Compare Coventry mortgages
Getting the right mortgage for you means understanding your borrowing needs and personal situation. This will let you match the type of loan you need with your unique requirements.
First Time Buyer mortgages
The Coventry offer up to 90% of a property’s value as a mortgage for first time buyers, making it easy for them to get onto the property ladder, even without a large deposit.
They offer variable rate mortgages and fixed rate mortgages, where the interest rate will remain the same for a set period. This can make it easier for new homeowners to plan their finances.
Buy to Let mortgages
You can borrow up to 75% of a property’s value with a buy to let mortgage, allowing you to get started as a landlord or expand your existing rental portfolio.
The amount you can borrow may also be affected by the monthly rental value of the property.
Some lenders will want the rent you earn each money to cover the monthly interest payments plus an extra 25% as a buffer.
Remortgaging with the Coventry Building Society
Taking out a new mortgage to replace an existing one can make good financial sense.
It could allow you to get a better deal, thus reducing your monthly repayments, or let you borrow more at an affordable rate.
Second charge mortgages
It may not always be the cheapest option to remortgage when you need to unlock extra funds.
You may want to consider taking out a separate secured loan on top of your existing mortgage, especially if you have a good deal from your current provider.
This type of additional secured borrowing is often referred to as a second charge mortgage.
Loan to value ratio
Your loan to value (LTV) ratio is the amount you want to borrow against a property expressed as a percentage of the property’s market value.
So, for a mortgage of £50,000 on a £100,000 property, you would have a LTV of 50%.
Your LTV takes into account all borrowing secured against a property, so if you have a £50,000 mortgage on a £100,000 house, then seek to borrow a further £25,000, this would give you a LTV of 75%.
Most lenders will give you better rates on a mortgage deal with a lower LTV, although this is influenced by many factors.
Find the best deals on mortgage rates
Our mortgage calculator takes some of the confusion out of find a good deal on your mortgage.
Instead of having to manually compare mortgage products from across the market, you can easily compare some of the best offers available all in one place.
To use the calculator, simply head to the top of page and plug in some basic information, including how much you need to borrow, how long for and why you need the money.
The mortgage calculator will then match your requirements with the appropriate deals, allowing you to see which offer good value for you.
Independent Mortgage Advice
Remortgaging is particularly popular at the moment as interest rates are low.
Whether it will be a good idea for you to remortgage depends on a number of factors, including your goals and your personal circumstances.
However, in general, if interest rates are lower than you are currently paying on your mortgage, it may be a good time to remortgage.
If interest rate are higher than you are currently paying, it may be better to look at other options, such as a second mortgage or a personal loan (if you aim is to borrow more).
If you are not sure whether now is the right time to remortgage, it is a good idea to speak to an independent mortgage broker who will be able to offer impartial advice on Coventry BS & alternative lender options.