Coventry Intermediaries has a range of residential mortgage rates starting from 1.65 per cent for 65 per cent loan-to-value.
The ranges include its fixed rate, Flexx for Term and Base Rate Tracker options.
The deals include a 1.65 per cent bank base rate tracker, which is tracked at the base rate plus 1.15 percentage points until 31 December 2016.
The loan is available at 65 per cent loan to value and has a £199 booking fee. There is also an £800 arrangement fee and early repayment charge payable to 31 December 2016.
Other highlights include a 1.89 per cent Flexx for Term variable rate loan from 65 per cent LTV. The loan has a £199 booking fee, a £300 arrangement fee and no ERC.
Coventry also unveiled a 1.99 per cent fixed rate until 31 December 2016, also at 65 per cent LTV, with a £199 booking fee, a £300 arrangement fee and ERC payable to end of term.
There is also a 1.99 per cent offset fixed rate until 31 December 2016, with an LTV of 65 per cent, a £199 booking fee, an £800 arrangement fee and an ERC payable to end of term.
The deals follow Coventry’s decision to unveil 85 per cent LTV loans earlier this month.
These included a 75 per cent fixed-rate mortgage at 85 per cent LTV, with a £199 booking fee, £800 arrangement fee and an ERC payable until 31 December 2016.
There was also a 3.75 per cent fixed-rate available until 31 December 2016 at 90 per cent LTV, with a £199 booking fee, £300 arrangement fee and an ERC payable until the end of 2016.
The lowest rate on offer was a 1.85 per cent Flexx for Term variable rate deal at 65 per cent LTV with a £199 booking fee, £800 arrangement fee and no ERC.
IFA verdict
Provider view:
Darin Landon, distribution director at Coventry Intermediaries, said: “Our latest range has something for everyone.
“We have highly competitive mortgages, including bank base rate trackers, Flexx for term, fixed rate and offset options.
“With rates starting from just 1.65 per cent and selected mortgages with no arrangement fees, our new range should be very popular. And as always, all residential products include a valuation of up to £670 and access to our remortgage transfer service.”
Adviser view:
Daniel Bailey (pictured), a mortgage adviser with Derbyshire-based Middleton Finance, said: “Coventry has released some very competitive deals with relatively low fees.
“Not many lenders offer a fixed-rate deal with no early repayment charges. The two-year flexible deal at 1.89 per cent with free valuation and free legals is a welcome addition to the market.”
Charges: All redemption charges vary between products. On the two-year fixed product the ERC is 3 per cent until 31 December 2015 then 1 per cent until 31 December 2016.
Verdict: Coventry is upping its game at a time when advisers and borrowers are watching rates in anticipation of a rise. Therefore there is a captive audience for lenders who are prepared to offer some competitive deals. These deals are as competitive as some lenders offering 60 per cent LTV deals. One to watch in the future.”
Coventry’s new range has been welcomed by some leading advisers as being competitive across the board. Several of its rates are market-leading at various LTVs, including up to 90 per cent. Hopefully, more mortgage lenders may follow Coventry’s lead.
