Coventry undercutting market with 1.75% five-year fix mortgage
Coventry for Intermediaries is offering a fantastically low five-year fixed rate mortgage.
The mortgage is fixed at 1.75% until 30 September 2024, and once the rate expires, it reverts to the lender’s 4.49% standard variable rate. The overall cost for comparison is 3.63% APRC representative.
Aaron Strutt, product director at Trinity Financial, says: “You will need a rather large 50% deposit to access this mortgage and it is available for property purchases and remortgages.
“If you are in the market for a five-year fixed rate, there are lots of options. The lenders are still lowering the price of their mortgages and its possible to get a good deal providing you have a 10% deposit.”
Coventry’s rate has early repayment charges for the full five-years and a £999 arrangement fee. There is a free property valuation.
Representative example: A mortgage of £250,000 payable over 25 years, initially on a fixed rate of 1.75% until 30/09/2024 at 1.75% and then on a variable rate of 4.74% for the remaining 20 years, would require 61 monthly repayments of £1,029.47 followed by 239 monthly repayments of £1,343.90. The total amount repayable would be £385,174.20 made up of the loan amount, plus interest (£133,989.77) and fees of £999. The overall cost for comparison is 3.63% APRC representative.
The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration.
To secure a fixed rate mortgage call Trinity Financial on 020 7016 0790
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