Residential  

Coventry to launch 90% LTV mortgages for two days

Coventry to launch 90% LTV mortgages for two days
 Credit: Chris Ratcliffe/Bloomberg

Coventry for Intermediaries is launching two 90 per cent LTV products tomorrow (October 14) for two days only.

The five-year fixed-rate mortgages will be offered until 8pm on Thursday (October 15) but will be available to the wider market, rather than exclusively to first-time buyers.

Advance notice is being given to allow brokers more time to prepare, the lender said, but rates will not be published until Wednesday morning.

Jonathan Stinton, head of intermediary relationships at Coventry Building Society, said: “The demand for higher LTV products has meant short-term launches are more commonplace this year.

"But although we have to limit these products to protect our service levels, we hope that a little extra notice will give brokers more time to speak to clients who may find our products a good fit.

“We want to support the market while protecting our high level of service. Last week’s extensive expansion of our product range has been well received but we’re pleased to be able to increase options further still with this short-term 90 per cent LTV launch.”

Coventry’s limited launch comes after it expanded its residential mortgage range last week with products up to 85 per cent LTV.

Akhil Mair, managing director at Our Mortgage Broker, said the news was welcome.

Mr Mair added: “Over the last few months, we have seen a number of lenders dip in and out the 90 per cent market for albeit a very short period of time.

“What we would like to see though is these 90 per cent LTV rates being introduced for a longer period of time rather than a two-day window to enable our clients to find a suitable home, make an offer and be in with a good chance of securing these rates.”

Experts have recently highlighted to the regulator the impact of the limited availability of high LTV mortgage products on first-time buyers who rely on them.

chloe.cheung@ft.com

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