It believed it was the only capped rate in the 100 per cent plus lending market.
Colin Franklin, head of sales at Coventry, said: "Our MOREgage products offer the combination of secured and unsecured lending – a 95 per cent loan-to-value mortgage and up to 30 per cent personal loan. The introduction of the capped product in this specialist area of lending gives borrowers the best of both worlds – a cap should rates rise and the benefit of a rate reduction should rates fall."
Key features:
• +0.84 per cent base rate tracker to 31 March 2010 - current applied rate 6.09 per cent
• Rate capped at 6.29 per cent until 31 March 2010
• Free valuation, £199 booking fee, £800 arrangement fee
• No higher lending charge – a saving of over £2,000 on a £150,000 mortgage
• Option to repay 10 per cent of mortgage balance per annum without penalty
• Early redemption charge for mortgage - 4 per cent of balance repaid until 31 March 2010
• No early redemption charge for unsecured personal loan
