[13 JAN 99] COVENTRY
BUILDING SOCIETY PRESS RELEASE
Coventry Gives Homebuyers Early Millennium PresentFrom 15 January 1999, Coventry Building Society, refreshes it market leading
mortgage portfolio with an outstanding range of fixed and discounted deals.
The refreshed portfolio offers exceptional value and choice to both homebuyers and
remortgagors for 1999 and beyond into the next millennium. The portfolio continues to
offer market leading discounted and variable rates, with the flexibility to make capital
repayments without early redemption penalties.
New products offered now include:
- 5.15% Fixed Rate until 31 April 2004, with a £295 arrangement fee and no overhanging
early redemption penalties.
- 5.75% Fixed Rate until 31 March 2002, with no arrangement fee, a free mortgage valuation
and no administration fee. Early redemption penalties on this product only apply during
the fixed period.
- Combined Capped & Discounted Rate – 1.0% Discount until 31 March 2004 (current
applied rate 6.25%), with a guarantee that the maximum rate payable will be 7.45%. In
addition there are no early redemption penalties.
- 6.70% Variable Rate, with no arrangement fee, a free mortgage valuation and no early
redemption penalties.
The range of products also come with a number of free remortgage offers (see table
below).
Martin Ritchley, Chief Executive of the Coventry, commented:
"We believe in offering a complete range of mortgages that are flexible enough to
meet the needs of both today’s and tomorrow’s borrower. Our new fixed rate
products take advantage of the recent reduction in the longer term cost of money.
Customers can now benefit from some of the most competitive discounted and fixed rate
products available in the market.
"As a building society, we don’t have dividends to pay to outside
shareholders. We can therefore offer our borrowers some of the best deals for now and the
next millennium. These are proving very attractive, particularly to customers wishing to
remortgage from the recently converted banks, and we are looking forward to 1999 and
beyond as bumper mortgage years."
Mortgages Available From 15 January 1999
| FIXED
RATE MORTGAGES TO 31.03.2002 (No Overhanging ERPs) |
PORTABLE |
| MORTGAGE RATE |
MAX LTV |
APR |
TERM OF FIXED RATE |
INCENTIVE |
EARLY REDEMPTION
PENALTIES |
| 5.75% |
75% |
6.0% |
to 31.03.2002 |
No arrangement fee.
Free Mortgage Valuation (max. £650). No Mortgage Admin Fee |
6 months interest
until 31.03.2002 |
| 5.99% |
95% |
7.0% |
to 31.03.2002 |
No Arrangement fee.
Free Mortgage Valuation (max. £650). No Mortgage Admin fee |
6 months interest
until 31.03.2022 |
In addition for remortgagors Only -
Disbursement and Legal fees paid if a Solicitor nominated by the Society is used or for
Customers using their own Solicitor a £215 contriution towards Disbursement and Legal
fees paid after completion. Scottish Cases will only receive a £215 contribution.
Free Remortgage Transfer Service conditions apply.
| FIXED
RATE MORTGAGES TO 31.03.2004 (No overhanging ERPs) |
PORTABLE |
| MORTGAGE RATE |
MAX LTV |
APR |
TERM OF FIXED RATE |
ARRANGEMENT FEE |
EARLY REDMEPTION
PENALTIES |
| 5.15% |
75% |
6.5% |
to 31.03.2004 |
£295 fee
(non-refundable) |
6 months
interest until 31.03.2004 |
| 5.805 |
95% |
6.8% |
to 31.03.2004 |
£295 Fee
(non-refundable) |
6 months
interest until 31.03.2004 |
DISCOUNTED
RATE MORTGAGES TO 31.03.2001
Linked to Standard Variable Rate 7.45% (with effect from 1st February 1999) |
| LEVEL OF DISCOUNT |
MAX LTV |
APPLIED MORTGAGE
RATE |
APR |
TERM OF DISCOUNT |
ARRANGEMENT FEE |
EARLY REDEMPTION
PENALTIES |
| 3.50% |
95% |
3.95% (minimum rate
payable 3.20% until 31.03.01) |
6.9% |
to 31.03.2001 |
£295*
(non-refundable) |
12 months interest
until 31.03.2001 - then 6 months interest until 31.03.2004 |
| 3.005 |
95% |
4.45% (minimum rate
payable 3.70% until 31.03.01) |
6.8% |
to 31.03.2001 |
None# |
12 months interest
until 3.03.2001, then 6 months interest until 31.03.2004 |
*Coventry HomeGuard (Option C) Building and
Contents Insurance is mandatory until 31.03.2001. For leasehold properties only, the
madatory insurance is 12 Month Accident, Sickness and Unemployment cover. If
mandatory insurance is cancelled within the scheme period, a 0.25% loading will be added
to the scheme applied rate.
#In addition for Remortgagors Only - Free Mortgage
Valuation (max. amount £650). No Mortgage Administration fee payable. Disbursement
and Legal Costs paid if a Solicitor nominated by the Society is used or for Customers
using their own Solicitor a £215 contribution towards Disbursement and Legal fees paid
after completion. Scottish Cases will only receive a £215 contribution. Free
remortgage transfer service conditions apply.
DISCOUNTED
RATE MORTGAGES TO 31.03.2004
Maximum Rate Payable Guaranteed not to exceed &.45% during Scheme Period
linked to Standard variable Rate 7.45% (with effect from 1st February 1999)
There are no restrivtions on capital repayments with these mortgages (normal conditions
apply) |
PORTABLE |
| LEVEL OF DISCOUNT |
MAX LTV |
APPLIED MORTGAGE
RATE |
APR |
TERM OF DISCOUNT |
ARRANGMENT FEE |
EARLY REDEMPTION
PENALTIES |
| 1.20% |
75% |
6.25% |
6.85 |
to 31.03.2004 |
None* |
None |
| 0.70% |
95% |
6.75% |
7.1% |
to 31.03.2003 |
None* |
None |
*In addition for Remortgagors Only - Free
Mortgage Valuation (max. amunt £650). no Mortgage administration fee payable.
Disbursement and Legal Costs paid if a solictor nominated by the Society is used or
for Customers using their Own Solictor a £215 contribution towards Disbursement and Legal
fees paid after completion. Scottish casses will only receive a £215 contribution.
Free Remortgage Transfer Service conditions apply.
VARIABLE
RATE^
linked to Standard Variable rate 7.45% (with effect from 1st February 1999) |
| VARIABLE RATE |
APR |
MAX LTV |
CAPITAL REPAYMENTS |
INCENTIVE |
EARLY REDEMPTION
PENALTIES |
| 6.70% |
7.1% |
95% |
NO RESTRICTIONS
(normal terms apply0 |
No Arrangement fee.
Free Mortgage Valuation (max £650). No Mortgage Admin fee |
None |
^In addition for Remortgagors Only -
Disburement and Legal Costs paid if a solicitor nominated by the Society is used or for
Customers using their own solictor a £215 contribution towards Disbursement and Legal
fees paid after completion. Scottish cases will only receive a £215 contribution.
Free Remortgage Transfer Service conditions apply.
Part & Part Mortgages - Variable Rate can be combined
with any Current New Business scheme. The New Business scheme must represent at
least 50% of the mortgage advance. Cashback and Incetives paid subject to product
terms and conditions.
MORE INFORMATION: Press Office 01203 635653
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