The product will be available for a limited period only.
Colin Franklin, head of sales at the Coventry, commented: “In the current interest rate environment, this discounted product offers an extremely low rate for borrowers who wish to minimise their monthly repayments. For those who consider interest rates to be close to their peak, not only are we offering good value with a lower pay rate in the shorter term but also a possible rate reduction in the medium term. In addition, it has realistic fees, offering a fair deal for customers, at a time when many of the fixed deals currently available in the market come at a premium rate with higher fees.”
Key features of the product are:
• 2.45% discount to 31/03/09 (rate discounted off SVR)
• Current applied rate 4.89%
• £199 booking fee; £500 arrangement fee
• Free valuation & discounted legal fees
• Daily interest
• No overhanging Early Repayment Charge (ERC) (ERC - 4% of balance repaid until 31/03/09)
• Up to 85% loan-to-value
