Coventry to launch new fix and track mortgage

A new highly competitive ‘fix and track’ mortgage product is being launched by Coventry Building Society on Friday 3 August.

Key features of the new product are:

5.89% Fixed to 31 December 2008 followed by +0.49% Base Rate tracker for term
Free valuation
Free legal fees for remortgagors
Loan to value – up to 95%
ERC – 4% of balance repaid to 31 December 2008 (no overhanging ERC)
£199 booking fee; £800 arrangement fee

Colin Franklin, Head of Sales at the Coventry said: “The new fix and track product is a compelling combination – it’s ideal for borrowers who want the benefit of securing their rate against short term interest rate increases, but with the long term benefit of a tracker rate for the rest of their mortgage term. Unlike other fixed rates with trackers currently on offer, our product has no overhanging ERCs after the initial fixed period.”

Other new products available from 3 August include residential fixed rates and a market leading offset tracker product.