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Coventry BS adds four-year fix

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  • 07/08/2017
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Coventry BS adds four-year fix
Coventry Building Society has launched a range of four-year fixed-rate residential mortgages.

The loans are available at a range of loans to value (LTV) between 65% and 90%.

They include:

  • 1.69% at 65% LTV with a £999 product fee;
  • 2.55% at 90% LTV with a £999 product fee.

Early repayment charges apply at 4% until 30.09.18, 2% until 30.09.20 then 1% until 30.09.21.

Coventry Building Society director of intermediaries Kevin Purvey said: “We’re delighted to launch our first ever range of four-year fixed residential mortgages.

“Our residential range now provides brokers with more options for clients looking for the stability of a fixed rate.

“In addition, all of our products are application fee-free and include a valuation of up to £670 for residential mortgages.”

 

Limited market

According to Moneyfacts, Chelsea Building Society is the only other lender offering four-year fixed-rate mortgages on the open market, with its 65% LTV product at 1.64% with a £995 fee.

Lloyds Bank offers existing borrowers four-year deals, starting at 2.39%.

“The four-year fixed mortgage market is very limited right now, but it could be an option for lenders to branch into if competition is fierce for a five-year fixeds, where prices start at 1.59%,” Moneyfacts spokeswoman Rachel Springall said.

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