Coventry Flexx Base Rate Tracker mortgage among new offers

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Coventry Flexx Base Rate Tracker mortgage among new offers

A Coventry Flexx Base Rate Tracker mortgage is among the new products to be introduced by the lender, which will track the Bank of England base rate (BBR) until September 30th 2008 – giving it a current rate of 4.5 per cent.

This will be followed by a tracker rate at 0.75 per cent above the base interest level for the term of the mortgage.

Another tracker mortgage was launched that will run at 0.15 per cent above the base rate – currently 4.65 per cent – until September 30th 2008, with a £199 booking fee but no arrangement charge.

The Coventry Flexx Base Rate Tracker mortgage also has a £199 booking charge as well as a £350 arrangement fee.

A range of buy-to-let mortgages was also issued, two of which will track at 0.7 and 0.8 per cent above the BBR until September 30th 2009, with the third set at 0.85 per cent above the BBR until September 30th 2011.

These tracker options have arrangement fees of £475 and booking fees of £250 and are available at up to 65 per cent loan-to-value (LTV) for the +0.7 per cent option and 85 per cent LTV for the other two products.

Colin Franklin, head of sales at Coventry, said: "As prices of fixed-rate products are beginning to rise above Bank of England base rate, we believe that trackers will become increasingly popular with our customers."

There are no early repayment charges set on the Coventry Flexx Base Rate Tracker mortgage or any of the newly launched offers.