Coventry Building Society has launched a new range, including fixed rate mortgages, which it said will give brokers a real incentive to talk to their clients.
With the new year a traditional time to reassess personal finances, brokers could help clients on high Standard Variable Rates tsave thousands of pounds by remortgaging to a low fixed rate, said Coventry.
Colin Franklin, sales and marketing director at Coventry Building Society, said. “The remortgage market has been pretty quiet recently, but the launch of our new fixed rate products should change this. Large numbers of homeowners are sitting on Standard Variable Rates, many as high as 5.99 per cent, and even before any increase in Bank Base Rate, they could be much better off moving to the Coventry.”
The new fixed rates offer a variety of loan to values up to 85 per cent and all include a valuation up to GBP 650 and a remortgage legal package too. The new fixed rate range includes:
· 3.60% fixed until 31.03.2012 at 50% Loan to Value,
· 3.75% fixed until 31.03.2012 at 70% Loan to Value,
· 5.50% fixed until 31.03.2012 at 85% Loan to Value, with no arrangement fee,
· 4.99% fixed until 31.03.2015 at 50% Loan to Value.
Franklin continued: “On a GBP 150,000 repayment mortgage currently paying 5.99 per cent, remortgaging to our 3.60 per cent deal will save nearly GBP 4,000 over 2 years. And for those who believe that interest rates will rise in 2010, and that house prices may level off or drop back, this is the time to fix. Brokers who talk to their clients now could be providing a very welcome new year message indeed.”
Coventry Building Society and Godiva Mortgages have refreshed its range of mortgages including base rate trackers, flexx for term and buy-to-let mortgages at up to 70 per cent Loan to Value.
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