Coventry Building Society is launching an early redemption charge (ERC) free, five year fixed rate mortgage at 90 per cent 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.
Rate of 5.99 per cent.
Fixed for five years – giving certainty of rate beyond the uncertainty of the current market.
£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 five 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 ERCs and the flexibility to overpay penalty free, will be very popular with first time buyers and a welcome addition to our range”.
