Coventry launches fixed-rates at 5.99%

Coventry launches fixed-rates at 5.99%

Coventry Building Society has extended its offering of fixed-rate mortgages.

The range of home loans now provided by the UK’s fourth-largest building society includes three and five-year fixes at 5.99%.

The maximum loan-to-value ratio on both is 75% and no early repayment charges apply.

Customers can also benefit from a free valuation and free remortgage transfer service.

In related news, Legal & General has reported that variable rate home loans are increasing in popularity.

The firm’s Mortgage Purchase Index has revealed that 35% of residential borrowers took variable rate mortgages over the past three months, up from 24% during the previous quarter.

However, the majority of residential borrowers are still opting for a fix, with 63% choosing the security of a fixed-rate mortgage in the past three months, down from 75% in the previous quarter.

In the case of buy-to-let borrowers, the figures for the three month periods stand at 55% and 43% respectively.

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