by Mark Johnston
Coventry Intermediaries has announced a cut to a number of home loans in its mortgage range. The cuts include both residential mortgages and buy to let loans with some great rate reductions.
Following the cuts the building society is now offering a base rate tracker at base rate (0.5%) plus 1.75% giving a great rate of 2.25% which is capped at 3.49%. This is great for a mortgage with a loan to value of 65%.
They have also reduced their 75% loan to value version which is currently 1.99% above base capped at just 3.99%. At the same time the building society has reduced two of their fixed rate loans. The first is a two year fixed rate loan with a loan to value of 75% for 3.40. Whilst the other is 4.45% for as two year fixed rate mortgage with a loan to value of 85%.
Alongside reductions in its residential mortgage range, Coventry Intermediaries has reduced a number of their buy to let mortgages. The building society now offers a base rate tracker at 2.99% above base, capped at 5.49% with a loan to value of 65%. They also have a 70% loan to value version which is priced at 3.49% above base and is capped at 5.99%.
Coventry Intermediaries sales and marketing director, Colin Franklin said: “With an increase in interest rates potentially on the horizon, fixed rate and capped tracker mortgages are likely to be in high demand. We have reduced our rates and increased the LTV’s to make our market leading range accessible to more people. With a great range of products offering fantastic value and protection from interest rate rises, we are confident that even more brokers will be able to find the right mortgage for their client at Coventry Intermediaries.”
Last year Godiva Mortgages, Coventry building Society’s intermediary arm launched a new two year fixed rate mortgage at 2.49%. The mortgage is only offered to its residential mortgage range but is set help Coventry Building Society take a larger slice of the UK mortgage market.
The building society went through a recent restructure in its intermediary arm when it merged with Stroud and Swindon last month.
Stroud & Swindon Building Society was established back in 1850 with its head office in Stroud. Over the year the building society has grown through acquisitions and long term development to the UK’s tenth largest building society which has assets of £2.7 billion. At the start of this month Stroud & Swindon merged with Coventry Building Society making it then UK’s third largest society with over 90 branches in the midlands and southwest.
As well as the new 2.49% fixed rate mortgage, the company is offering a three year fixed rate version at 2.99%. Both mortgages require a 40% deposit to qualify for the rate with a booking fee of £199 and an arrangement fee of 1.5%. The building society covers the cost of valuations and for re-mortgages even covers legal fees if instructed by the lenders solicitors.
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