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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 while overpayments are an option, they may incur early repayment charges.
You can apply for a Coventry Building Society mortgage 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 currently offers fixed-rate mortgages to residential first-time buyers, home movers and those looking to remortgage. Fixed-rate and tracker-rate mortgages are available to new and existing landlords wanting a buy-to-let mortgage.
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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
Coventry BS currently offers only fixed-rate mortgages to residential borrowers (correct as at 30 July 2024). Choosing a fixed-rate mortgage means 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
The mortgage rate you pay, and therefore your monthly repayments, may also increase and decrease with a tracker mortgage, depending on movements in the Bank of England base rate. However, Coventry Building Society is currently only offering tracker mortgages to buy-to-let borrowers. 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: Current 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 are currently 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 are also available.
Coventry Building Society remortgages
Coventry Building Society offers remortgage deals across various loan-to-values. Remortgage options are available with or without product fees.
Coventry Building Society buy-to-let mortgages
Coventry Building Society buy-to-let mortgages are available to new and existing landlords, on both a fixed-rate and tracker-rate basis.
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.
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.
Coventry Building Society mortgage pros & cons
Pros
- The society offers capital repayment and interest-only mortgages.
- Mortgages are available at 85% LTV and above.
- Coventry Building Society is one of a handful of lenders to offer offset mortgages.
- There is a broad choice of mortgage terms, from one to 40 years.
- There is no set minimum mortgage amount.
Cons
- You can’t apply for or manage your mortgage online.
Coventry Building Society mortgage overview
Coventry Building Society is the eighth largest mortgage lender in the UK, and offers mortgages to borrowers who are looking to remortgage, move home or buy their first property. The building society also provides buy-to-let mortgages for landlords.
There is no specified minimum amount that you need to borrow and customer support is available online, over the phone and in some branches.
| Product options | Capital repayment Interest-only Fixed-rate 85% loan-to-value or higher Offset |
| Term length | 1 to 40 years |
| Minimum loan size | No minimum |
| Allows overpayments | Yes |
| Mortgages are portable | Yes |
| Ways to apply | Over the phone, in some branches |
| Customer service contact options | Online, over the phone, in branch |
| Fairer Finance customer experience rating | 71% (11 November 2024) |
Where Coventry Building Society mortgages stand out
Wide range of mortgage terms
Coventry Building Society offers mortgage terms of up to 40 years, and as short as one year. By comparison, some other lenders set their minimum term at five years, or perhaps longer. Note that opting for a longer repayment term can lower your monthly repayments but also means you’ll pay more in interest over the total length of your mortgage.
No minimum mortgage amount
If you want a smaller mortgage, Coventry Building Society has no set minimum mortgage amount. Some lenders specify that the smallest amount they will lend is £50,000.
Offset mortgages are available
Coventry Building Society is one of a select number of lenders to offer offset mortgages as a borrowing option. This type of mortgage allows you to use your savings to reduce the amount of interest you need to pay.
Where Coventry Building Society mortgages fall short
Limited online options
The only time it’s possible to apply to Coventry Building Society online is if you already hold a mortgage with the society and want to change products. New borrowers to the building society cannot get an agreement in principle online, and there is no clear option to track your application or manage your mortgage online.
Fewer product options than some lenders
If you’re looking for a particular type of mortgage, note that Coventry Building Society doesn’t currently offer residential borrowers tracker mortgages, green mortgages or family mortgages, such as springboard mortgages.
» MORE: Best mortgage lenders
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. Coventry Building Society interest-only mortgages have a maximum 50% LTV.
» MORE: Interest-only vs. repayment mortgages
Loan-to-value ratios
Coventry Building Society repayment mortgages are currently available to a maximum of 95% LTV. This means it’s possible to get a mortgage with a 5% deposit. Coventry Building Society interest-only mortgages are available to a maximum 50% LTV.
» 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 call the society or go to your local branch to 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.
Customer support
You can contact Coventry Building Society about your mortgage online, over the phone or in some of its branches. There is also a live chat option on its website available at certain times.
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: Our mortgage calculators
Customer ratings
Coventry Building Society receives a customer experience rating of 71% from Fairer Finance in relation to mortgages. This means that the society ranks second out of the 22 lenders it has reviewed. The ratings reflect customers’ happiness with the lender, how trusting they are of the brand and the effectiveness of the lender when handling complaints. How well lenders explain their products and the simplicity and clarity of their documents is also evaluated and taken into account.
This information from Fairer Finance was correct as of 11 November 2024.
» MORE: Do I need mortgage advice?
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 typically aims to make a mortgage offer within 15 days of receiving the documents, information and fees it requires.
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.
It is widely predicted that mortgage rates will fall during 2024, although there are no guarantees that this will happen.
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
At NerdWallet UK, we base our reviews and our ‘Best’ pages on the results of surveys we undertook about what was important to people who use these products. This allows us to look at products impartially of any commercial arrangements we have and fairly rate the products on the same set of criteria.
Best means our ‘Best’ and is based only on what products we have aligned to our surveys, which form the basis of our reviews and ratings. This means that there will be other products on the market that we have not included in our ‘Best’ pages. Best does not mean it’s best for you, nor does it mean the ‘cheapest’.
Our reviews may display lenders’ rates. This additional information has not been included in our evaluations but is still very important when choosing a product. Rates offered can depend on circumstances, amount and term. Always check details before proceeding with any financial product.
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 there will be products not included on the market. The review is our opinion, but it does not constitute advice, recommendation or suitability for your financial circumstances.
While we try to provide you with accurate information, the providers can change the terms of their products at any time, therefore it is advisable to check the terms before you proceed.
You can view our full review methodology here.