Coventry cuts rate on 5 year fixed mortgage

The Coventry has reduced the rate on its 5 year residential mortgage by 0.2% to 4.49%. The offer is highly competitive and includes a free valuation up to £640 and a free legal package for those wishing to remortgage.

In addition, the Coventry is launching a 3 year fixed rate mortgage and a new discounted product offering 1% off Coventry's Standard Variable Rate for the next 3 years.

Key features of the new products are:

The Coventry residential 5 year 4.49% fixed rate mortgage. Fixed until 30th June 2014, up to 65% Loan to Value

The Coventry residential 3 year 3.99% fixed rate mortgage. Fixed until 30th June 2012, up to 65% Loan to Value

The Coventry SVR less 1% discounted mortgage, giving a current rate of 3.74%. Discount available until 30th June 2012, up to 75% Loan to Value.

Colin Franklin, Head of Sales for the Coventry, said: "A rate of 4.49% on a 5 year fixed mortgage represents fantastic value for people wanting to lock in at current low rates. Customers looking for security and peace of mind can fix it with the Coventry!"