Coventry frees home owners caught in equity trap
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Coventry Building Society is allowing borrowers restricted by a lack of equity the opportunity to move house at up to 125% LTV.
The lender has decided to revisit individual cases where borrowers need to move, for example, to relocate for work or accommodate a growing family, but who don’t have enough equity in their homes as a result of falling house prices.
Borrowers with good credit histories who need to move will be able to port their existing mortgage rates and buy new properties at the same LTV as the ones they currently own.
Colin Franklin, sales and marketing director at Coventry, says: “We are offering a sensible level of support to home owners we have a relationship with and who are facing problems when it comes to moving home.”
Nationwide launched a deal for borrowers in a similar position back in July.
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