Coventry mortgage rates

hwalkerh

I have just been looking at the Coventry Mortgage rates and am a bit confused.

There standard variable rate at 4.74% has no fee to move to, but has early repayment charges until 31.03.13.

There privilege variable rate at 4.49% has no fee to move to and no early repayment charge.
both have same MTV

Why would choose the standard where you have to tie yourself in when you get a better rate on the privilege? I feel like i must be missing something obvious?

My mortgage will go onto the standard variable soon after my fixed term but if it cost me nothing to move to the privilege it seems to make sense to do that.

JA1000

So which one does it state in your T&C's?

VIGILANT22

hwalkerh wrote: »

I have just been looking at the Coventry Mortgage rates and am a bit confused.

There standard variable rate at 4.74% has no fee to move to, but has early repayment charges until 31.03.13.

There privilege variable rate at 4.49% has no fee to move to and no early repayment charge.
both have same MTV

Why would choose the standard where you have to tie yourself in when you get a better rate on the privilege? I feel like i must be missing something obvious?

My mortgage will go onto the standard variable soon after my fixed term but if it cost me nothing to move to the privilege it seems to make sense to do that.

If you're on a fixed and yr deal is coming to an end...you don't choose...it is stated in yr KFI/Offer document the rate you move to

hwalkerh

I know that I move onto the standard rate but i have read my t&c's and as my fixed rate ends I don't have any early settlement charges and with the privilege rate not having any fee would i incur and costs for moving onto it?

Are there any other fees that i might be missing?

VIGILANT22

You do not choose...the lender would have stated in the paperwork when the mortgage was arranged what rate you would go on to when your deal ends......

hwalkerh

I know I do not choose what i go onto but i'm not tied into it for the next 20 years!

What I am asking is that like many other people you cane move onto another rate when there fixed mortgage ends (re-mortgage) with out any early repayment charge. What is stopping me moving to the privilege rate? They don't seem to have any fees for it and there doesn't seem to be any rules to stop me.

VIGILANT22

what rate does yr paperwork say you move on to now?,,,it could very well be lower than new rates offered....you need to check that.........

hwalkerh

I move on to the standard variable rate as i said so that is 4.7%

What I am trying to find out is what is stopping me from moving onto the privilege rate at 4.49%? as there are no fees to move onto it and my fixed rate will have ended so there wont be any costs to change of my current deal?

VIGILANT22

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.

JA1000

You can't choose which SVR you go on to and the Privilege rate is not available as a product. You many not have any ties and that's fine to move to a product available but not an SVR of your choice.