Coventry introduces offset mortgage product

The Coventry is introducing an offset mortgage to its range from Thursday December 22.

The product is fixed at 4.99% until December 31 2007m followed by a plus 0.75% above Bank of England Base Rate for the term. Features include free valuation, free legal fees for remortgages, daily interest, 199 booking fee, 350 arrangement fee, and early redemption charges of 2.50% of balance repaid to December 31 2007 and an option to pay 5% per annum without penalty.

The product is available to borrowers who want to combine their mortgage and savings to benefit from this type of mortgage.