Coventry Building Society is improving its products for first time buyers from October 6. The societys MOREgage product is a combined mortgage and unsecured personal loan.
It gives first time buyers and movers the ability to not only
purchase their house, but also the capacity to cover additional associated
costs. With a high average house price making it increasingly difficult for
first time buyers to step onto the property ladder, the product offers a
mortgage of up to 95% LTV, with an added unsecured personal loan
facility of up to a further 30% – all at the same rate of interest.
The product offers a number of features such as 5.99% Capped (+1.45% Base Rate Tracker) until March 312009 and 5.89% fixed until March 31 2011. The product also offers maximum LTV for 95% of the mortgage and a maximum unsecured loan for 30% LTV 25,000, whichever is the lowest.
The society also offers free valuation and no early redemption charge for unsecured personal loans.
In addition the Society is also launching a competitive 5.50% fixed
rate, exclusively for first time buyers. The rate is fixed to March 31 2009,
and offers the option to pay5% of the mortgage balance per annum without penalty. The product is available up to 100% loan to value.