COVENTRY Introduce new interest only mortgages

Introducing our new Interest-only mortgages

Our new Interest-only mortgages could be a great choice for your residential clients who want more control and flexibility over their finances.

Lending criteria at a glance:

No minimum income requirement – but your client must have sufficient income to support an equivalent repayment mortgage and meet our repayment affordability checks.
A maximum of 50% LTV and a minimum of £300,000 equity left in the property after the mortgage amount required has been taken into account.
Evidence of an acceptable repayment plan – this could be the sale of investments or a property, or a pension lump sum and must be based on current value, not projected forecasts.

What’s new?

We have 2 and 5 Year Fixed rate Interest-only products available, including our Interest-only Offset, a mortgage that combines the freedom of Interest-only with the flexibility of our simple Offset.

 

Product highlights:

Interest-only

2 Year Fixed – 1.47% to 31.12.22 – £999 fee (ERCs apply)

5 Year Fixed – 1.95% to 31.12.25 – £0 fee (ERCs apply)

Interest-only Offset

2 Year Fixed – 2.29% to 31.12.22 – £0 fee (ERCs apply)

5 Year Fixed – 2.15% to 31.12.25 – £999 fee (ERCs apply)

To find out which of your clients may suit an Interest-only mortgage and to take a look at the criteria overview, case studies and important information, go to the dedicated Interest-only pages on our website.

View the interest only range

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