Several new deals are available from the Coventry Building Society. They take the form of three additional offers for offset mortgages that launched on July 11th. The deals offer variable rates along with fixed rates for five and ten year packages.

The plan for variable rates will be set at 6.60%. This is open for any mortgage consisting of an amount below 75% of the property’s value. They are offering free valuations for anyone interested in purchasing or remortgaging. Legal fees have also been removed for remortgages. At the moment there aren’t any penalties for early repayment, keeping the mortgage flexible in these turbulent times. Only the £199 fee for booking has to be paid for the application. The other £800 fee for arrangement can be added unto the loan if desired.

The fixed rate plan for ten years is set at 6.49% and is available for any mortgage that’s below 75% of the property’s value. It shares the fee benefits of the variable plan, but it does have a penalty for early repayment. The five year plan is exactly the same, but you’ll pay at 6.59%.

These options all offer the special offset option. Any credit balance currently on a savings account kept with Coventry may be used to offset the mortgage balance whenever you are charged with interest.

This ultimately will mean less interest due. These types of mortgages can be good options for self employed individuals and any high bracket tax payer with a large savings account.

The offset mortgages aren’t the only new thing from Coventry. Two new mortgages are now available for anything at or below 90% of the property’s value. These come with the same free valuation and legal services of the offset loans. The rate is set as a tracker rate placed 2.3% higher than the Bank of England’s base rate. This would make the current rate 7.3%.

Finally, you have the option for a five year plan with a fixed rate of 7.29% available for any first time buyers. This option has penalties for early repayment if it is made within the first five years. It also lacks a free valuation, but holds on to the free arrangement fee.