Coventry for Intermediaries has launched a range of 10-year fixed rate mortgages at 65% LTV, including a 10-year fixed offset mortgage.
The offset loan is offered at 3.19% until 30 June 2026 at up to a 65% loan-to-value (LTV). Another residential 10-year fix is available at 2.99% to the same time frame and LTV.
Darin Landon, distribution director, said: “We’re delighted to launch our new 10-year fixed mortgages, including the only 10-year fixed offset product on the market – this offers the security of a competitive rate and the benefits of an offset product.”
Early redemption penalties on the loans start at 5% until 2021, dropping to 1% until 2026.
Andrew Montlake, director at Coreco, said: “This is another good product from Coventry which continues to offer more interesting products backed with continued good service. The only way 10-year products are going to finally inspire the public is if they have flexibility built in and an offset product is a good way of doing this.
“It will be interesting to see how well this product does, but it is a welcome addition,” he added.
In July, the mutual reported a 25% year-on-year increase in mortgage advances in H1 to a record high of £4.2bn. Gross mortgage lending totaled £3.4bn in the first half of 2014.
Coventry records H1 mortgage growth of 25%
Victoria Hartley is contributing editor at Mortgage Solutions, Specialist Lending Solutions, Your Money and Your Mortgage at London-based publishing company AE3 Media.
She has an MA in Radio from Goldsmiths after gaining a 2:1 in a Comparative American Studies BA at Warwick University. She also holds a TEFL qualification and taught overseas in Mexico and Japan from 1994 to 1997.
Her role includes editorial oversight of the news, analysis and features, event content management and strategic and editorial consultancy for the AE3 Media group. She is an experienced video, broadcast and live-event host and regularly chairs web and podcast debates and interviews.
Multiple award nominations have resulted in two wins: Santander Media Awards, trade journalist of the year and Headlinemoney Awards, mortgage journalist of the year (B2B). Here is one of the award-winning pieces: https://www.mortgagesolutions.co.uk/news/2011/07/21/exclusive-tale-bailey-fraud-witness/
Previous roles include editorships of Mortgage Solutions, consumer title What Mortgage and trade title Credit Today as well as a stint freelancing for a variety of outlets including The Guardian and Which? Money.
