Coventry BS returning to 90 per cent LTV

Coventry BS returning to 90 per cent LTV

 

The lender is introducing a pair of five-year fixes to its residential range on 12 June, according to an updated product sheet seen by Mortgage Solutions.

The deals will be available for purchase, remortgage, further advance and product transfer and include a full valuation, which is required.

One option comes at 2.6 per cent with a £999 product fee, while there is also a fee-free option at 2.9 per cent.

High LTV deals have been in high demand during the last two weeks and as a result have seen several lenders pull out of the market.

Accord, Virgin Money and Furness Building Society all withdrew their offerings earlier this week and this has put strain on the remaining lenders still operating at that level.

Brokers have already urged Nationwide Building Society to reciprocate it’s in-branch high-LTV availability to advisers.

As a result, Coventry Building Society’s re-entry is likely to be warmly welcomed.

The mutual reintroduced its 85 per cent LTV products for purchases and remortgages in mid-May after reducing its lending to 75 per cent LTV in April in response to the coronavirus restrictions.

Kevin Purvey, director of mortgage distribution at Coventry Building Society, said: “We are re-entering the market at 90 per cent LTV and accepting applications from Friday.

“Full details of the new products will be sent to brokers on Friday morning.

“There is clear demand from customers and brokers for high LTV products and we are looking to support the market.”