Help for first timer buyers from Coventry

04 May 2004
Coventry is helping first time buyers onto the property ladder by eliminating its higher lending fees.

The building society has announced it is to expand its current mortgage range by introducing six new products with an eye on the first time buyer market.

The new mortgage schemes vary over a three or five-year period and offer a lower cost entry option into the housing market for first timers, by reducing the initial costs of setting up home.

Coventry has announced no higher lending fee will be charged on any of the products, which equates to a saving of £2,175 on a £120,000 mortgage at 100 per cent loan to value.

Among the new deals are four three-year discounted mortgages and two five-year ones.

They include a three-year rate of 4.35 per cent, which is a discount of 1.69 per cent; a 1.29 per cent discount on a product with a rate of 4.75 per cent; and a 5.25 and a 5.49 per cent fixed rate until May 31st 2007.

As for the five-year plans: there is a 5.59 per cent fixed rate, and a one per cent discount on a 5.04 per cent rate, with £250 cashback on completion.

All the products include a free valuation, no booking fee, and a £199 arrangement fee.