Coventry for Intermediaries has launched a new range of seven-year fixed rate residential mortgages.
Available from today (16 August), one deal is priced at 1.99 per cent at 50 per cent loan-to-value, with a £999 arrangement fee.
There’s also a seven-year product priced at 2.55 per cent up to 85 per cent LTV, again with a £999 arrangement fee.
Early repayment charges are 5 per cent until the end of 2017, 3 per cent until the end of 2019 and 1 per cent until the end of 2023.
The building society’s director of intermediaries Kevin Purvey said that with rates low and uncertainty high, many brokers’ clients will be looking to lock into longer term fixed rate mortgages.
“Our new seven-year fixed range – at market-leading rates with a range of LTVs – bridges the gap between the five and 10-year options currently on the market,” he stated.
“There’s also good news for those looking to fix their mortgage payments for two or five-years, with these products now even more competitive.”
Deals at this duration are few and far between, although Nottingham Building Society did launch a seven-year fix in March, for borrowers with a 20 per cent deposit, priced at 2.94 per cent with a £199 booking fee and £800 arrangement fee.
peter.walker@ft.com
