Coventry launches MOREgage fixed rate

The Society’s combined mortgage and unsecured personal loan gives first time buyers and movers the ability to not only purchase their house, but also the capacity to cover additional associated costs.

The new market leading product has the following features:

- Interest rate fixed to 31 08 2007

- 5.99% - up to 105% LTV (95% mortgage + up to 10% UPL)

- 6.09% - 106% to 115% (95% mortgage + up to 20% UPL)

- 6.29% - 116% to 125% (95% mortgage + up to 30% UPL)

- Max LTV for mortgage: 95%; Max LTV for unsecured loan: 30% or £25,000 (whichever is lowest)

Incentives include:

No arrangement fee

No booking fee

No higher lending fee

Free valuation

6 months’ free accident/sickness/unemployment

Daily interest

Option to repay 10% of mortgage balance pa without penalty

Early redemption charges:

Mortgage: 4% of balance redeemed to 31 08 2007

If mortgage redeemed, UPL interest rate increased by 5%

Unsecured personal loan: no early redemption charge