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[13 JAN 99] COVENTRY BUILDING SOCIETY PRESS RELEASE
Coventry Gives Homebuyers Early Millennium Present

From 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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CWN / Business / A-Z / Coventry Building Society / 13 Jan 99

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