Coventry BS issue five-year fixed-rate mortgage at 3.49%
Wednesday, 17 August 2011 12:02
Coventry Building Society has launched a market-leading five-year fixed-rate mortgage that charges just 3.49 per cent in interest.
The deal is available to applicants who have a loan-to-value ratio of 65 per cent and comes with total fees of £999. There is a £199 booking fee and an £800 arrangement fee.
The deal follows recent announcements from the Coventry Building Society about new two, three and four year fixed-rate deals.
The mortgage market has some really competitive fixed-rate products available at the moment. This is in part because most estate agents and economists don’t expect to see the Bank of England raise interest rates for at least another 12 months. This has lowered the lending rates between banks.
In recent weeks the Chelsea Building Society has issued a five-year fixed-rate deal at 3.39 per cent and other lenders including the Leeds Building Society, Nationwide and Halifax have all reduced rates on fixed-rate mortgage products in recent weeks.
However, these excellent deals are only available to homeowners with a reasonable amount of equity and the situation for first-time buyers is not improving much.
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