Godiva Mortgages, the new specialist lending subsidiary of Coventry is to launch tomorrow.
As part of intermediaries@theCoventry, Godiva Mortgages will build upon the Coventrys existing offering as a specialist lender for intermediaries and will feature a range of products for buy-to-let, self-cert, credit impaired and 100% plus LTV markets.
The prime residential range, including 100% LTV first-time buyer products, will continue to be available to intermediaries through Coventry.
The range of mortgages available through Godiva is attached and will include a new fee free MOREgage product with 125% LTV as a combined mortgage and unsecured personal loan.
The product is fixed at 6.49% to 31 March 2010 and has no booking fee, no arrangement fee, no valuation fee and no higher lending charge.
There will also be a range of credit-impaired products to including a near-prime fixed at 5.65% to June 2009 and a tracker at Bank of England base rate plus 0.25% until the same date.
As part of Godiva has made six pledges to intermediaries, which include no overhanging early repayment charges, no differential pricing between channels and all products to be available to existing borrowers.
Furthermore, all direct mortgage products will be available to intermediaries, there will be no cross-selling to intermediaries clients and intermediaries are to be given at least 48 hours notice when withdrawing products
Colin Franklin, managing director of Godiva Mortgages, says: Over the last few weeks, we have talked to our intermediary contacts around the country about Godiva Mortgages and the products and services we will be offering.
We are delighted to have received extremely positive feedback.
In particular, the launch of our pledges has been praised for the fairness and transparency they offer to intermediaries and their clients and only demonstrates our commitment to this specialist sector even further.