Coventry BS launches five-year fix at 90% LTV

Coventry Building Society is launching a five-year fixed rate mortgage at 90% LTV aimed at first time buyers.

The product is available from Tuesday June 7 with a 5.99% rate, no early repayment charges, a £199 booking fee, no arrangement fee and a valuation up to £670 included.

Colin Franklin, sales and marketing director at Coventry Building Society, says: “With uncertainty over when interest rates will move and by how much, a first time buyer mortgage that provides certainty over five years is the responsible option, ensuring that borrowers repayments aren’t affected by a very different rate environment in only a couple of years.

“We are confident that our new product with low up front fees, no ERC’s and the flexibility to overpay penalty free, will be very popular with first time buyers and a welcome addition to our range.”