Coventry Building Society capped mortgage 'good news'

Date:Friday 6th August 2010
Author: Max Freedman

It is good news that products such as the Coventry Building Society capped mortgage are being made available to consumers, it has been claimed.

Editor at What Mortgage Ben Wilkie explained that such arrangements have not been on the market "for some time" and they can be a positive investment for people.

However, he was quick to stress that they will never be the cheapest deals on the market.

"They are good for borrowers who are prepared to pay extra up front on their variable rates and then have the cap for the future," said Mr Wilkie.

He predicted that there will be plenty more products similar to the Coventry Building Society capped mortgage entering the market in the coming months.

In his view, they will be most popular when the public starts to think interest rates could go up again.

The deal in question from Coventry Building Society is available at up to 65 per cent loan to value, with interest capped at 3.99 per cent until the end of June 2012.