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Lender says...

Coventry Building Society has added new fixed rate mortgage products to its existing range.

The new products, all available at 5.99 per cent, include a three-year fixed rate without any early repayment charges and a five-year fixed rate.

The three-year fixed rate has a booking fee of £199 and an arrangement fee of £800. It is available up to 75 per cent loan-to-value.

The five-year fixed rate has a booking fee of £199 and an arrangement fee of £350.

It is also available up to 75 per cent LTV. There is an early repayment charge of 4 per cent within the fixed rate period.

Free legals and a free valuation is available to remortgagers.

Colin Franklin, head of sales for Coventry Building Society and managing director of Godiva Mortgages, said: "These new rates are highly competitive in the current market and I am sure they will be welcome news for intermediaries."

Adviser says...

Michael Brill, director of Essex-based IFA Baronworth Investment Services, said: "The three-year rate is excellent for those who do not want any early repayment charges.

"If you do not mind being locked in then there are cheaper rates out there. The five-year product is reasonably competitive but if you shop around you will find better deals out there."

Rating: 3/5 stars