Coventry BS cut BTL rates and unveil cheap 5-year tracker

Thursday, 31 October 2013 01:15

Coventry Building Society has unveiled a range of new residential and buy-to-let mortgages with rate cuts of up to 0.50 per cent.

Highlights from the new range of products include a market leading Flexx for Term mortgage at a rate of 2.0 per cent with no early repayment charges (ERC’s). This comes with total fees of £999.

For borrowers with a deposit of 35 per cent, a five-year tracker rate mortgage deal at 1.99 per cent, 1.49 per cent + the Bank of England base rate. This product comes with a booking fee of £199 and an £800 arrangement fee.

Coventry’s two-year tracker for borrowers with an 85 per cent loan-to-value (LTV) ratio comes with a rate of 3.25 per cent and a booking fee of £199.

For buy-to-let investors, there is a two-year fixed rate mortgage deal at 2.79 per cent, cut from 3.29 per cent, for borrowers with a 65 per cent LTV. However, it comes with a hefty arrangement fee of £1,749 and a £250 booking fee.

A three-year fixed rate deal is available at 3.49 per cent for borrowers with a 35 per cent deposit with the same total fees of £1,999.

Its five-year fixed rate buy-to-let mortgage deal has a rate of 3.89 per cent and is also available for 65 per cent LTV borrowers with total fees of £1,999.

Colin Franklin, Sales and Marketing Director, Coventry Building Society, said: “We have got some fantastic new deals. For borrowers looking for a low rate, our market leading, 5 year, Base Rate Tracker at +1.49% is ideal. And for those looking for a low rate with the ultimate flexibility of unlimited overpayments and no ERC’s, our Flexx for Term at just 2.00% is perfect. We also have a great new range for Buy to Let investors.

“Not only have we cut rates by up to 0.50% on selected products for new applications, we have also launched some highly competitive fixed rate options starting from 3.49% for 3 years.“


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