A new mortgage range has been launched by Coventry Building Society that is designed to cope well with any base rate scenario.
The provider has unveiled updated residential and buy to let home loan offerings, which include flexx, fixed, trackers and capped products with no early repayment charges (ERCs).
Colin Franklin, sales and marketing director of the group – which is a member of the Building Societies Association and is regulated by the Financial Services Authority – claimed every borrower is hoping to take advantage of the current low base rate, adding capped trackers devoid of ERCs could be the ideal solution for many.
The industry figure explained that should the base rate tumble, the level will follow, but “if the base rate stays flat, so does the rate and if the base rate increases, the cap gives borrowers the peace of mind of a maximum rate “.
Unlimited over payments offers consumers even greater flexibility, Mr Franklin observed, adding the new range will be ideal for those looking to
remortgage , buy a property or purchase a buy to let investment .