Godiva fixes the 125% LTV market with no ERCs

On Friday 22 June, Godiva Mortgages, the specialist lending subsidiary of Coventry Building Society, is adding an ERC free, flexible fixed rate product to its MOREgage range – unique in the 125% lending market.

Colin Franklin, managing director of Godiva Mortgages comments: “Our MOREgage products offer the combination of secured and unsecured lending – a 95% loan to value mortgage and up to 30% personal loan. The introduction of this new product gives intermediaries and their clients the best of both worlds – a competitive fixed rate with flexibility. With no ERCs on the mortgage or unsecured personal loan, we’re sure this product will be popular with house movers and first time buyers alike.”

Key features:

6.44% Flexx Fixed until 30 June 2009
Available up to 125% - 95% secured; 30% unsecured personal loan
Rate on mortgage and personal loan both fixed at 6.44%
No early redemption charges; unlimited overpayment facility
No higher lending charge
Booking fee £199 (non-refundable)
Maximum total loan £250,000 (secured and unsecured combined)
Minimum age - 21 years