A Flexx for term mortgage is also available at 3.25 per cent which has a LTV of 80 per cent and a two-year Offset Flexx for term mortgage at 2.99 per cent, and an LTV of 75 per cent available until 30 June 2015.
PROVIDER VIEW
Colin Franklin, sales and marketing director for Coventry Building Society, said: “Our highly competitive range of Offset Flexx for Term mortgages has just got even better. With additional products available up to 80 per cent LTV, now even more borrowers can benefit from our great rates and flexibility. And as always, all products include a valuation of up to £670 and access to our remortgage transfer service.”
ADVISER VIEW
Ronan Marrion, mortgage specialist at Cornwall-based Worldwide Financial Planning, said: “Lenders are all competing to get good rates onto the market for customers. While these ones are okay, they are not the best available. They should be in demand, however. The 65 per cent LTV two-year fixed-rate product is good value, because although it has a booking fee, it does include the valuation fee. The 80 per cent LTV, five-year product is also quite good. There are better rates available on the market, but they also have larger fees attached. The two-year offset product is not bad. It is an anomaly however, because there are not many of these around, so it should be popular.
CHARGES
The 2.45 per cent two year fixed rate product has a £199 booking fee, £300 arrangement fee and early repayment charges of 3 per cent of the balance, until 30 June 2015. The same charges apply to the five year 3.69 per cent fixed rate product, with the 80 per cent LTV.
The 3.25 per cent Flexx for Term mortgage with the 80 per cent LTV also has a £199 booking fee, but has a £800 arrangement fee and no early repayment charges. The 2.99 per cent offset mortgage has the same booking fee, arrangement fee and early repayment charges as the two year and five year fixed rate products.
VERDICT
Coventry Building Society emphasises its flexibility and competitiveness, which is the case up to a point, but its rates are unlikely to be the best available. Competition is stiff, as lenders seek to attract more customers and increase market share.
