Unfortunately this deal is no longer valid
2.25% for 10-year fix at Coventry building society, 50%+ LTV, £999 fee
583° Expired

2.25% for 10-year fix at Coventry building society, 50%+ LTV, £999 fee

57
Posted 25th JanEdited by:"mrasgar"
Possibly the lowest ever 10-year deal?

Another positive is the lack of early repayment % charges except for 125 quid, in the last five years of the deal:


  • 2.25% Fixed rate to 31.03.29
  • Followed by Privilege Rate (variable) for the remainder of the mortgage, currently 4.74%

Fees / Incentives
  • Application fee: None
  • Product fee: £999 (can be added to mortgage)
  • Mortgage exit fee: £125
  • Funds transfer fee: £8
  • One standard valuation included for properties up to the value of £1,000,000
  • Remortgage Transfer Service included
Read the full Tariff of Mortgage Charges and our Fees & Chargesleaflet.

Early repayment charges
  • 5.00% of the balance repaid until 31.03.21, then 3.00% until 31.03.24
You can repay up to 10% of the capital p.a. without an early repayment charge

Max Loan to Value 50%

Interest charged frequency Daily
Community Updates

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Top comments
Who has a mortgage these days?
Want a house? Buy one with your social media influencer ‘earnings’, if not, work long and hard just to rent (then moan about it with friends over your avacadoy-toast brunch)
If you want to own somewhere to live,move to where you can afford to buy. Too many these days using cheap credit to fund their gadget obsessed and party lifestyles , never will it ever be as cheap to buy property as it is at the moment. By paying the ever increasing amounts charged for rent you are already paying off a mortgage.......for the landlord.....!
Edited by: "trannyboy" 25th Jan
Lots of armchair advisors on this thread, hopefully anyone with any sense will talk to professionals who actually know what they are talking about and not listen to these people.

Knowing what amount you will be paying for 10 years and a rate that low, definitely seems worth investigating.
Edited by: "KingBurger" 25th Jan
COYS616 m ago

And don't forget a crowdfunder to get other people to pay for it!


What is the difference between crowdfunding and old fashioned begging?
I remember not being allowed to do ‘penny for the guy’ as a kid coz it was begging, at least that involved dressing up, nowadays all you need is a keyboard, a sob-story and an expectant attitude....
57 Comments
this is a good deal for me i have 15 years left on my mortgage and on a 10 year fix. I can get out of it next year with no charge and this deal would be slightly cheaper and finish my mortgage about 3 years earlier. Hopefully something similar available next year
Who has a mortgage these days?
Want a house? Buy one with your social media influencer ‘earnings’, if not, work long and hard just to rent (then moan about it with friends over your avacadoy-toast brunch)
Bullet198025/01/2019 14:52

Who has a mortgage these days? Want a house? Buy one with your social …Who has a mortgage these days? Want a house? Buy one with your social media influencer ‘earnings’, if not, work long and hard just to rent (then moan about it with friends over your avacadoy-toast brunch)


Literally millions of people in the UK ... but I get your point.
Edited by: "mkpianist" 25th Jan
I'm in the process of getting this at the moment. It is as good a deal as there has been on 10 year fixes in a long time. Plus no early repayment charge after 5 years. It's also portable.
Bullet198025/01/2019 14:52

Who has a mortgage these days? Want a house? Buy one with your social …Who has a mortgage these days? Want a house? Buy one with your social media influencer ‘earnings’, if not, work long and hard just to rent (then moan about it with friends over your avacadoy-toast brunch)



And don't forget a crowdfunder to get other people to pay for it!
If you want to own somewhere to live,move to where you can afford to buy. Too many these days using cheap credit to fund their gadget obsessed and party lifestyles , never will it ever be as cheap to buy property as it is at the moment. By paying the ever increasing amounts charged for rent you are already paying off a mortgage.......for the landlord.....!
Edited by: "trannyboy" 25th Jan
COYS616 m ago

And don't forget a crowdfunder to get other people to pay for it!


What is the difference between crowdfunding and old fashioned begging?
I remember not being allowed to do ‘penny for the guy’ as a kid coz it was begging, at least that involved dressing up, nowadays all you need is a keyboard, a sob-story and an expectant attitude....
Bullet19802 h, 17 m ago

Who has a mortgage these days? Want a house? Buy one with your social …Who has a mortgage these days? Want a house? Buy one with your social media influencer ‘earnings’, if not, work long and hard just to rent (then moan about it with friends over your avacadoy-toast brunch)


haha
trannyboy25/01/2019 17:06

If you want to own somewhere to live,move to where you can afford to buy. …If you want to own somewhere to live,move to where you can afford to buy. Too many these days using cheap credit to fund their gadget obsessed and party lifestyles , never will it ever be as cheap to buy property as it is at the moment. By paying the ever increasing amounts charged for rent you are already paying off a mortgage.......for the landlord.....!



rightmove.co.uk/pro…tml sorted!
mkpianist1 h, 20 m ago

Literally millions of people in the UK... but I get your point.


I think he’s not being literal
Get in quick: if Brexit actually happens interest rates are going through the roof. Yes, I can remember 15% mortage rates!
Heat added for the rate but I think you'd be mad to fix for that long until we know what way Brexit is going to pan out. Given the current shambles the it's hard to see the base rate going any way but down. That's why the big lenders are offering these deals. If the government get their act together and we exit smoothly with a clear plan for trade with the EU then this is a fantastic deal.
Besford1 m ago

Get in quick: if Brexit actually happens interest rates are going through …Get in quick: if Brexit actually happens interest rates are going through the roof. Yes, I can remember 15% mortage rates!


Why would interest rates go through the roof? I would expect the reverse
Besford25/01/2019 17:45

Get in quick: if Brexit actually happens interest rates are going through …Get in quick: if Brexit actually happens interest rates are going through the roof. Yes, I can remember 15% mortage rates!


Sure, you know because ?
Edited by: "shug119" 25th Jan
Besford25/01/2019 17:45

Get in quick: if Brexit actually happens interest rates are going through …Get in quick: if Brexit actually happens interest rates are going through the roof. Yes, I can remember 15% mortage rates!


Brexit could benefit first-time buyers, some experts have predicted that house prices will drop, and with mortgage rates already low they could get even lower.

They will stay or go down. Clicky
Edited by: "shahidemran" 25th Jan
Besford48 m ago

Get in quick: if Brexit actually happens interest rates are going through …Get in quick: if Brexit actually happens interest rates are going through the roof. Yes, I can remember 15% mortage rates!


That was for 1 day only to encourage Sterling speculators
Thanks for sharing this excellent deal which provides some stability in uncertain times. Coventry are a good lender, great customer service. There is also a 5 year fix which allows you to make overpayments without penalty. If you already have a Coventry product would the arrangement fee still apply (assuming 50% LTV)? I'd assume that affordability checks would not apply unless you would increase borrowing.
shahidemran6 m ago

Brexit could benefit first-time buyers, some experts have predicted that …Brexit could benefit first-time buyers, some experts have predicted that house prices will drop, and with mortgage rates already low they could get even lower. They will stay or go down. Clicky


Flip a coin. Interest rates could sky rocket if inflation increases or it could be lowered to stimulate growth. Rather not gamble as 2.25% is a good rate to be stuck with for 10 years.
Lots of armchair advisors on this thread, hopefully anyone with any sense will talk to professionals who actually know what they are talking about and not listen to these people.

Knowing what amount you will be paying for 10 years and a rate that low, definitely seems worth investigating.
Edited by: "KingBurger" 25th Jan
Great deal ATM for a 10year fixed. Heated

Personally (and this does not constitute advice ) we went for a 5-year fixed as for us that was a good balance of stability in the medium term, with an option to review once this whole Brexit kerfuffle has died down. 10 years is a bit too long for us. That was with first direct with at 1.99% with a £500 booking fee.

As others have said, it basically a crap shoot as to what interest rates will do.
Who's been to the Coventry conference?
Good deal but how many people have 50% deposit?
Robbiecfc25/01/2019 19:44

Good deal but how many people have 50% deposit?


It’s not really aimed at first time buyers, more those that are remortgaging and have equity in the house
Mada0625/01/2019 19:58

It’s not really aimed at first time buyers, more those that are r …It’s not really aimed at first time buyers, more those that are remortgaging and have equity in the house


Think this is aimed at older generation more like very few people remortgageing will have a 50% or higher mortgage
Robbiecfc25/01/2019 20:00

Think this is aimed at older generation more like very few people …Think this is aimed at older generation more like very few people remortgageing will have a 50% or higher mortgage


I think that assumption is incorrect
Mada0625/01/2019 20:46

I think that assumption is incorrect


Lol don't know what world your living in but I don't know many people who could put 100-200k into a house. Maybe if it was a cheap house could be possible but otherwise it's pie in the sky
b'cos sly news said so and the sheeple believe them
shug1193 h, 16 m ago

Sure, you know because ?

Robbiecfc25/01/2019 20:00

Think this is aimed at older generation more like very few people …Think this is aimed at older generation more like very few people remortgageing will have a 50% or higher mortgage


Who are you calling old!

As an example:
10 years ago the average house price was £157k. Now let's assume you had a 90% LTV.

So you borrowed £141k and paid an average interest rate of 5% over the last 10 years.

As of today you would owe £104k.

The average house price today is £231k.

That gives you a 45%LTV. Well below the 50% required.
Robbiecfc32 m ago

Lol don't know what world your living in but I don't know many people who …Lol don't know what world your living in but I don't know many people who could put 100-200k into a house. Maybe if it was a cheap house could be possible but otherwise it's pie in the sky


I disagree, many people have benefitted from
house price increases so a house worth £300k 4-5 years ago could easily be worth £450k+ today
£999 to sign a piece of paper to get the product, that is daylight robbery, regulators should put a limit of £20 on the set up costs. Everyone in the UK is being robbed.
GAVINLEWISHUKD25/01/2019 21:48

Who are you calling old! As an example:10 years ago the …Who are you calling old! As an example:10 years ago the average house price was £157k. Now let's assume you had a 90% LTV.So you borrowed £141k and paid an average interest rate of 5% over the last 10 years.As of today you would owe £104k.The average house price today is £231k. That gives you a 45%LTV. Well below the 50% required.


My point is that the vast majority of people that could afford a 50% ltv are the older generation and us young ones in most cases can only dream of getting a 50%Ltv. I'd have to sell both my flats to remortgage my house on a 50 or above ltv
Robbiecfc25/01/2019 22:47

My point is that the vast majority of people that could afford a 50% ltv …My point is that the vast majority of people that could afford a 50% ltv are the older generation and us young ones in most cases can only dream of getting a 50%Ltv. I'd have to sell both my flats to remortgage my house on a 50 or above ltv


For people buying now, yes it would be tough to buy at 50% or get to 50% LTV quickly as house prices aren't growing as much - unless of course you buy something small in a low-cost area, say a 50k studio or flat.

However as Gavin and Mada said ANYONE who bought after the crash, anywhere between 5-10 years ago in the larger cities in towns would be sitting on a high level of equity now due to the price growth since then. Not just old people. A big portion of those people would be able to take advantage of this kind of deal.
trannyboy11 h, 34 m ago

If you want to own somewhere to live,move to where you can afford to buy. …If you want to own somewhere to live,move to where you can afford to buy. Too many these days using cheap credit to fund their gadget obsessed and party lifestyles , never will it ever be as cheap to buy property as it is at the moment. By paying the ever increasing amounts charged for rent you are already paying off a mortgage.......for the landlord.....!


Robbiecfc8 h, 56 m ago

Good deal but how many people have 50% deposit?


I do
Besford25/01/2019 17:45

Get in quick: if Brexit actually happens interest rates are going through …Get in quick: if Brexit actually happens interest rates are going through the roof. Yes, I can remember 15% mortage rates!


That's not happening..
trannyboy15 h, 51 m ago

If you want to own somewhere to live,move to where you can afford to buy. …If you want to own somewhere to live,move to where you can afford to buy. Too many these days using cheap credit to fund their gadget obsessed and party lifestyles , never will it ever be as cheap to buy property as it is at the moment. By paying the ever increasing amounts charged for rent you are already paying off a mortgage.......for the landlord.....!


Conversely, never has it been as expensive to buy a house compared to earnings as it is at the moment. My father in law bought his first house for twice his annual income; it's now typically 5+. That's not to say your statement won't also be true (and kinda hope it is as just about to buy!).
u6645418 m ago

Brexit or interest rates?


Lol the later
mrasgar9 h, 40 m ago

For people buying now, yes it would be tough to buy at 50% or get to 50% …For people buying now, yes it would be tough to buy at 50% or get to 50% LTV quickly as house prices aren't growing as much - unless of course you buy something small in a low-cost area, say a 50k studio or flat. However as Gavin and Mada said ANYONE who bought after the crash, anywhere between 5-10 years ago in the larger cities in towns would be sitting on a high level of equity now due to the price growth since then. Not just old people. A big portion of those people would be able to take advantage of this kind of deal.


Yeah agree bought first property after the crash, now as a result of renovating, saving and cheap rates own close to 80% at 35 (31 for wife) wouldn't call us old! . That said now after a bigger house (kids) so not going to be mortgage free anytime soon.
I bought a house in central Bristol for £230k 3 years ago, it's now worth £400k.
An accountant I spoke to said when setting fixed rate you will never get a zero rated mortgage but the skies the limit the closest you can get to zero is the rate you want to fix
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