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Coventry cuts mortgage rates by up to 0.66%

Friday 27th November 2009

Coventry Building Society has launched a new mortgage product range and cut rates by up to 0.66 per cent.

The Coventry has launched fixed, tracker and flexx products in its residential, offset & buy-to-let ranges, as well as offering a variety of different Loan to Value levels and arrangement fee options.

Coventry is offering both its direct and intermediary distribution a new two year fixed rate residential mortgage at 3.50 per cent available at 50 per cent LTV, with free valuation and a free remortgage transfer service.

Residential customers borrowing up to 70 per cent LTV are eligible to apply for a two year fixed rate of 3.65 per cent.

Coventry is introducing a two-year tracker at 70 per cent LTV, which is equivalent to Base Rate plus 2.09 per cent, which gives a current payment rate of 2.59 per cent. A free valuation and free remortgage transfer service is also available on this product.

The mutual is also offering several buy-to-let mortgage products including a 4.99 per cent fixed for 18 months with GBP 700 of fees and a free valuation, available at 65 per cent Loan to Value.

Colin Franklin, sales and marketing director at the Coventry and managing director of Godiva Mortgages, said: “We continue to have a strong appetite for growing our mortgage business and expect this new range be very well received by intermediaries and customers alike.”

“With our unique intermediary pledges, including a promise of no dual-pricing, we have developed this new range to boost business opportunities for brokers.”

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