and evolve while continuing to remain relevant in an ever-changing market, instilling winning values that align with the mortgage market of today, and the mortgage market of tomorrow.
