Coventry for intermediaries re-enters the 95 per cent loan-to-value market with two five-year fixed products.

The first is a 3.89 per cent five-year fixed mortgage to 30 June 2026, with early repayment charges until that date and a £999 product fee. It is available for purchase and product transfer only.

The second is a 4.09 per cent five-year fixed mortgage to 30 June 2026, with early repayment charges until that date and no product fee. It is also available for purchase and product transfer only.

The mutual’s broker-only arm says both products have a maximum loan size of £400,000, adding they should “appeal to a significant part of the purchase and first-time buyer markets looking for higher LTV products”.

It says the loan to income ratio for both products is four times income, which matches its previous 95 per cent LTV products. These products are not available for remortgages or further advances, and new build properties and flats are excluded.

Coventry Building Society head of intermediary relationships Jonathan Stinton says: “We are always looking to support the market where we can, offering 90 per cent products last year to help meet demand for higher LTV products. Launching competitive 95 per cent LTV mortgages now is a further step to supporting the market as it faces high levels of demand from all corners.”

Stinton adds: “The stamp duty holiday continues to fuel the property market and the options available at higher LTVs will help to sustain that momentum.

“We would urge brokers to take full advantage of the affordability calculator and case packaging tools on our website as this will help us to deal with cases as quickly as possible.”

By Roger Baird   30^th March 2021 9:48 am