Coventry existing customer LTV

phil_51

Coventry existing customer LTV

It appears Coventry don’t re-value your house if you change products.

Been with Coventry 2 + ½ years since moving house and mortgage product just finished. I was talking to them about different products and then mentioned what my LTV is.

They said they take the price I paid for it 2 + ½ years ago for the valuation and then what I have got left.

socrates

phil_51 wrote: »

Coventry existing customer LTV

It appears Coventry don’t re-value your house if you change products.

Been with Coventry 2 + ½ years since moving house and mortgage product just finished. I was talking to them about different products and then mentioned what my LTV is.

They said they take the price I paid for it 2 + ½ years ago for the valuation and then what I have got left.

This is correct - they generally allow you move to another product for little or nothing. Also after 3 years you get I believe another 0.1% discount as a kind of loyalty award.

Newbird

socrates wrote: »

Also after 3 years you get I believe another 0.1% discount as a kind of loyalty award.

Called the Privilege Rate and I think its a bit more than 0.1%, but rates not advertised on their website.

Newbird

Just checked website again, it appears the 'Privilege Rate' is worth 0.25% at the moment, off the SVR.

socrates

Newbird wrote: »

Just checked website again, it appears the 'Privilege Rate' is worth 0.25% at the moment, off the SVR.

Most pleasureable!

Knowing my luck when I hit the 3 years it will have disappeared!!

I have the flexx product so I am not sure if I would qualify for the 0.25%

I am sure Silvercar will inform us all anon.

Newbird

I have a capped flexx offset, and I know it stands.

Unlikely to dissappear, (ok - well you never know, but) we've been with CBS for a while and they have had their PR operating as a loyalty discount for a long time.

phil_51

With the Nationwide house valuation I looking at an LTV close to 70% but staying the coventry it will be 50% !

silvercar

socrates wrote: »

Most pleasureable!

Knowing my luck when I hit the 3 years it will have disappeared!!

I have the flexx product so I am not sure if I would qualify for the 0.25%

I am sure Silvercar will inform us all anon.

Well the discount for anyone eligible for privilege rate has been around since I've been with them (2001) . From memory it is worth about a quarter of a percent.

It is only a discount off the SVR, not off any other deal you have.

"Privilege Rate is a special rate for existing Coventry mortgage customers with a residential mortgage who remain on the same product or Standard Variable Rate for a five year period."

Though their mortgage offerings usually state eg fixed for 3 years then SVR, so after 5 years you would qualify. In fact they usually say eg fixed for 3 yrs then SVR for 2 yrs then PR for remaining time.

You won't be able to combine a privilege discount with a special deal, so you can't get a discount on a lifetime tracker after 5 yrs (unfortunately).

silvercar

Newbird wrote: »

I have a capped flexx offset, and I know it stands.

Unlikely to dissappear, (ok - well you never know, but) we've been with CBS for a while and they have had their PR operating as a loyalty discount for a long time.

It may have been written into the original package.

mark55man

i am just applying for the coventry long term fix - so I am not worried about the PR, but they do seem to be a good BS - is that your experience??

socrates

mark88man wrote: »

i am just applying for the coventry long term fix - so I am not worried about the PR, but they do seem to be a good BS - is that your experience??

One positive is you can speak to the same person twice - if there is a problem.

They are OK - a bit slow on rate reductions when they happened but as you are getting a fix then its irrelevant