The deals, available from 4.50 per cent, are available as part of Coventry’s buy-to-let, and residential ranges, and are all without any early repayment charges (ERC).
Its buy-to-let Flexx Base Rate tracker range is available from 5.20 per cent, until September 2009, with a free valuation and free legal fees for remortgagors. A £475 arrangement fee exists, with a £250 booking fee. It is available up to 65 per cent loan-to-value (LTV).
Its residential Flexx Base Rate tracker range is available from 4.50 per cent until September 2008, with a £350 arrangement fee and £199 booking fee. Other products to be launched in the residential range include its tracker at 4.65 per cent, while enhancements to its buy-to-let range include rates at 5.30 per cent and 5.35 per cent, fixed until 2009 and 2011.
Announcing the products, Colin Franklin, head of sales at the Coventry, said: “As prices of fixed rate products are beginning to rise above Bank of England Base Rate, we believe advisers will be turning to the tracker market. I am confident that the competitive pay rates, coupled with daily interest and no ERCs, will prove very popular with advisers and give their clients freedom and flexibility.”
Commenting on the buy-to-let tracker range, Mike Pendergast, IFA at Zen Financial Services, said: “ Coventry’s products should be popular as many buy-to-let clients will look to renovate and sell within the first 24 months of owning a property. A no ERC mortgage allows them to do this with no penalty and therefore should be popular with this type of investor.”
