Should you get a mortgage from Coventry Building Society?

£8.6 billionLent to home owners in 2017.

Founded in 1884, Coventry Building Society is the UK’s second largest building society and was responsible for 3.3% of all mortgage lending in 2017, equaling £8.6 billion.1

It was awarded Best Lender Website in the 2017 What Mortgage Awards and Best Offset Mortgage Lender in the 2016 What Mortgage Awards.

Coventry mortgage deals are available to a wide range of people, but they generally won’t lend to you if you have particularly bad credit.

See how they compare to other mortgage lenders:

Is Coventry a good mortgage lender?

349Upheld complaints received by the financial regulator.

We looked at Coventry’s customer complaints record between July and December 2017. During this period the Financial Conduct Authority (the financial regulator) received 349 officially upheld complaints from Coventry mortgage customers.2 That’s around 0.1% of customers and is substantially lower than the 0.4% average across major lenders.*

*This number of customers served by this lender isn’t publicly available so we’ve estimated this figure based on market share and average house price in the UK.

How long does a Coventry mortgage application take?

17 daysAverage speed of Trussle customer’s mortgage application with Coventry.

Between July 2017 and July 2018, the average speed that Coventry Building Society processed a Trussle customer’s mortgage application was 17 days.* That’s slightly quicker than the 18-day average across all the major lenders we’ve submitted applications to.

Bear in mind that the speed of application will vary depending on your own personal circumstances and the lender’s present day-to-day performance. In some cases, applications can be approved by the lender within 24 hours, while some can take weeks or even months. This can also be impacted by the quality of application submitted, which is why you may want to consider using a mortgage broker. The average quoted speed therefore may not reflect your own experience.

*This number of customers served by this lender isn’t publicly available so we’ve estimated this figure based on market share and average house price in the UK.

How much could I afford to borrow from Coventry?

5 xMaximum annual income.

Coventry Building Society could lend up to a maximum of 5 times income before tax, depending on your circumstances.

These details were last updated on 13th July 2018.

Current mortgage rates from Coventry

Lowest 2 year fixed rate


Initial rate:
2.05%
Annual Percentage Rate of Charge (APRC):
4.49%

Based on securing a mortgage of £136,200 over a 25 year term. Reverts to a 4.74% variable rate after initial 25 month period, costing £759.93 per month for 36 months, then reverts to a 4.49% variable rate costing £744.01 for 239 months. Total amount payable is £219,941.55 including interest and fees. This deal was last updated on 17th July 2018.

Lowest 5 year fixed rate


Initial rate:
2.25%
Annual Percentage Rate of Charge (APRC):
4.49%

Based on securing a mortgage of £136,200 over a 25 year term. Reverts to SVR after initial 61 month period, costing £724.61 per month for 239 months. Total amount payable is £209,666.83 including interest and fees. This deal was last updated on 17th July 2018.

Current Standard Variable Rate


Standard Variable Rate (SVR):
4.49%

This rate was last updated on 17th July 2018.

Current mortgage deals from Coventry

First-time buyer

Lowest true cost deal


Lowest initial period true cost deal:
£19,808.25
Monthly payment:
£792.01
Upfront fee:
£8.00
Initial rate:
2.25%
Standard Variable Rate (SVR):
4.49%
Annual Percentage Rate of Charge (APRC):
4.20%

Reverts to a 4.74% variable rate after initial 25 month period, costing £1,014.99 per month for 36 months, then reverts to a 4.49% variable rate costing £993.73 for 239 months. Total amount payable is £294,091.79 including interest and fees. This deal was last updated on 12th July 2018.

Remortgage

Lowest true cost deal


Lowest initial period true cost deal:
£14,523.25
Monthly payment:
£580.61
Upfront fee:
£8.00
Initial rate:
2.05%
Standard Variable Rate (SVR):
4.49%
Annual Percentage Rate of Charge (APRC):
4.20%

Reverts to a 4.74% variable rate after initial 25 month period, costing £759.93 per month for 36 months, then reverts to a 4.49% variable rate costing £744.01 for 239 months. Total amount payable is £219,824.12 including interest and fees. This deal was last updated on 12th July 2018.

Frequently asked questions about Coventry mortgages

This information was last updated on 16th July 2018.

Does Coventry Building Society allow overpayments?


Yes, but you might have to pay an early repayment charge. To find out whether you’ll incur a fee, Coventry recommends you contact their customer service team.

Deciding whether you’d like to be able to pay off your mortgage early or reduce your monthly payments by paying a lump sum is a key part of choosing the right mortgage for your circumstances. So it’s a good idea to do some research and decide whether you’d prefer a lower rate or more flexible terms.

When will I find out about my first payment?


Coventry will be in touch shortly after you complete your property purchase. They’ll send a letter detailing when you’ll need to make your first payment, and how much you’ll need to transfer across.

You might notice that your first payment is a bit larger than subsequent installments. This happens when your first payment needs to cover the interest over a period that’s slightly longer than a single month.

How long will I have to complete my property purchase before my Coventry mortgage offer expires?


If you’re using your mortgage to buy a property, your offer will last for six months. If you’re remortgaging, you’ll have four months.

For either option, its expiry will be determined from the date of your application. If you don’t send outstanding supporting information in time, your validity period will be reduced.

When will my mortgage funds be released?


Your funds will be released on your completion date.

When you sign the relevant legal documents and pay your deposit to buy a home, you’ll also agree on a day to pick up the keys so you can move in. This is known as your completion date, and is also when Coventry releases your mortgage funds.

Your solicitor should inform Coventry of your completion date ahead of time.

Does Coventry Building Society have an online services platform?


Yes, so you’ll be able to view key details about your mortgage online.

To use the platform, first you’ll need to register and create an account. To do so, you’ll need your account details, address, and contact information. You can also begin your mortgage application online in the first place.

What happens to my rate when the fixed period ends?


Coventry Building Society will write to you before this happens, suggesting a mortgage review. They might offer you a new fixed rate deal.

If you don’t switch, you’ll lapse onto the lender’s Standard Variable Rate (SVR). This would mean that your rate is no longer fixed. Instead, it would move up and down according to a few factors, including how the mortgage market is performing. You’ll often find an SVR mortgage more expensive than a fixed rate one, so it’s always worth considering other options.

Will I need life insurance to get a mortgage from Coventry Building Society?


No, all you’ll need to have is adequate buildings insurance, which is a common requirement among mortgage lenders. Buildings insurance covers the cost of making repairs to your property if the building itself is damaged. If you’re buying a flat, you might find it is included in your maintenance fee.

Has Coventry Building Society sold Payment Protection Insurance (PPI) to customers in the past?


Yes, on both mortgages and on unsecured personal loans. If you’re unsure about whether you might have had PPI included on a loan from Coventry, you ought to check your mortgage documents.

PPI is a form of insurance that covers your payments on a loan if you’re unable to work due to an accident, unemployment, or sickness.