The Coventry’s new first time buyer product is designed to give borrowers the best start in their first home. It is available from Tuesday 7th June and has a rate of 5.99%.
There are low upfront fees – just a £199 booking fee, with no arrangement fee – and it has the flexibility to move to another product and the opportunity to make overpayments, without paying a penalty.
A valuation fee of up to £670 is included.
Colin Franklin, sales and marketing director, Coventry Building Society, said: “With uncertainty over when interest rates will move and by how much, a first-time buyer mortgage that provides certainty over 5 years is the responsible option, ensuring that borrowers’ repayments aren’t affected by a very different rate environment in only a couple of years.
“We are confident that our new product with low up front fees, no ERCs and the flexibility to overpay penalty free, will be very popular with first-time buyers and a welcome addition to our range.”
