Coventry launches temporary 90% LTV range...

Two five-year fixed rates will be launched today and close at 8pm on Monday.

Coventry for intermediaries is launching a limited tranche of 90% LTV products to support the market while protecting its service levels and its wider proposition.

Two five-year fixed rates will be launched today and close at 8pm on Monday.

The products start at 2.60% with a £999 product fee and 2.90% fee-free. A physical valuation will be required.

This week, a number of lenders have temporarily suspended their higher-LTV mortgage products due to high demand, including Accord Mortgages, Ipswich Building Society, Clydesdale Bank and Virgin Money.

Kevin Purvey, director of mortgage distribution at Coventry Building Society, said: “We’ve watched how high demand for 90% LTV products has affected other lenders because of a lack of supply in the wider market.

“We want to participate and support the market but without compromising on service, which is something we have a high reputation for and we know is something brokers value.

“Although this tranche of business will ease market demand only a little in the short term, we may consider it again if it strikes the right balance between supply and service.

“Brokers need transparency and certainty so they can support their clients. We know they’ll understand the need for lenders to find sustainable solutions to meet high demand in this market.”

Article By: Rozi Jones (Financial Reporter)

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