Coventry Offset Mortgage | Review Coventry Offset Mortgage Deals

Coventry Offset Mortgage | Coventry Offset Mortgage Deals Reviewed

One of the greatest strengths of a Coventry offset mortgage is its inherent flexibility. Not only can you make overpayments without charge but in addition payment holidays are allowed without penalty. This means that you can adjust your repayments to match the current state of your finances.

Coventry offset mortgages cover a wide price range that includes up to £500-£1 million loans with a maximum 75% loan to value ratio. Both tracker and variable rates are available, but with offset deals changing regularly, it's best to enquire about what the current leading product is.

The flexibily of your Coventry offset mortgage extends to the ability to reduce its term or monthly payment during the course of the mortgage, if you financial circumstances should change to the point where this becomes desirable or necessary. (An early Redemption Charge (ERC) may be applicable on certain mortgage deals)

Online banking facilities are available as is the option for a linked savings account which allows you to set up standing orders and direct debits.

Proof of earnings will be required prior to gaining a Coventry offset mortgage, usually in the form of a P60 and a payslip. Self employed applicants will need to provide personal bank statements where proof of income is more than 12 months old and provide proof of income from income over a minimum of a two year period. Only certain professional accountancy bodies are acknowledged for the purposes of references, so please check for more details.

There are a couple of restrictions on this kind of offset mortgage. For example, they are mostly granted with standard property types in mind, so prefabricated concrete housing will not be accepted. Neither will self build properties where the house is not fully completed before you apply. You cannot remortgage a main residence to a buy to let with Coventry.

Offset mortgages are currently not available for buy to let properties. In addition, Builders incentives will not be accepted as deposits on a property for offset lending.

The maximum loan to value rate of 75% for new build or converted apartments (anything built within 3 years of the mortgage application is considered new build) drops to a 70% maximum for offset mortgages on ex council or Housing Association flats.

With these minor limitations in mind, the Coventry offset mortgage is a hugely attractive and adaptive product. Capital raising is an available option for most purposes, including: home improvements, marital settlement, holidays, new car, second home, debt consolidation and more.

In order to qualify for an offset mortgage with Coventry, you will need to be a UK tax payer and have indefinite leave to live and work in the UK. The maximum mortgage term for this mortgage product is 35 years. For leasehold property holders, at least a 70 year unexpired term on the lease is required on the date of the mortgage application. Up to 4 applicants are allowed per application.

Applicants with bad credit are considered on a case by case basis.

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Pro's

Quick online decisions and payment breaks of up to 3 months

Con's

Offsetting from one savings account

Features

Access your savings with a Cash Link Card

Offset Mortgage Centre

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