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Coventry Building Society – MOREgage 6.6% Capped Rate

Coventry Building Society

MOREgage 6.6% Capped Rate

Type: Capped rate tracker mortgage combined with unsecured personal loan

Capped term: Until March 31, 2008

Capped rate: 6.6%

Tracker term: Lifetime of loan

Tracker rate: Up to 95% of valuation with unsecured personal loan up to 30% – 1.5% above Bank of England base rate, with unsecured personal loan up to 20% – 1.3% above base rate, with unsecured personal loan up to 10% 1.2% above base rate

Payable rate: Up to 95% of valuation with unsecured personal loan up to 30% – 6.25%, with unsecured personal loan up to 20% – 6.05%, with unsecured personal loan up to 10% – 5.95%

Minimum loan: 1

Maximum loan: Up to 95% of valuation plus unsecured personal loan up to 30% of valuation subject to a maximum of 250,000

Income multiples: Up to four times principal income plus second or three times joint

Conditions: Capital repayments of up to 10% a year allowed without penalty, one free valuation up to 650

Arrangement fee:250 plus 199 booking fee

Redemption fee: 4% of mortgage balance until March 31, 2008

Introducers fee: Subject to negotiation

Tel: 0845 7767825

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Mortgage edge – John Webster

Critics of the HLC have suggested that it is added to the loan purely to claw back money lost under the pretence of a low interest ratebut the HLC is needed to accommodate the additional risk that comes with higher LTV loans.

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