by Mark Johnston
Godiva Mortgages, Coventry building Societies intermediary arm has 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.
Head of sales Darin Landon says: “These market leading products not only offer some of the best rates available but also provide peace of mind for borrowers in these unpredictable times. The combination of highly competitive rates and fees will make these mortgages a popular addition to our residential range. Brokers need to act now to avoid missing out.”
Godiva Mortgages also offers a wide range of residential loans for borrowers with larger deposits or equity in their current houses. The building society has a 50% loan to value (LTV) offer at 2.75%. Although this requires a massive deposit it may be a viable deal for those looking to re-mortgage who have a large amount of equity in their homes.
For those with a smaller deposit of 35% there is a 2 year fixed rate version. Although the loan to value (LTV) of 65% is still high the rate of 2.99% may well be attractive. The deal consists of a £199 booking fee and a £800 arrangement fee but includes a £650 valuation for those looking to re-mortgage.
Those who are interesting in the 65% loan to value version but would like a little bit more of peace of mind, Godiva Mortgages are offering a three year version so that borrowers have the added security of a fixed rate over a longer period. The 3 year fixed rate mortgage is 3.39% and again comes with a £199 booking fee and £800 arrangement fee.
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