New 90% LTV deal charges below 3%

Coventry for Intermediaries has launched a new mortgage to 90% LTV with rates starting from just 2.99%.

The deal has been reduced from 3.19% and is one of three new 90% LTV offerings from the lender.

This is part of a wider trend that has seen higher-LTV borrowers increasingly benefiting from lower rates.

Coventry’s variable Flexx for Term rate charges 2.99% to 90% LTV, with no early repayment charges (ERCs) and a £999 arrangement fee.

Coventry has also launched a new fixed rate until 30 September 2017 charging 3.09% to 90% LTV. This deal does have ERCs for the term of the initial rate, plus a £999 arrangement fee.

It has also launched a fixed rate until 30 September 2020 charging 3.89% at 90% LTV, reduced from 4.25%. This has ERCs for the full term of the deal, but no arrangement fee.

Darin Landon, distribution director, said: “We are excited to launch our 90% LTV residential range with both reduced rates and new products.

“With highly competitive rates, a range of arrangement fee options and our Remortgage Transfer Service included for remortgagors, this range is ideal for your clients looking to move their mortgage.”