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Coventry sets ERC example

Coventry Building Society says it expects other lenders to follow its example of axing early repayment charges from its sub-prime range.

It has set up a suite of near-prime, light-adverse and extra-light adverse deals without an ERC, claiming to be the only top 20 lender to make the move.

Head of intermediary sales Julie Jones says: “I am sure other lenders might follow. We want to be a little bit different and more transparent.”

Head of sales Colin Franklin says: “If a client qualifies for a standard mortgage instead of a credit-impaired mortgage, the system will automatically move the application to the correct range.”

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