Coventry has launched an improved MOREgage product range.
The Societys MOREgage product is a combined mortgage and unsecured personal loan that 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, MOREgage offers a mortgage of up to 95% LTV, with an added unsecured personal loan facility of up to a further 30% or a maximum of 25,000, all at the same rate of interest.
Products in the range include, 5.65% Fixed until March 31 2011, 5.65% Fixed until March 31 2009 and a 5.99% Capped, +1.35% Bank base rate tracker, until March 31 2009.
Key features of the product range include, no higher lending charge, worth nearly 2,000 on an average UK mortgage, Free valuation, Early redemption charges for mortgage during the benefit period of 4% and an option to repay 10% of mortgage balance per annum without penalty. There is 250 arrangement fee and 199 booking fee.