The ERC-free products, which are available with variable rates on residential, offset and buy to let mortgages, offer payment holidays and unlimited overpayments.
But interestingly, whilst many other lenders are offering borrowers on variable rate mortgages the option of switching to a restricted range of fixed rate deals at a later date, sometimes known as ‘drop lock’ or ‘switch to fix’, the Coventry’s Flexx for Term range with no ERCs allows borrowers to transfer onto absolutely any other product. This includes capped base rate trackers, short and long term fixed products.
Colin Franklin, managing director, Godiva Mortgages, said: “Our Flexx for Term range offers borrowers ultimate flexibility in the current uncertain environment. Whereas other lenders will often restrict the fix rate deals available to borrowers who want to ‘switch to fix’, here at the Coventry, we have always allowed borrowers on our Flexx for Term range to switch to any other products we have available.
“With a highly competitive range of Flexx for Term variable rates starting from as low as 1.99% and no ERCs customers have the freedom they need if their needs change.”
