Praise for Coventry MOREgage re-entry

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Praise for Coventry MOREgage re-entry

A mortgage expert has welcomed the re-entry of the Coventry MOREgage to the lending arena, but warned that not all first-time buyers will qualify for the 100 per cent plus offerings.

Louise Cuming, head of mortgages at price comparison site Moneysupermarket, has described the Coventry MOREgage announcement that it will offer mortgages of up to 125 per cent loan-to-value as "significant".

"Not only does this highlight the need for this type of product for first time buyers, but it shows that despite traditionally being a conservative provider, Coventry is not afraid to lend in this market," she commented.

Ms Cuming noted that the Coventry MOREgage offering even beats its closest competitor in this field by waiving the valuation fees and undercutting the arrangement fees.

She warned, however, that only those with "an excellent credit history" will qualify for this deal.

"Unfortunately, those who might be most in need of a product such as this are the most likely to be refused these higher percentage lending rates," Ms Cuming commented.

"In addition, getting a 125 per cent mortgage comes with health warnings," she added, explaining that a mortgage remains "a legal commitment".

The only "get out" clause in times of financial hardship, she warned, could be selling the house.

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