Coventry Building Society’s New 90% Mortgages

by | Friday 13th Oct 2023 | Mortgage News

In mortgage news today, Coventry Building Society has taken a significant step to enhance the accessibility of homeownership in the UK. The lender has recently introduced fresh 2-year and 3-year fixed-rate mortgage options, catering to those seeking a 90% mortgages and with larger deposits. In this article, we will explore the new offerings from Coventry, as well as some of the existing products that are already benefiting lots of mortgage borrowers.

90% Mortgages and First-Time Buyers

This strategic move by Coventry Building Society aligns with the broader trend in the UK, where low deposit mortgages are fast becoming the preferred choice for first-time homebuyers. The focus here is clear – to empower individuals embarking on their homeownership journey that would otherwise have been unable to get a mortgage. Coventry for Intermediaries, a part of Coventry Building Society, has spearheaded these initiatives, complete with an attractive £500 cashback incentive for eligible borrowers.

However, Coventry Building Society’s commitment extends beyond just the first-time buyers. It also offers a ray of hope for existing homeowners too. Selected residential rates have been cut by up to 0.16%, presenting a good opportunity for those contemplating Coventry remortgages or new property purchases.

Low Deposit Mortgages in the UK

Coventry’s introduction of these 90% mortgages mirrors the growing trend of low deposit mortgages that’s sweeping across the UK. For many years, aspiring homeowners, particularly first-time buyers, faced a tough challenge in saving enough to put down a substantial house deposit. This often meant years of relentless saving and scrimping, before the prospect of owning a home could be realised. However, Low deposit mortgages, usually demanding a down payment of 10% or less, have emerged as an enticing solution for individuals with modest savings but who are desperate for homeownership. Coventry Building Society’s decision to offer these mortgages at a 90% LTV underlines their commitment to making homeownership a reality for a more and more people.

Oportfolio Mortgages: Your Guide to the Best 90% Mortgages

In an ever changing market of low deposit mortgages, choosing the right lender and product requires good judgement. This is where mortgage brokers, such as Oportfolio, play a pivotal role. At Oportfolio, we specialise in helping homebuyers navigate the maze of mortgage choices to find the most suitable deal for their unique financial circumstances. Collaborating with various lenders, including Coventry Building Society, we provide customers access to a range of mortgage options that may not be readily available on the high street.

With Coventry’s newly introduced 2-year and 3-year fixed-rate mortgages hitting the market, mortgage brokers like Oportfolio are well equipped to guide borrowers in selecting the mortgage that best aligns with their specific needs. We offer invaluable assistance through the application process, clarification of terms and conditions, and securing the most favourable deal in line with each borrower’s financial situation.

Coventry Building Society’s New Products

In a message to brokers this morning, Coventry announced new mortgage products for both 90% mortgages and large deposits at 65%. Here is a breakdown of what they are now offering:

  1. 5.95% 3-Year Fixed Rate: Most likely designed with first-time buyers in mind, this 3-year fixed-rate mortgage is available at a 90% LTV ratio with no product fee and £500 cashback. Although a relatively high interest rate, this product firstly provides borrowers with a larger loan and requires only a 10% deposit. And secondly, the three year period offers security for longer than a 2-year rate but doesn’t lock the borrower in for as long as a 5-year rate.
  2. 4.85% 5-Year Fixed Rate: Those with a higher deposit or LTV can also take advantage of Coventry’s offerings with a sub 5% interest rate. A 5-year fixed-rate mortgage is available at a 65% LTV ratio, accompanied by a £999 product fee, rendering it an appealing choice for individuals with a more substantial deposit at their disposal.

Speak To A 90% Mortgage Broker

Coventry Building Society’s introduction of new 90% LTV mortgage products is not only a boost for first-time buyers but offers hope that the mortgage market is opening up for more borrowers in general after a tough couple of years. Mortgage brokers like Oportfolio are here to ensure that prospective homebuyers are able to select the mortgage that perfectly aligns with their unique financial situation, bringing their dreams of homeownership closer to reality. As the property market continues to evolve, it’s evident that more doors are opening for individuals looking to secure their place on the property ladder. Now is the best time in a while to start getting your ducks in a row if you are considering a new mortgage, so give our team a call today for a free initial mortgage consultation. We are here to help.

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