Coventry Building Society cuts mortgage rates

Friday, 15 January 2010 12:00

Coventry Building Society has slashed mortgage rates and reduced the deposit required on a range of its home loans.

Cuts of up to 0.54 per cent have been made to rates across its residential mortgage portfolio in a bid to create more competitive products.

And lower deposits will now be accepted on its fixed-rate, base rate tracker and Flexx for Term deals.

Colin Franklin, sales and marketing director for Coventry, said: "We are seeing more competition in the mortgage market but this range will take some beating.

"We have reduced the rates, reduced the deposit required and with some standard variable rates being increased, I am in no doubt that many people will be better off with the Coventry."

Among its Residential Flexx for Term range, Coventry is now offering loan-to-value (LTV) mortgage of 75 per cent. These come with a 3.45 per cent interest rate, no early repayment charges and one valuation up to £650.

The building society's reduced fixed-rate deals now include a two-year mortgage for 85 per cent LTVs with a rate of 5.15 per cent.

And there is also a base rate tracker charging interest at 2.39 per cent plus the base rate which is available for 75 per cent LTVs.

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