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Coventry fixes loan at 6.9% until 2002

Coventry Building Society is offering a mortgage fixed at 6.9 per cent until November 2002 up to 75 per cent loan to value.

At the end of the term, borrowers will automatically qualify for the society&#39s privilege rate which is currently 7.95 per cent. Arrangement fee is £295. Early redemption penalty is six months&#39 interest. There are no conditional insurances.

Chief executive Martin Ritchley says: "The product offers long-term stability with the interest fixed initially at a low rate, after which customers will automatically transfer."

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