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Coventry Building Society Mortgage Rates & Review
Coventry Building Society offers mortgages for those remortgaging, moving home or buying for the first time. Here’s our Coventry Building Society mortgage rate comparison and review.
Coventry Building Society mortgages: at a glance
Coventry Building Society offers a range of mortgages on a capital repayment and interest-only basis. Mortgages are available over terms of up to 40 years, and can be applied for over the phone or in one of its branches if it offers access to a mortgage adviser.
Compare Coventry Building Society mortgage rates
Coventry Building Society typically offers fixed-rate mortgages to residential first-time buyers, home movers and those looking to remortgage. Sometimes tracker mortgages are available, and sometimes they are not.
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Coventry Building Society Fixed-Rate Mortgages
Important Information:
The data in this mortgage product comparison service is provided by L&C Mortgages. Information is updated up to once daily from L&C’s whole of market mortgage database, however some products may only be available directly with a lender. By selecting to Check If You Qualify you will be introduced to L&C Mortgages and their qualified advisors. NerdWallet brings you this mortgage product comparison as a guide. Information does not constitute advice or recommendation. Rates should be considered with all fees and charges. Mortgage suitability is specific to your own personal and financial circumstances.
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Coventry Building Society Tracker Mortgages
Important Information:
The data in this mortgage product comparison service is provided by L&C Mortgages. Information is updated up to once daily from L&C’s whole of market mortgage database, however some products may only be available directly with a lender. By selecting to Check If You Qualify you will be introduced to L&C Mortgages and their qualified advisors. NerdWallet brings you this mortgage product comparison as a guide. Information does not constitute advice or recommendation. Rates should be considered with all fees and charges. Mortgage suitability is specific to your own personal and financial circumstances.
Which Coventry Building Society mortgage is right for you?
Making sure you get the type of mortgage rate that suits you and your circumstances is crucial, whether it’s from Coventry Building Society or another lender.
Coventry Building Society fixed-rate mortgages
With a Coventry BS fixed-rate mortgage your mortgage rate will stay the same for the length of time the deal lasts. When this initial period ends, you may decide to switch to a new deal or remortgage with another lender. If not, you will move on to Coventry’s standard variable rate (SVR). This may be higher than the rate you’ve just left and could rise or fall.
Coventry Building Society tracker mortgages
With a Coventry BS tracker mortgage the mortgage rate you pay, and therefore your monthly repayments, may increase and decrease, depending on movements in the Bank of England base rate. Before taking out any variable-rate mortgage, it’s important to work out whether your monthly repayments would still be affordable if interest rates were to rise.
» MORE: Best mortgage rates from other lenders
What types of mortgages does Coventry Building Society offer?
Coventry Building Society first-time buyer mortgages
Coventry Building Society first-time buyer mortgages tend to be available up to 95% loan-to-value (LTV). This means you may be able to get a mortgage with a 5% deposit. Mortgages with no product fee may also be available.
Coventry Building Society remortgages
Coventry Building Society offers remortgage deals across various loan-to-values. Remortgage options are usually available with or without product fees.
Coventry Building Society buy-to-let mortgages
Coventry Building Society offers buy-to-let mortgages to new and existing landlords. Both fixed-rate and tracker-rate options may be available.
Coventry Building Society Mortgages
1 to 40 years
No minimum
Capital & Interest; and Interest Only
No
No
This mortgage provider is available via our partner, London & Country Mortgages.
Think carefully before taking out any mortgage. Your home may be repossessed if you do not keep up repayments.
The information in this review is correct as at the date the page was last updated. This is our review of a lender and not the products, interest rates, fees or deal terms they offer. Many lenders also offer preferential products exclusively via brokers and intermediaries. This review does not constitute advice or recommendation.
More mortgage lender reviews
Take a look at some of the other mortgage providers we review.
Coventry Building Society mortgage features
Repayment options
Coventry Building Society offers mortgages on both a capital repayment and interest-only basis.
With a repayment mortgage, your regular payments pay off the interest you owe and some of your original mortgage amount, or capital, each month. If every repayment is in full and on time, your entire mortgage should be paid off by the end of your mortgage term.
By contrast, with an interest-only mortgage, your repayments only cover the interest that is payable on your mortgage each month. Your monthly repayments will be lower but you will need a plan in place for paying off your original loan amount at the end of the mortgage term.
Be aware that interest-only mortgages tend to be harder to get than capital repayment mortgages and often have lower LTV limits.
» MORE: Interest-only vs. repayment mortgages
Loan-to-value ratios
Coventry Building Society repayment mortgages are typically available to a maximum of 95% LTV. This means it’s possible to get a mortgage with a 5% deposit.
» MORE: Why your LTV is important for a mortgage
Mortgage offers
A mortgage offer from Coventry Building Society is usually valid for six months. During this time, the mortgage rate you’ve been offered will not change, regardless of what is happening to mortgage rates generally.
Making overpayments
It is possible to overpay on your mortgage with Coventry Building Society but fees and early repayment charges may apply. Check your mortgage offer or contact the building society to find out if these will apply.
» MORE: Mortgage overpayment calculator
Paying off your mortgage early
Coventry Building Society mortgages can be paid off early, but be aware there may be an exit fee, early repayment charges and other fees to pay. If you want to pay off your mortgage early you must request a mortgage redemption statement which will outline everything you’d need to pay.
Porting your mortgage
If you’re moving home but would like to keep your existing Coventry Building Society mortgage, it may be possible to port your mortgage to your new property. Check with the society or on your mortgage documents to see if you may be eligible.
Mortgage calculators
The Coventry Building Society website hosts a handful of mortgage calculators relating to how much you may be able to borrow, your potential monthly repayments and its offset mortgages.
» MORE: Best mortgage lenders
Coventry Building Society Mortgage FAQs
The latest Coventry BS mortgage rates can be seen in the ‘Compare Coventry Building Society mortgage rates’ table at the top of this page.
Banks and building societies review and change the mortgage rates that they offer all of the time. This makes it essential to research and compare the latest mortgage rates available before making a final decision.
Coventry Building Society is regulated by the financial regulator the Financial Conduct Authority and the Prudential Regulation Authority (PRA). It is also authorised by the PRA.
This is our review of a lender and not the products, interest rates, fees or deal terms they offer. Many lenders also offer preferential products exclusively via brokers and intermediaries. This review does not constitute advice or recommendation.
Review methodology
Product details reflect the information that was available at that time but may have changed since. We strive to give you a review on as many products as possible, but it is likely there are others available that we have not reviewed. The review is our opinion, but it does not constitute advice, recommendation or suitability for your financial circumstances.
You can view our full review methodology here.
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