Coventry Building Society launches new mortgage packages

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Coventry Building Society launches new mortgage packages

Fri 8th Jan 2010

Coventry Building Society has announced the launch of a series of new mortgage packages.

The new deals include a two-year fixed rate package at 3.6 per cent for finance of up to 50 per cent loan-to-value (LTV).

Furthermore, the building society is offering a two-year fixed rate at 3.75 per cent with a maximum LTV of 70 per cent, as well as a two-year fixed rate at 5.5 per cent for loans of up to 85 per cent LTV.

By introducing the mortgages on to the market, the lender hopes to kick-start competition and activity in the sector, revealed Colin Franklin, sales and marketing director of Coventry Building Society.

He explained: "Large numbers of homeowners are sitting on standard variable rates [...] and even before any increase in the Bank base rate, they could be much better off moving to the Coventry."

This news comes after chief executive of Email Mortgages Michael White told the Independent last month that an "almighty rush" to remortgage will occur when the base rate rises again for the first time.

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