Coventry offers new 90% FTB mortgage

Coventry Building Society has launched a new product aimed at first-time buyers looking for cheap mortgages.

Potential homeowners can take out a five-year fixed-rate mortgage with the building society, with a loan to value LTV of up to 90 per cent.

This product stands out from other cheap mortgages aimed at first-time buyers as many are limited to two years, with Conventry's home loan providing the stability of five years with fixed monthly payments.

Buyers can take advantage of the new deal from tomorrow, June 7th and will be offered competitive mortgages rates starting from 5.99 per cent.

Furthemore, the home loan has no arrangement fee and a booking fee of just £199.

Colin Franklin, sales and marketing director for Coventry Building Society, said: "With uncertainty over when interest rates will move and by how much, a first time buyer mortgage that provides certainty over five years is the responsible option."

John Charcol recently suggested that five year fixed rates make more financial sense than two year deals.

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2011-06-06 15:12:15 © Moneyextra.com