Residential  

Coventry expands mortgage range

Coventry expands mortgage range
 Credit: Jason Alden/Bloomberg

Coventry for Intermediaries is expanding its residential mortgage range with products up to 85 per cent loan-to-value.

The lender is bringing back its ‘Flexx Fixed’ up to 85 per cent LTV with no early repayment charges (ERCs), and a range of 10-year fixed rate products.

It is also offering a 3-year fix, also at a maximum LTV of 85 per cent.

A fixed-rate offset product up to 80 per cent LTV has also been introduced.

Jonathan Stinton, head of intermediary relationships at Coventry Building Society, said: “While many lenders are withdrawing their products from the market, this is a strong signal that we’re open for business. Our wider range of products will help to meet the consistently strong demand from all corners of the market.

“We will always prioritise the fantastic levels of service that we’re renowned for but we’re now in a strong position with service levels and we can provide brokers with a broader range of products that significantly increases the available options.”

Corey Whelan, director at Cambridgeshire Money, commented: “It’s a tough market out there for everyone and to see a lender take a big positive stride forward like this is great. Launching a range of products which could suit many different circumstances really does show Coventry are open for business.

“I’m sure they would have thought about this with their service levels too so there’s a lot of confidence for me and I’m looking forward to hopefully more lenders joining Coventry leading the way.”

Other lenders, meanwhile, have been withdrawing their products from the market. 

Clydesdale and Yorkshire Bank, for example, informed brokers last week that it would be temporarily withdrawing the majority of its mortgages at 85 per cent LTV alongside other products to help “protect and improve” its service.

chloe.cheung@ft.com

What do you think about the issues raised by this story? Email us on fa.letters@ft.com to let us know.