Which lender has the cheapest fixed rate mortgage? Coventry providing 1.05% remortgage rate if you have 50% equity in your home
Coventry for Intermediaries offers one of the cheapest-ever two-year fix remortgage rates to homeowners with lots of equity in their home.
While many lenders increased the price of their mortgages when the pandemic hit, they have started to come back down as competition has returned.
Coventry’s 1.05% rate is fixed until 31 March 2023, and it has a £999 arrangement fee. After the fixed-rate, the mortgage reverts to the lenders 4.49% standard variable rate, and the APRC is 3.9%. Applicants will need a 50% equity in their property to qualify, and the maximum loan size is £2 million. If you would prefer a five-year fix, the rate is 0.24% more expensive.
Aaron Strutt, product director at Trinity Financial, says: “If you are coming to the end of your existing mortgage rate and want to switch to a cheap short-term deal then this is a great option. The lender will pay for the property valuation and legal fees to reduce the cost of remortgaging.
“If you are looking to remortgage and raise some money, then Coventry will allow you to capital raise for home improvements, repay debts, extend the lease and purchase additional land.”
Call Trinity Financial on 020 7016 0790 to secure a first-time buyer mortgage or book a consultation