Coventry for intermediaries has re-entered the 95% loan-to-value (LTV) market with two 5-year fixes aimed at those buying with smaller deposits.
The maximum loan size stands at £400,000 and the LTI is four times income, the same as Coventry for intermediaries’ previous 95% LTV products.
With a £999 product fee the first 5-year fix is priced at 3.89% whilst the second comes product fee-free with a rate of 4.09%.
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Jonathan Stinton, head of intermediary relationships at Coventry Building Society, said: “We want to help more people to be able to buy a home, even if they only have a small deposit.
“Saving for a 10% deposit can be challenging for some would-be buyers and these products help to expand the range of options available to them.
“We are always looking to support the market where we can, offering 90% products last year to help meet demand for higher LTV products. Launching competitive 95% LTV mortgages now is a further step to supporting the market as it faces high levels of demand from all corners.
“The stamp duty holiday continues to fuel the property market and the options available at higher LTVs will help to sustain that momentum.
“Even with the extra volume of enquiries during this busy period, our service levels have remained excellent throughout, with brokers making full use of our call centre and web chat.
“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.”