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New offset mortgages from Coventry

Fri, 17 Nov 2006

Coventry Building Society has launched a new offset tracker mortgage.

The new mortgage, which Coventry Building Society describes as "highly competitive", tracks at 0.1 per cent above the Bank of England base rate until December 2008.

Thereafter the mortgage rate will be 0.6 per cent above the base interest rate, which will continue for the full term.

Additionally, the mortgage has a free valuation and no penalties for early repayment, although a £199 booking fee and £500 arrangement fee apply.

Borrowers who use the package to remortgage their property will also receive no legal fees.

Colin Franklin, head of sales at Coventry Building Society, said: "These attractive new products are available to borrowers who want to combine their mortgage and savings .

"It means that they are effectively earning tax-free interest on their savings as well as having a flexible, early repayment charge-free mortgage."

He added that these would combine to reduce the total amount repayable on the mortgage.

Coventry Building Society notes that it won Mortgage magazine 's best first-time buyers ' lender and best 100 per cent lender awards in 2006.

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