Coventry has launched a "unique" fixed rate mortgage this week, which allows borrowers to overpay on their mortgage as much as they want, without facing a pentalty.
The new fixed rate mortgage is part of Coventry's Flexx Fixed product range, and, according to the lender, it is the only home loan on the market which allows borrowers to overpay as much as they wish with no penalty.
Coventry mortgage customers can choose from a two year fixed rate at 3.99 per cent, with an LTV of 65 per cent, or a higher LTV of 75 per cent on a three year fix at a rate of 4.49 per cent.
Commenting, Colin Franklin, sales and marketing director at Coventry, said: "With interest rates at a historic low, many people are using this opportunity to overpay on their mortgage, and in some cases, become mortgage free many years earlier than they expected. We've designed our flexx fixed range to allow them to continue doing this whilst benefiting from the security a fixed rate product offers".
© Fair Investment Company Ltd
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