Coventry launches 1.99% seven-year fixed rate

John Hewitt Jones

August 17, 2016

KEVIN PURVEY

Coventry Building Society has launched a new range of seven-year fixed residential mortgages.

The new products, offered only through intermediaries, are available at a rate of 1.99% at 50% LTV and 2.55% at 85% LTV.

Kevin Purvey (pictured), director of intermediaries, said: “With rates low and uncertainty high, many brokers’ clients will be looking to lock into longer term fixed rate mortgages.

Coutts reduces mortgage pricing

“Our new seven-year fixed range – at market-leading rates with a range of LTVs – bridges the gap between the five and 10-year options currently on the market. There’s also good news for those looking to fix their mortgage payments for two or five years, with these products now even more competitive”.

As well as offering the new products the society has reduced rates on its two and five-year mortgages.

The Coventry is the third largest building society in the UK, with total assets of more than £34.1 billion.