Coventry Offset Flexx for Term lifetime mortgage - only 1.85% + Offset benefits!
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Coventry Offset Flexx for Term lifetime mortgage - only 1.85% + Offset benefits!

31
Found 28th Apr 2016
Most trustworth mortgage provider in the history of Great Britain.

Cheapest lifetime mortgage in the UK with Offset benefits.

Max LTV 65% so only needs 35% equity. 1.85% flexx for term lifetime.

Dont underestimate the Power of Offset as every pound saved in the account means extra interest saved!

Plus extra benefits:
•No Booking Fee
•Free Remortgage Transfer Service included
•Free mortgage valuation up to max. £670.00 included
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31 Comments
Is that fixed rate?
Its variable....rate could change
I've been with coventry for over ten years - best variable rate in my opinion, currently at 2.5%

I will ring them today to see if I can switch to this. Heat added; thanks for sharing.
This is what I went for...seems a great package
I've been on this deal since Christmas. Very happy so far and the offset savings really make a difference to your monthly payment. It encourages you to save which can't be such a bad thing!
Does the 1.85 include bank Base rate or is that in top
grajac123

Does the 1.85 include bank Base rate or is that in top


It includes the base rate
check out cashback sites for free advice and additional money back.
Says no booking fee but £999 in the title?
Supercharged

Says no booking fee but £999 in the title?


Maybe it's a £999 admin fee.
What they should do is make the booking fee very low or free and offset that by not paying the daylight robbers 'up to £675' to drive past and say "looks about the right value" How on earth can they justify that much. And how on earth did banks ever agree to pay such insane prices for something so simple.
interesting offer!
fireman1

Maybe it's a £999 admin fee.



So what's the difference?
bobcoyle77

check out cashback sites for free advice and additional money back.



Don't think I want mortgage advice from a cashback site thanks.
Yes a very good deal. Anyone need any help or advice on this, feel free to ask. I am an independent mortgage adviser.
Supercharged

So what's the difference?


The main difference being that you can get away with made up ridiculous one off charges if you give it the name 'admin fee'
As it's a variable rate mortgage, they can change the rate at will right?

I have an offset mortgage with Santander currently (at 3.2%), but the recent introduction of "personal savings allowances" makes it much less valuable. I can now get close to 3% on up to £20k just through the 123 current account.

I am looking to move to the HSBC lifetime tracker deal which was posted recently. 1.3% plus base (so 1.8% currently) so at least you know the deal upfront. There's no offset facility, but, as above, that's not worth as much any more.
This is a good lender. Heat.
How to apply?
How to apply for the first time buyer?
Coventry is a good provider, with good levels of customer service. However they can be strict with their lending criteria. However it looks like 1.35% +current 0.5% interest rates. If the rates rise and they will sometime maybe 2017 onwards then might not be so good.
It's just the fact that it's not fixed to anything, I'm pretty certain it is 1.85%, it is not base rate plus 1.35%. I know base rate plus 1.35% is 1.85% but there is no fixed part to the rate, they can charge what they like within reason.
fireman1

The main difference being that you can get away with made up ridiculous … The main difference being that you can get away with made up ridiculous one off charges if you give it the name 'admin fee'


It should be illegal, any set up costs should be called just that
winchman

It's just the fact that it's not fixed to anything, I'm pretty certain it … It's just the fact that it's not fixed to anything, I'm pretty certain it is 1.85%, it is not base rate plus 1.35%. I know base rate plus 1.35% is 1.85% but there is no fixed part to the rate, they can charge what they like within reason.


Not quite AFAIK - this is a lifetime tracker. Although the rate will go up and down in line with Bank Base Rate, Coventry will not have the right to change the loading above BBR apart from 'in exceptional circumstances'. Very unlikely but check the mortgage conditions.
shortly by getting the flexibility option if the rates do go up you have the choice of simply moving?

I have a flexed fix for five years on a BTL and there was a heavy fee at the start but I have some piece of mind that I can change at any time and not incur a ERM or miss out on a better deal.
but let's remember, yes they 'could' change it at will, but you're not tied into anything. I also agree that the HSBC is a better deal at 1.8 (currently), which I'm oh so hoping that it's around in October when my 4 yr fixed is up. moving to that rate will save me £40,000 over the term of my mortgage (subject to base rate changes).
chapati_monsta

Not quite AFAIK - this is a lifetime tracker. Although the rate will go … Not quite AFAIK - this is a lifetime tracker. Although the rate will go up and down in line with Bank Base Rate, Coventry will not have the right to change the loading above BBR apart from 'in exceptional circumstances'. Very unlikely but check the mortgage conditions.



​you are wrong.
this is a variable rate with no defined link to the BOE base rate.
"Variable rate for term, currently 1.85%"
Ian182

Don't think I want mortgage advice from a cashback site thanks.



​you don't get mortgage advice from a cashback site Ian, you get suppliers who offer cashback. like car insurance, clothing, etc etc. I'll get you some crayons and draw you a picture.
newb

​you are wrong.this is a variable rate with no defined link to the BOE b … ​you are wrong.this is a variable rate with no defined link to the BOE base rate."Variable rate for term, currently 1.85%"


As you say not tied to anything, but there is no history of them going crazy with rates, so would like to think it would be ok, but down to trust and the bad PR they would get if they did decide to fiddle.
winchman

As you say not tied to anything, but there is no history of them going … As you say not tied to anything, but there is no history of them going crazy with rates, so would like to think it would be ok, but down to trust and the bad PR they would get if they did decide to fiddle.


sorry - you are right, fully at the behest of Coventry's decision makers!
I am going for a similar but slightly different one from the same lender: Offset +1.19% Bank Base Rate Flexx Tracker to 30.06.18 (top of the list here ..currently 1.69% which I think it's a better deal but of course for a different timeframe, hey will think about that in 2 years time!
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