coventry building society Deals

coventry building society Deals & Discounts

5 hot deals
295°
Personal Finance
Coventry Building Society - 1.99% Flexx 5 year Fixed Rate Mortgage to 30.09.22 - With no early termination fee
5 year fixed Mortgage with Coventry Building Society @ 1.99% with no early termination fee. 50% LTV. Initial Rate: 1.99% 1.99% Flexx Fixed rate to 30.09.22 Followed by 4.24% Followed by Privilege R… Read more
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There also seems to be a no fee 1.99% 5 year fixed fee, but does have early repayment fee.

So £499 if you want no early repayment fees or £0 if you don't mind
coventrybuildingsociety.co.uk/con…tml

repayment fees
  • 5.00% of the balance repaid until 31.12.18, then 3.00% until 31.12.20, then 1.00% until 31.12.22
You can repay up to 10% of the capital p.a. without an early repayment charge

HSBC still looks better though
Edited by: "kiora_nas" 12th Sep

First Direct- part of hsbc are doing a fee saver 5 year fix at 1.84 unlimited overpayments without any penalties...good luck

The HSBC deal is portable and has no upfront fee therefore af a lower percentage it's a better deal in my eyes. If you want flexibility an interest rate tracker from HSBC would be a better deal.

At the the current time with Brexit and the low interest rate, the banks need a margin and so I can't see better rates coming up, if you are jumping between fixes and paying upfront fees all the time then you are just lining the banks pockets

ps HSBC is 60% ltv so again suitable to an increased customer base over this deal

Original Poster

bma144544 m ago

"HSBC is better at the moment - we got 1.89% fixed for 5 years with no …"HSBC is better at the moment - we got 1.89% fixed for 5 years with no fee.Insane really."The arrangement fee is part of the "no fee" above ;).And why on earth would I want to move out of a 5 year fixed deal at 1.89%?!Edit: aprc of HSBC deal is 2.3


The point is if you wanted to move away within your fixed period with HSBC you cant, unless you're happy paying their early termination fee.
This clearly may not be suitable for you, but if you wanted the comfort of a 5 year fix, but during this time you wanted the flexibility to move away to a better deal for example, you can.

kalico2 h, 59 m ago

These rates are great, but often the 'Affordability Criteria' will rule …These rates are great, but often the 'Affordability Criteria' will rule out many who have anything but non-standard lives. Sometimes, you'd be better off working in a McDonalds to get regular PAYE pay, rather than earning £100k from various sources as self-employed. Just another price we all pay for the cock-up of the bankers!



Ultimately, it all comes down to risk.

If you were lending money to someone - who would you see as a lower risk - the person who has a stable, steady, pretty much guaranteed income. or the person who earns more, but is self employed, and thus has no legal requirement for sick pay, or even a guaranteed job at the end of the month?

It sucks, but ultimately self employment has always been a marker of higher risk.
EXPIRED
Personal Finance
Coventry Building Society - Flexx for Term 1.39% variable rate for whole term - Max LTV = 75%, Product Fee = £999
Found this deal while I was looking around to Remortgage. Comparing it to some other deals. It doesn't beat the 2 year fixed deals. But it's better than alot of 3 and 5 year fixed deals. Product Fee … Read more
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utdmorgan

it may be the best available today tho. I also got a better deal. but … it may be the best available today tho. I also got a better deal. but that was before the crash. 0.17 over base rate tracker. fee free. but you'd need a time machine to get it.



​We'd all love a time machine otherwise I wouldn't​ have been stuck on a 4.49% fixed for 3 years after the crash!

good rate, seems a good deal. The interest rates won't move for a while.

utdmorgan

it may be the best available today tho. I also got a better deal. but … it may be the best available today tho. I also got a better deal. but that was before the crash. 0.17 over base rate tracker. fee free. but you'd need a time machine to get it.


Not with that fee it isn't. Unless you've got a massive balance outstanding it's not worth it.

Could go up at anytime, not even a tracker tied to the base rate

it may be the best available today tho. I also got a better deal. but that was before the crash. 0.17 over base rate tracker. fee free. but you'd need a time machine to get it.

Fee for a variable rate? No thanks. I am on a tracker with Nationwide for 1.54% that was fee free. It is now 1.49%

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271°
EXPIRED
Personal Finance
Coventry Flexx for Term mortgage 50% LTV; 1.25%, £999 fee
** updated as rate reduced to 1.25% ** This deal isn't for everyone - just those that have built up 50% equity in their property through property price rises, mortgage capital repayments or some comb… Read more
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Original Poster

muffboy

What on Earth are you talking about? BOE base rate is currently 0.25%, … What on Earth are you talking about? BOE base rate is currently 0.25%, this is @ 1.25%, hence you are making very misleading statements.



Apologies, I'll need to clarify.

The Flexx for Term product is a long-standing product of Coventry. In the past, the product information referred to it being a tracker, tracking a certain percentage above an internal Coventry Base rate. It's this that has always mirrored the BOE rate. They have recently updated the marketing material to remove any reference to 'tracker' as it was confusing some customers.

A little under half of their mortgage book is in products like this so it would be financial suicide for them to pump up the rate before the BOE rate increases as all the mortgages are exit-fee free.

muffboy

No lender in history has ever offered a mortgage rate that was lower than … No lender in history has ever offered a mortgage rate that was lower than BOE base rate, THAT would be commercial suicide!



This is 100% incorrect, hence you are making very misleading statements.

At one time, C&G offered a tracker at 1.01% below base.

Woolwich, at one point, were offering trackers at 0.68% below base.

There were others but the above are the two that spring to mind.

Do you not remember the newspapers having stories related to mortgage borrows on rates where, in theory, the bank should have been paying them interest? The reality was that the banks stopped at 0% and borrowers just had an interest-free mortgage.

Flex for term is a bit misleading, makes you think it's for a fixed term, I.e the usual 2,5,10yr fixes

I vote hot simply because it does offer good rate in comparison to other banks

what a weird product. it's SVR but with a good rate. problem is there is no certainty. if only they put it as "lifetime tracker" then I'll jump in. this way... I dare not to put my fate into their hand to call out the svr rate in the future

"Coventry base the rate on their variable rate as opposed to the Bank of England base rate - but they've never raised this above the BOE rate in the past and to do so in the future would be a very poor commercial decision from them"

What on Earth are you talking about? BOE base rate is currently 0.25%, this is @ 1.25%, hence you are making very misleading statements.

No lender in history has ever offered a mortgage rate that was lower than BOE base rate, THAT would be commercial suicide!

I think you meant to state that CBS never made an incremental increase at any time more than the BOE increase, however this is nothing special and is par for the course most of the time with the vast majority of lenders.
Edited by: "muffboy" 18th Feb
106°
EXPIRED
Personal Finance
Coventry Building Society Mortgage 2.00 APRC 85% LTV
I’m on the hunt for a first time buyers mortgage and this seemed like by far and the best deal I could find on the market. Their Flexx for Term mortgage is essentially, max 85% LTV at 1.89% with the… Read more
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Original Poster

Al666

Have a look at the hsbc fee saver mortgage, same rate and no fees or … Have a look at the hsbc fee saver mortgage, same rate and no fees or survey costs. I'm trying to arrange it at the moment.It's a fixed rate for 2 years.


Thus ones seems set indefinitely

Original Poster

Are we saying this looks like a good deal then for a first time buyer? Most other options seem to be around the 3% APR mark. I suppose one thing to note is that it racks their own interest rate not BoE. They could theoretically increase it at any time.

dimuc

any tips for buy to let with high LTV ?



What Loan to Value are you looking for on the BTL?
Edited by: "Funghi" 17th Nov 2016

any tips for buy to let with high LTV ?

Big fan of Coventry. Have a look at their offset mortgages too.
612°
EXPIRED
Personal Finance
5 year fee-free fixed mortgage 1.99% @ Coventry BS (50% LTV)
This is the same rate as the First Direct and HSBC deals but has no associated fees. However, it requires a 50% LTV so only suited to those with big deposits or plenty of equity in their homes. Ther… Read more
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malcolmleyland

Jesus. I can remember paying 15% in the 90s. Hope those days dont come … Jesus. I can remember paying 15% in the 90s. Hope those days dont come back for all the younguns. I went from paying £200 a month to £450 a month on 30k mortgage. Imagine that kind of pro rata rise today. Dont take on too much, trust me.



​Agree, my first mortgage in mid 80s was 12.5% and went up to 16% for a time. I remember then being amazed at the 8.99% five year fix we got in around 95.

Thanks Marathonic for your advice.

Original Poster

tissues77

Which one is better for £150k remortgage1) 1.74 no fee fixed for 2 years … Which one is better for £150k remortgage1) 1.74 no fee fixed for 2 years with hsbc2) 1.74 lifetime tracker with £999 fee with hsbc.I only have 10 years left on my mortgage.



There is no guarantee as to which is better as interest rate expectations could change in the next few years.

However, with current expectations of no rises for 4-5 years, I'd be more tempted by the lifetime tracker. A £999 fee only represents 0.66% of your outstanding balance and, for that, you'll get a good rate for life.

You'll find that, as you approach the end of your mortgage term, it gets harder and harder to secure a good rate because the fees or costs of moving are too high compared to your outstanding balance. It's for that reason that the lifetime tracker would be the choice I'd go for.

Which one is better for £150k remortgage
1) 1.74 no fee fixed for 2 years with hsbc
2) 1.74 lifetime tracker with £999 fee with hsbc.
I only have 10 years left on my mortgage.

Thanks SewerSide.

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591°
EXPIRED
Personal Finance
10 year fee-free fixed mortgage 2.69% @ Coventry BS
This is 0.1% lower rate than the recent HSBC deal, however it does require 50% LTV. I make this the cheapest fee-free 10 year fix I've ever seen. Valuation up to £670 is also free. Note they also h… Read more
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vod

If looking to overpay, doing it sooner is better than later regardless of … If looking to overpay, doing it sooner is better than later regardless of your current rate. Assuming no charges of course.


Nationwide BMR, am I correct in saying that the higher the mortgage rate the greater the saving is if you overpay?

Gordinho

Should I start overpaying my mortgage now or wait until the rates drop? … Should I start overpaying my mortgage now or wait until the rates drop? (Which I believe is inevitable)



If looking to overpay, doing it sooner is better than later regardless of your current rate. Assuming no charges of course.

pikeybaby

I've been saying on h.UK.d for years that interest rates are going … I've been saying on h.UK.d for years that interest rates are going nowhere for years. History tells you I am right. Japan, with its interest rates at or on zero percent for 20+ years tells you that I am right. Great Britain PLC is bankrupt and a rise in interest rates would send us over the edge. The only way interest rates are going anytime before 2025 is down - you can bank on it, literally



Should I start overpaying my mortgage now or wait until the rates drop? (Which I believe is inevitable)

arjun311

Holdddddd until next week at least. There is a good chance bank of … Holdddddd until next week at least. There is a good chance bank of England will announce cutting the base rate slightly.



Not exactly. Carney said they will be assessing things at the July meeting with a view of acting in August.

I agree that waiting is the right thing to do right now but I'm not entirely sure a rate cut is coming. The langauge from the BOE has been such that they may look at more tinkering type policies like QE or the funding for lending scheme. There was a reason why they didn't cut rates below 0.5% through the crisis and that was to leave themselves some margin for any big shocks. Despite Brexit being a big event, the effects of it will come out over time, not after 5 minutes, thus it's not the big shock they'll need to immediately cut rates for.

I'm not ruling cuts out but am of the view they'll be a last resort option.

pikeybaby

I've been saying on h.UK.d for years that interest rates are going … I've been saying on h.UK.d for years that interest rates are going nowhere for years. History tells you I am right. Japan, with its interest rates at or on zero percent for 20+ years tells you that I am right. Great Britain PLC is bankrupt and a rise in interest rates would send us over the edge. The only way interest rates are going anytime before 2025 is down - you can bank on it, literally


Agree, I can only think of 2 reasons to have a base rate above zero, to cool an overheating economy or to artificially defend your currency to boost its value. Neither are gonna happen any time soon.
62°
EXPIRED
Personal Finance
10 year fixed rate mortgage 2.39%, max 50% LTV, £999 fee @ Coventry building society
The lowest 10-year mortgage rate on record is set to be launched on Friday, and more cuts could be on the cards as lenders take advantage of falling money markets to offer cheap deals. Coventry Build… Read more
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Good deal, unsure why it's not hotter

maxwtaylor

Did anyone find out whether over payments are allowed? Normally it is 10% … Did anyone find out whether over payments are allowed? Normally it is 10% per year of the principal amount but it does not say in the details.



"You can repay up to 10% of the capital p.a. without an early repayment charge."

Did anyone find out whether over payments are allowed? Normally it is 10
% per year of the principal amount but it does not say in the details.

I borrowed a tenner from my dad in the late nineties and he's never asked for it back. Best lender by a mile.

Have given heat as appears to be best deal right now, and I know low interest rates won't last forever, but aren't there decent odds on an even better fixed rate if there is a Bank of England interest rate cut as most experts seem to predict? Worth waiting if you can?
213°
EXPIRED
Home & Garden
Coventry Offset Flexx for Term lifetime mortgage - only 1.85% + Offset benefits!
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. Do… Read more
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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!

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!

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.

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.

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%"
-109°
EXPIRED
Home & Garden
Conventry Mortgage 1.69% for life at 65% LTV
Cheapest I can see for Life Time Tracker deal. No early repayment charge
Latest commentsPost comment

Original Poster

nbgrobbo

I'm sure you can point us to that piece of legislation?



Look mate, if lenders can change SVR to whatever they like why don't they charge 20% instead of 5%.

Lenders rate are constantly regulated by the PRA, obviously.

santafan

Actually lenders cannot change their SVR 'at their whim' in the regulated … Actually lenders cannot change their SVR 'at their whim' in the regulated environment



I'm sure you can point us to that piece of legislation?

Original Poster

For the people making negative comments.....

Are they actually British and know the history of Coventry Building Society?

Coventry did not survive 150 years by scamming its customers and randomly raising rates.
Edited by: "ChickenDinner2000" 18th Sep 2015

Actually lenders cannot change their SVR 'at their whim' in the regulated environment

davewave

Semantics: a tracker rate is variable, pegged to the base rate and … Semantics: a tracker rate is variable, pegged to the base rate and therefore not fixed.



You'll get it one day, if you ever do work in the industry for the last 21 years.
64°
EXPIRED
Home & Garden
Offset AND tracker mortgage at only 2.75% with tiny £699 fee from Coventry Building Society
This is a stonking deal for those with 65% LTV. Given inflation is running at around this level in real terms they're lending you money for free with no early repayment charge!!! This means if rates r… Read more
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illy1965

I disagree with your last part I purchased my house in 2007 and got a … I disagree with your last part I purchased my house in 2007 and got a tracker mortgage that is 0.5℅ above base rate and my house is worth more now than it was then


Mines also portable so I moved took x that was o/s on 0.5 plus base rate, and the remaining additional amount on a fixed rate.

After some advice from the financially minded. I have a property that is let and it has a offset tracker with 1.35% above base. Currently we have more savings than we do mortgage. The property we live in is on bank of Scotland standard rate 4% loads left to pay on it. I was thinking it would be shrewd to move money around between the mortgages. Also which one would you pay off first? Thanks

zchari5

I'm sure some people are paying 0% interest by getting the mortgage … I'm sure some people are paying 0% interest by getting the mortgage pre-crash (ie pre 2008) when you had base rate MINUS a certain % available on some mortgages. However these deal are no longer available AND you would have had to have suffered the drop in house prices post 2008 to get them. Madness!



I disagree with your last part I purchased my house in 2007 and got a tracker mortgage that is 0.5℅ above base rate and my house is worth more now than it was then

This could be handy as I am coming out of a fixed deal in Dec and need to start looking about !!!

I have always wondered whether an offset mortgage would be good for us as we have quite a bit of savings which are shifted about each year in Isa's but not really earning a lot of money..... Just a thought though if I am re mortgaging would I be able to borrow more than I need to pay off my current mortgage provider so I could build a 2nd story extension to my property? If so I presume that the LTV would only be calculated prior to the extension being built hence the property value would be as it is now??

Original Poster

PPS that's why it is important to agree on lending the maximum amount of money you can to hit a 65% LTV even if you don't need it and also specifying a term that is as long as possible so you essentially have a humongous pre-agreed overdraft facility charging minimal amounts of interest for decades to come. If you don't want the mortgage there's no early repayment fees on offsets so you can just switch and walk away.
59°
EXPIRED
Home & Garden
Poppy Online Savings Account 3.15% interest (Min investment £1) @ coventrybuildingsociety
Was looking at savings accounts and this one of 3.15% gross seemed like a great rate at the moment. You get four free withdrawals each year and £10 gets donated to the Poppy Appeal for every £20,000… Read more
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Government index linked bonds issue 48 is also worth a look as they're tax free.

Not a bad rate and a very good cause.

No doubt it's a top rate in todays climate, keeping it in mind.
Adding a little more poppy heat!

Edited by: "freddysmith" 2nd Aug 2011

This is the best rate out at the moment(think it allows 4 non penalty withdrawls a year). Have signed up - bit of rigmarole going through all the application forms/passwords etc to get the account up and running...

Original Poster

kemik

Have you maxed your ISA allowance already if not might want to consider … Have you maxed your ISA allowance already if not might want to consider at least a cash ISA first maybe?



Yeah all max'd out I'm afraid although I don't think ISA's are getting that much interest anyway are they?
64°
EXPIRED
Other
A cash ISA with a guaranteed rate of 3.25% until 31.05.2011 @ coventry building society
Effective from 31st March 2010 Annual interest Monthly interest Balance Tax-free p.a./AER. AER Tax-free p.a. £5,100 plus 3.25% 1yr. No transfers.
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funguy03;8480716

Anyone remember the 10% halifax regular saver? I found the deal on here. … Anyone remember the 10% halifax regular saver? I found the deal on here. How good was that, and only two years ago!



A LOT has changed in 2 years, including Halifax going broke :roll:

Anyone remember the 10% halifax regular saver? I found the deal on here. How good was that, and only two years ago!

No withdrawls other than if you want to close the account either. Oh well.

no transfer of existing ISA so not for me .. but a good rate for those wanting to start one.

Not bad, i opened mine with barclays with 3.1%, my old ones with WBBS fet 0.1% interest!!
70°
EXPIRED
Other
Coventry Building Society (Fixed Rate Bond 116) 4.00%
Coventry BS are offering a fixed rate until August 2010 paying 4.00% gross. NOTE: This is not available until Friday 8th May. Fixed Bond (116) Operate either via Branch, post or telephone. Minumum … Read more
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Great deal / great rate. Well spotted. HOT.

Just a fraction behind the Members only Bond paying 4.1% I took out a few weeks back (I am presuming this is still available) - if you are an existing member (savings or mortgage), this is unmissable!

Good deal if you have already taken out the West Brom 4.3% bond.

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