Coventry Building Society Mortgages

Using our powerful mortgage comparison tools we’ve quickly compared and displayed all the mortgages currently available from the Coventry Building Society. View todays rates and deals side-by-side from their whole mortgage range. Use the search tools to compare Coventry BS with other mortgage lenders.

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The second largest of its kind in all of the UK, Coventry Building Society has 89 branches across the country, with 1.5 million saver-members and 350,000 borrowing customers. Based in Coventry, it’s a member of the Building Societies Association. Coventry Building Society primarily offers two kinds of services: savings like bonds and ISAs and mortgages. They also offer some insurance deals but, here, we’re going to look at the mortgages and see whether customers should consider borrowing from Coventry Building Society.

About Coventry Building Society Mortgages

Started in 1884, Coventry Building Society is one of the fastest-growing institutions of its kind and has won several awards from bodies like YouGov, Fairer Finance, Savings Champion, and more. Started with the intention of offering easier and more accessible financing to its local community, it has since expanded this attitude to lending and savings across the company. As part of that, the company hosts a Members’ Council and member panels where real customers can contribute feedback through discussions, polls, and surveys. It also boasts a strong connection to the local communities it operates in, with nearly 80% of all staff members engaged in community programs run through the Society.

Products & features

Coventry Building Society offers over 70 individual loans that fall into several distinct categories. Overall, they offer mortgages up to £250,000, covering loan-to-value ratios of up to 95%, though these only apply to their biggest loans. Here are some of the types of loans on offer at Coventry Building Society:
  • First-time buyer loans: These loans include both fixed and variable mortgages, with special interest rates for those buying their first home.
  • Remortgage loans: These loans come with extra features like providing standard legal work through a board-approved conveyancer.
  • Buy-to-let loans: Those becoming a landlord could benefit from flexible deals containing a wide range of different fee arrangements, with standard valuation and legal work included as part of the deal.

Coventry Building Society also has a flexible approach to overpayments. Depending on how much you make in additional payments as well as the regular monthly payments, some customers are entitled to the benefits of a capital repayment. Unlike standard overpayments, capital repayments can reduce both the mortgage balance and the interest calculations. As a result, your remaining monthly payments can drop in interest. With an average interest rate of 2.02%, lower than the industry average of 2.81%, it offers some highly competitive mortgages.

They also offer Offset mortgages that allow existing customers to link a savings account to their mortgage. In these cases, interest is calculated on the difference between the mortgage and the savings, meaning that those with plenty of savings with Coventry could stand to benefit from much lower rates.

Summary

With highly transparent charges, clarity in loan terms, and plenty of flexibility in overpaying and underpaying, Coventry Building Society may not offer as many types of mortgages as other providers but those that they do offer are amongst some of the most competitive you will find on the market. They are regularly rated highly by customers for both their customer service and the availability of loans to borrowers who may not be able to secure a mortgage elsewhere.


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