In today’s financial climate it is tough for first time buyers trying to get on the housing ladder. In a welcome piece of good news Coventry Building Society has revamped its range for first time buyers.
Its first-time buyer range includes a rate of 5.19% which is fixed for five-years and available up to 85% LTV; and a rate of 5.39% which is fixed for five-years and available up to 90% LTV. Both deals include a £199 booking fee and £300 arrangement fee.
It has also introduced a member’s first-time buyer mortgage at 5.19%, fixed for five-years, which is available up to 90% LTV. The deal includes a £199 booking fee, no arrangement fee and a £500 IKEA Gift card (issued on completion).
To qualify for the member’s first-time buyer mortgage, the client or their grandparent, parent or guardian must have held a mortgage, savings or current account from Coventry for more than three years at the time of application.
Colin Franklin, managing director of Coventry’s intermediary arm, Godiva Mortgages, said: “We think that first-time buyers deserve some help when they’re starting out. Our range offers low, flat fees together with a competitive fixed rate for those early years, available up to 90% LTV.
“We think it’s important to support our existing members, their children and grandchildren. That’s why our member’s first-time buyer mortgage offers such a good deal. The product is unique in this market and fully available through our Intermediary partners. If a client or their parent, grandparent or guardian is an existing Coventry member, brokers can now offer them something even more special.”
Your home may be repossessed if you do not keep up payments on a mortgage, this article is for information purposes only and is not to be considered as financial advice. Quest Financial Solutions Ltd do not accept any liability for any actions taken as a result of reading this article. We are able to provide you with Independent Mortgage Advice and recommend you speak to one of our Mortgage Advisers to find out which mortgage if any suits your situation. Please contact us for further information.