Coventry reduces fixed rate mortgages

The Coventry Building Society, whose motto is TLC not PLC has today announced the introduction of three new fixed rates at 5.99%. The new schemes consist of a three year fixed rate with no early repayment charges at all, a three year fixed rate where there are early repayment charges during the three years and a five year fixed rate.

The new deals will be available from the 18th September, and are available via selected intermediaries including The Mortgage Warehouse. All the schemes are available for both those wishing to buy and home and those wishing to switch their mortgage from another lender, and all schemes benefit from a free mortgage valuation.

All schemes have a £199 booking fee which has to be paid on application, and an arrangement fee which can be added to the loan. The arrangement fee for the scheme with no tie ins at all is £800, with a reduced arrangement fee of £350 for the schemes which do feature Early Repayment Charges.

The Coventry has decided to take the opportunity to make additional enhancements to its range of fixed rate offset mortgages. Of particular note are the five year fixed rate remortgage deals offering an interest rate of 5.79% with a £199 booking fee and an £800 arrangement fee, and a 6.19% interest rate with no fees at all. In both instances the valuation fee and remortgage legal costs are covered by the Coventry, and like the fixed rates above, all deals are available to those wishing to borrow up to 75% of the value of the property.

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