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Lowest five-year fix from Coventry

Coventry Building Society is introducing a new mortgage portfolio including its lowestever five-year fixed rate at 4.6 per cent.

The range includes threeand 10-year fixed rates as well as a five-year capped rate.

The five-year fixed loan runs until December 31, 2007 and is available up to 75 per cent loan to value for new customers or 95 per cent LTV for existing members.

It has an arrangement fee of £295. Redemption penalty is six months&#39 interest during the fixed term with no overhang.

A three-year loan is available up to 95 per cent LTV and is fixed at 4.45 per cent until December 31, 2005. It has an arrangement fee of £295 and redemption penalty of six months&#39 interest during the loan term.

The 10-year rate is fixed at 5.39 per cent until December 31, 2012 and offers borrowers the opportunity to repay 5 per cent of their loan during the fixed term. It has an arrangement fee of £325 and redemption penalty of nine months&#39 interest until December 31, 2007, then six months&#39 interest for the remainder of the fixed term. It is available up to 95 per cent LTV.

The five-year Flexx capped product is capped at 5.49 per cent until December 31, 2007. Minimum rate to which it can fall is 4 per cent. It has no early redemption penalty and is available up to 95 per cent LTV.

Senior product manager (mortgages) Jeremy Claridge says: “The 4.6 per cent rate is the lowest that Coventry has ever launched and is in direct response to the softening of prices in the money markets. We believe the pricing is at the lowest level it will reach and expect rates to rise, so this is a great opportunity to fix for the next five years.”

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