Coventry launches capped and offset products

Amanda Jarvis

March 9, 2006

Key features of the capped product are:

– Rate capped at 4.99 per cent until 31 May 2009 with +0.75 per cent base rate tracker for term
– Current applied rate 4.99 per cent
– Free valuation
– £199 booking fee
– £350 arrangement fee (added on completion)
– Free legal fees for remortgagors
– Early redemption charges: 2.50 per cent of balance to 31 May 2009
– Option to repay 5.00 per cent per annum without penalty

Julie Jones, head of intermediary sales, commented: “Last year this product was a great success and was so popular we are now pleased to re-introduce it to our portfolio. We know the product will appeal to mortgage introducers and their clients, particularly as it’s currently the only three-year capped rate product offering up to 95 per cent loan to value.

“For customers who require payment stability, and the knowledge that their mortgage payments will not increase over the scheme period, but may reduce, this product will be ideal.”

Key features of the tracker product:
– +0.60 per cent offset base rate tracker for term
– Current applied rate 5.10 per cent
– Free valuation
– £350 arrangement fee
– £199 booking fee
– Free legal fees for remortgagors
– No early repayment charges
– Daily interest
– Flexible features

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