Coventry Building Society Launches Unique 90% LTV First Time Buyer Mortgage

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Coventry Building Society is launching a totally unique ERC free, 5 year fixed rate mortgage at 90% LTV designed to support first time buyers. This new product stands out in a market where the majority of first time buyer fixed rate mortgages are limited to 2 years.

Coventry Building Society is launching a totally unique ERC free, 5 year fixed rate mortgage at 90% LTV designed to support first time buyers. This new product stands out in a market where the majority of first time buyer fixed rate mortgages are limited to 2 years.

The Coventry’s new first time buyer product is designed to give borrowers the best start in their first home available from Tuesday 7th June;

  •     Competitive rate of just 5.99%.
  •     Fixed for 5 years – giving certainty of rate beyond the uncertainty of the current market.
  •     Low upfront fees – just a £199 booking fee, with no arrangement fee.
  •     ERC free – the flexibility to move to another product and the opportunity to make overpayments, without paying a penalty.
  •     Valuation up to £670 included.

Colin Franklin, Sales and Marketing Director, Coventry Building Society, said: “With uncertainty over when interest rates will move and by how much, a first time buyer mortgage that provides certainty over 5 years is the responsible option, ensuring that borrowers repayments aren’t affected by a very different rate environment in only a couple of years. We are confident that our new product with low up front fees, no ERC’s and the flexibility to overpay penalty free, will be very popular with first time buyers and a welcome addition to our range.”    

Please note products will be available from Tuesday 7th June.

Full details of the new products are attached.

Customers wishing to apply for any of the Coventry’s mortgages should telephone the Customer Service Centre on 0845 7665522, log on at http://www.thecoventry.co.uk or visit any of the Coventry’s 48 branches.

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