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Coventry gives choice of five-year fixed rates

Coventry Building Society is launching a range of five-year fixed-rate mortgages, including a fix at 6.2 per cent for up to 75 per cent loan to value.

The latter product has an arrangement fee of £295 but no compulsory insurance.

Coventry is also offering a five-year fix at 6.5 per cent for up to 95 per cent LTV. There is a £295 arrangement fee.

Borrowers seeking a cashback can take £400 on a five-year fix of 6.99 per cent for up to 95 per cent LTV. Clients can take £200 cashback and a free remortgage transfer service.

Chief executive Martin Ritchley says: "All these products offer long-term stability with the interest rate fixed, after which the customer will automatically transfer to our privilege rate."

The society&#39s privilege rate is currently 7.95 per cent. Redemption penalty on all three loans is six months&#39 interest until June 30, 2003.

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