Coventry for Intermediaries launches offset product

Coventry for Intermediaries launches offset product

Coventry for Intermediaries has launched new offset mortgages and reduced the rates on some of its buy-to-let products.

The deals include an offset mortgage at 1.59 per cent Flexx for Term at 50 per cent loan-to-value with a £999 product fee.

There is also a buy-to-let mortgage at 1.99 per cent Flexx for Term at 65 per cent LTV with a £1,999 product fee.

Kevin Purvey, director of intermediaries at Coventry, said: “We’ve added a new Flexx for Term product to our range of offset mortgages, which we think is a great way to celebrate the Coventry being named ‘Best Variable Rate Mortgage Provider’ in the Moneynet Consumer Awards 2017.

“With competitive rates starting from 1.49 per cent, this range is ideal for clients who like the idea of using their savings to reduce their monthly repayments or overall mortgage term.

“We’ve also made our buy-to-let portfolio even more attractive, with rate reductions on selected two- and five-year fixed and Flexx for Term products.”

Alex Reynolds, an adviser with Advies Private Clients, said: "I have used Coventry in the past and I find them to be generally very good. For the right clients, offset mortgage work but it depends how much savings they have there.

"If you are holding around about 15 or 20 per cent of the mortgage then an offset is worth looking at if you are going to keep that balance for a reasonable time."