Mortgages  

Coventry cuts rates on 10-year fixed mortgages

Coventry cuts rates on 10-year fixed mortgages

Coventry for intermediaries has reduced rates across its range of 10-year fixed residential mortgages.

The changes include a rate of 2.39 per cent, which was previously 2.49 per cent. This is fixed until the end of September 2028 on a 50 per cent loan to value (LTV) and comes with a £999 product fee.

There is also a rate of 2.49 per cent, which was previously 2.59 per cent.

This is fixed until the end of September 2028 on a 65 per cent loan to value (LTV) and comes with a £999 product fee.

Kevin Purvey, director of Coventry for Intermediaries, said: “In the current climate of uncertainty, 10-year fixed products are popular with borrowers looking for a fixed mortgage payment over the longer term.

"With reduced rates, no ERCs after five years for the products at 50 per cent and 65 per cent LTV, and a standard valuation included up to £670, our 10-year fixed residential range is now even more attractive for brokers’ clients looking for long-term stability.”

Daniel Hodges, mortgage adviser at Suffolk-based Just Mortgage Brokers, said The Coventry continue to compete in the 10-year fixed market and these reductions in rate will only strengthen their position. 

"Those clients looking for long term security will be attracted to these offers however, the 10-year fixed rate market will likely continue to be subdued due to the inflexibility many of these products offer for any future potential changes in borrowers circumstances and their borrowing requirements."