New Mortgage

gill_2

My son is looking to a buy his first home for approx £115.000 and take out a mortgage for approx. £60,000.

I have looked on various sites and Coventry Building Society are offering a Flexi rate mortgage - currrently 4.99% (guaranteed to be no more than Standard Variable Rate for term of mortgage)

Your opinion as to whether this is the best deal for him would be appreciated

payless

I just find the
"currently 4.99% variable - guaranteed not be be above our SVR "
( currently 6.79%) a strange way to structure it

gill_2

You've got me thinking! Maybe they entice you with the lower rate and put it up at a future date

payless

Being based oin Midlands I used to do a lot with Coventry in the older days- not so much now, and generally would have positive things to say about them

Not saying they would do it - but shame if they took on business , then made the rate less competitive, although as I believe no ties , suppose those with their eye on the ball would move if they did

Jeannine

Just have to say that I have had a mortgage for two years with Coventry and I am just about to sign up for two more years (4.99% capped). Good lender - had no problems, and the rate seems quite competitive to me!