Bosses at Coventry Business Society are so confident that a new website will be able to better borrowers’ mortgage repayments they have pledged to donate money to charity if they fail.

The building society is launching the dedicated website www.remortgages.co.uk next week.

If anyone cannot get an offer of a better monthly payment than their current mortgage they will be allowed to donate £10 to one of four charities.

The website will give borrowers an agreement in principle, and a fee-free application process.

Introductory offers exclusive to the site include

• 5.39 per cent fixed rate to 28.02.03

• 2.35 per cent discounted rate (5.35% applied rate) to 28.02.03

• 2.00 per cent discounted below Flexx mortgage rate for three months (4.60 per cent applied rate)

• free valuation, free legal costs, no arrangement fee, no early redemption charges

Martin Ritchley, Chief Executive said:

"The new website is an exciting proposition for Coventry Building Society and can only complement the existing www.coventrybuildingsociety.co.uk and ensure that Coventry Building Society continues to be a leading provider in a rapidly evolving electronic environment.

"www.remortgages.co.uk promises to fulfil the same mutual values online as we do offline and will deliver to our customers the reliability, accessibility and price advantage of a modern, purely electronic channel.

"In addition, we are so confident that a borrower will save money by remortgaging through www.remortgages.co.uk that we will make a donation to nominated charities if we can't better their existing monthly mortgage payment."

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