New seven year fix announced at The Coventry

Coventry for intermediaries has announced today that it has launched a new range of seven-year fixed residential mortgages. The lender says the new products offer the lowest rates currently on the market.

The range includes a rate of 1.99% available up to 50% LTV, and an 85% LTV from 2.55% with both products carrying an arrangement fee of £999.

The Coventry has also reduced rates across its two and five-year fixed residential products.

Last month, the lender launched a ten-year fixed range starting from 2.39% at 50% LTV (or 2.69% with no arrangement fee) or 2.49% at 65% LTV (2.79% fee-free).

Kevin Purvey, Director of Intermediaries, said: “With rates low and uncertainty high, many brokers’ clients will be looking to lock into longer term fixed rate mortgages. Our new seven-year fixed range – at market-leading rates with a range of LTVs – bridges the gap between the five and 10 year options currently on the market. There’s also good news for those looking to fix their mortgage payments for two or five years, with these products now even more competitive.”