First-time buyers or a parent, grandparent or guardian, must have held a Coventry account or mortgage for the past three years or more.
The building society has launched its latest first-time buyer mortgage alongside a range of flexible mortgages with rates from 2.65%.
Godiva Mortgages managing director Colin Franklin said the launch was good news for members looking to buy their first home and included a free valuation up to £670 and a £500 Ikea gift card issued on completion. There is a booking fee of £199.
Coventry’s Flexx products include a Flexx for Term three-year variable product with a rate of 2.65% capped at 2.90% until September 2016 and a three-year Flexx fixed-rate with a rate of 2.75%. Both products are available up to 65% LTV and have no early repayment charges.
Moneyfacts financial researcher Charlotte Nelson said on rate alone the Coventry Building Society 4.19% was highly competitive and sat within the top five of its sector: “However, this product is restricted to those applicants or the parent’s of applicant who have held a savings or current account with Coventry Building Society for a minimum of three years.”
“This is great choice for Coventry Building Society customers looking to get on the first rung of the property ladder, without having to opt for a guarantor mortgage.”
The range includes:
2.65% Flexx for Term with 2.90% cap until 30.09.16, 65% LTV £199 booking fee with £800 arrangement fee with no early repayment charges (ERCs).
3.75% Flexx for Term with 4.00% cap until 30.09.16, 85% LTV £199 booking fee with £800 arrangement fee with no ERCs.
3.85% 3 Year Flexx Fixed Rate until 30.09.16, 85% LTV £199 booking fee with £500 arrangement fee with no ERCs.
2.75% 3 Year Flexx Fixed Rate until 30.09.16, 65% LTV £199 booking fee with £500 arrangement fee with no early repayment charges (ERCs).
