Coventry Offset Mortgage | Coventry Offset Mortgage Deals Reviewed
The Coventry offset mortgage is offered by the Coventry building society. There are only a handful of providers of offset mortgages now, since the credit crunch, and building societies remain some of the main players in this field. It's because offset, like Coventry offset mortgage product, relies on savings. And building societies are strong savings providers - the whole ethos of the mutual model is that people should save before they borrow. Offset works on this principle too - you have to have saved, and you have to keep saving, for offset to work to its full potential.
So how does a mortgage like a Coventry offset mortgage offer so much flexibility? Well, it allows you to use the balance in a savings account to either reduce the amount owed on your mortgage or your next normal monthly repayment. So you can take the money you save and make your bill a little lighter at the end of the month, or you can make your mortgage smaller. Both of these options are available to Coventry offset mortgage holders and both will make a real difference to the mortgage.
But that's not all - with a Coventry offset mortgage you can swap between these two options whenever you like, so it really is flexible. Also, the building society says that once you've made six months payments, and if your mortgage is up to date, you can apply for a payment break of up to three months each year. This is a great option for the self-employed or those whose income is not regular - bonuses may also be few and far between, but when they do come they could really make a difference. The rate on the mortgage may increase if you do decide to take a payment holiday, so always gets some advice before deciding on any big changes to your Coventry offset mortgage.
If you think that an offset mortgage like the Coventry offset mortgage sounds like the right choice for you, talk to a mortgage adviser. They will be able to go into more detail when it comes to the flexible options open to you. They will look at your income, break down what you can afford and look at where you could do with some flexibility. Then they will pick a loan that's right for you - it might be the Coventry offset mortgage, or it might be another flexible deal for another provider - all you have to know is that whatever the advice, it will be the right advice.
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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
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