Coventry reduces rates on offset and interest-only mortgages

Coventry reduces rates on offset and interest-only mortgages

 

The mutual has cut rates on 12 offset products by up to 50 basis points, while six interest-only deals have fallen by up to 46 basis points.

Examples of the rate cuts include its two-year fixed rate offset product at 65 per cent loan to value (LTV), which has dropped from 1.79 per cent to 1.39 per cent.

The product is available for purchase, remortgage and product transfer, with early repayment charges (ERC) applicable until 31 December 2023.

Coventry’s five-year fixed rate interest-only product at 50 per cent LTV has been cut from 1.75 per cent to 1.49 per cent.

It has ERCs until 31 December 2025 and is available for all borrowers subject to lending criteria.

Jonathan Stinton (pictured), Coventry’s head of intermediary relationships, said: “We’re delighted to make further rate reductions on our residential mortgages, this time on our offset and interest-only ranges. With a huge number of borrowers’ mortgage deals due to end in the next couple of months, now is a great time for brokers to check in with their clients and help them find the right mortgage for their needs.”