Coventry reduces mortgage rates

Date:Friday 27th November 2009
Author: Susanna Kavka

Coventry Building Society has announced plans to reduce its mortgage rate by up to 0.66 per cent.

The building society has launched new Flexx, Fixed and Tracker products in its range of Residential, Offset and BTL lines.

For a product that tracks the Bank of England base rate, there is a two year tracker with a 70 per cent loan-to-value, which gives borrowers the base rate plus 2.09 per cent, with the total currently standing at 2.59 per cent.

A Residential mortgage with a rate of 3.5 per cent and 50 per cent LTV is available as a two-year fixed-rate loan.

Colin Franklin, sales and marketing director at the Coventry and managing director of Godiva Mortgages, said: "To give customers more choice we have launched Fixed, Tracker and Flexx products, as well as offering a variety of different LTV levels and arrangement fee options."

In October, the building society increased the LTV and reduced the rates on its two-year fixed-rate Residential and Buy to Let mortgages.