Coventry Building Society is one of the largest building societies in the UK, with over two million saver and borrower members. Coventry offers a wide range of mortgage packages, often with competitive benefits, and has been awarded a Fairer Finance Gold Ribbon award for its mortgage services for the past five years.
Compare Coventry Building Society’s mortgage rates
Overall representative example If you borrow £178,000 mortgage over 25 years initially at 4.49% fixed for 60 months reverting to 7.99% variable for term. 60 monthly payments of £988.37 and 240 monthly payments of £1306.89. Total amount payable £373,335.80 includes loan amount, interest of £194,956, valuation fees of £0 and product fees of £0. The overall cost for comparison is 6.7% APRC representative.
Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
What types of mortgages can I get with Coventry Building Society?
Fixed rate A fixed-rate mortgage provides additional certainty, as your interest rate will remain locked for a set amount of time.
Remortgages If you’d like to switch from your existing mortgage provider to Coventry Building Socioety, you can do so via one of its remortgage products.
Offset This mortgage allows you to offset your mortgage interest against your savings. The higher your savings balance, the less mortgage interest you’ll have to pay.
Tracker With a tracker mortgage, your interest rate will typically be linked to the Bank of England base rate.
Buy to let You need a buy-to-let mortgage if you want to borrow money to purchase an additional property and let it out.
How to apply
You can apply for a Coventry Building Society by calling 0800 121 8899, visiting a local branch or arranging an appointment with one of its mortgage advisors via its website.
What information do I need to provide?
You’ll need to provide proof of identification, your address history for the past three years, information about your current mortgage and details about the property you’d like to buy.
If you’re employed, you’ll need to show your last three monthly payslips. Self-employed applicants will need to show their last two years worth of annual accounts. You’ll also be questioned about your regular financial income and outgoings.
Eligibility criteria
You must be at least 18 years old to apply, and no older than 75 when the mortgage term is due to end. You must have been employed for the last 12 months, or self-employed for the last 24 months.
If you have CCJs, defaults, arrears, bankruptcies or IVAs recorded against your name in the past six years, your application will be declined.
Frequently asked questions
Yes, but you’ll face an early repayment charge if you overpay by more than 10% of the mortgage balance per annum.
If you stick with the same Coventry Building Society mortgage and/or its standard variable rate for five years, you’ll be able to access its Privilege Rate. The lender guarantees its Privilege Rate will remain lower than its standard variable rate.
Yes, you may be. Your mortgage may be subject to an early repayment charge, so if this is the case then you’ll have to pay a fee to make early repayments. If you pay off your mortgage in full, you’ll be charged a mortgage exit fee. However, if there’s less than a year left on your mortgage at the time of redemption then this fee will be waived. It’s also refundable if you take your next mortgage with Coventry Building Society within six months of the original mortgage’s redemption.
Yes, as long as you’ve had your mortgage for at least six months and made six consecutive monthly mortgage payments then you can apply to borrow more. You’ll also need to ensure you can afford it and that your total borrowing is less than 90% LTV, or 75% on a buy-to-let mortgage.
Yes, but only with certain mortgages. Check your terms and conditions.
If your contact information changes, you can call Coventry Building Society on 0800 121 8899. You can also log into online services or simply go into a branch.
Coventry Building Society is typically able to make a decision on mortgage applications on the same day as they are submitted.
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Matthew Boyle is a banking and mortgages publisher at Finder. He has a 7-year history of publishing helpful guides to assist consumers in making better decisions. In his spare time, you will find him walking in the Norfolk countryside admiring the local wildlife.
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