Coventry launches new Capped BBR Tracker mortgage

Coventry has launched a mortgage product which offers the best of both worlds - a capped base rate tracker. This product combines all of the best features of a base rate tracker and a fixed rate mortgage - a low initial starting rate, and protection if interest rates start to rise.

This is a great alternative to existing fixed rate products offered on the market, as well as a viable option for those wishing to remortgage away from their current lenders standard variable rate, or a base rate tracker with no protection against rising rates.

The product details are:

+2.49% base rate tracker until 30.06.12, current pay rate 2.99%
Rate capped at 3.99% until 30.06.12
Available up to 65% loan to value
Legal package for remortgagors included
One valuation up to £650 included

The Society has also made a number of cuts to its existing range, with reductions of up to 0.3%. Highlights include:

3.35% 2 Year Fixed Rate (30.06.12), loan to value 65%
3.60% 2 Year Fixed Rate (30.06.13), loan to value 75%

Colin Franklin, Sales and Marketing Director at Coventry, said: "For those wishing to take advantage of low interest rates and protect themselves in future, our capped base rate tracker mortgage is perfect.

The addition of this innovative new product is another example of the Coventry continuing to set the  standards in intermediary lending."