Coventry Building Society slashes mortgage rates

The Coventry Building Society has this week announced significant reductions on a number of fixed rate mortgage arrangements which are certainly catching the eye of property buyers. From the 31 August the Society has cut its two-year fixed rate to 2.99% with a three-year arrangement at 3.59% and a five-year deal currently on offer are 4.35%. These are very interesting and very attractive changes to the array of fixed rate mortgages available with the Coventry Building Society although customers do need to shop around before tying themselves down.

There are some who believe that in the short to medium term there may be more mileage in using tracker mortgage arrangements although others believe that a longer-term fixed-rate gives home buyers the chance to plan ahead for the future. However, over the last few weeks we have seen a relatively small number of new arrangements come to the marketplace which would appear to be as a direct response to difficult conditions in the UK property market.

As with any financial arrangement you should take professional advice regarding all aspects of not only your financial affairs but also the terms and conditions and the costs associated with any mortgage arrangement. Different mortgage arrangements will attract and be more suitable for different people, something which many people fail to appreciate.