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Coventry Building Society mortgage review

Our Coventry Building Society mortgage review combines customer feedback with expert deal analysis to reveal whether the lender is worth considering next time you apply for a mortgage.

In this article
Coventry Building Society mortgages customer ratings What kinds of mortgages does Coventry Building Society offer? Does Coventry Building Society offer the best mortgage deals? Interest rates on Coventry Building Society mortgages How much could I borrow from Coventry Building Society?
Can I make overpayments? How can I contact Coventry Building Society? Coventry mortgage eligibility What Coventry Building Society’s mortgage customers say Get personal mortgage advice

Coventry Building Society mortgages customer ratings

Mortgages
Coventry BS Review
Which? Customer Score
75%
5th out of 23 mortgage lenders
Which?'s rating for customer satisfaction, based on feedback from real customers. The score is made up of a customer's overall satisfaction with the brand, and how likely they are to recommend that brand.
Compare Coverntry Building Society against 22 other mortgage lenders

The table below shows how Coventry Building Society performed in our latest mortgage satisfaction survey, from application process to value for money.

Customer rating for: Star rating
Customer service

5 out of 5

Application process

-

Value for money

4 out of 5

Keeping you well informed

4 out of 5

Clarity of statements

5 out of 5

Transparency of charges

4 out of 5

Query and complaint handling

4 out of 5

Ability to overpay or underpay mortgage

5 out of 5

Online access

3 out of 5

 

Star ratings based on a June 2018 Which? survey of 3,560 members of the general public, in which 74 people told us they had their mortgage with Coventry Building Society. Where no rating is given the sample size was too small.

What kinds of mortgages does Coventry Building Society offer?

When we checked in July 2018, there were around 70 mortgages available from Coventry Building Society. Most were fixed-rate deals lasting two, three, five, seven or 10 years.

The rest of Coventry’s mortgage range consisted of lifetime variable-rate products called ‘Flexx for Term’. The interest rate on these mortgages is set independently of Coventry’s standard variable rate, as well as the Bank of England’s base rate.

With a ‘Flexx for Term’ mortgage, you can make unlimited overpayments without having to pay an early repayment charge. You may also be able to borrow more at the same interest rate, up to the loan-to-value limit of the mortgage.

Coventry also offers a range of offset mortgages, where you can link your savings account to your mortgage and only pay interest on the difference between your mortgage and savings balance.

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Does Coventry Building Society offer the best mortgage deals?

Which? analysis has found that Coventry Building Society offers fewer cheap mortgages than the average lender.

In order to work this out, our experts analysed thousands of mortgages over a four-week period in June and July 2018. They compiled a total of 108 ‘top-10 cheapest deal’ tables based on a variety of borrowing scenarios, and counted how many times each lender featured in a table.

The average number of times a lender made it into a table was 14, but Coventry Building Society featured only once. (Data source: Moneyfacts.)

Interest rates on Coventry Building Society mortgages

While Coventry doesn't offer that many table-topping deals, the 2.02% average interest rate of a two-year fixed-rate mortgage from the lender is still cheaper than the industry average of 2.81%.

Coventry also has a special interest rate for existing customers with an owner-occupier mortgage, called the ‘privilege rate’. This is available to borrowers who have had the same mortgage and/or been paying the standard variable rate (SVR) for at least five years. Coventry sets the ‘privilege rate’ independently of (but not higher than) the SVR.

It's worth talking to a mortgage broker if you're unsure whether you're on the best rate for you.

How much could I borrow from Coventry Building Society?

Below we’ve outlined how much you could borrow from Coventry, whether you’re buying a property or remortgaging (without borrowing more money).

The amount will depend on the percentage of the property’s value you want to borrow, as well as the mortgages that are available from Coventry when you apply.

Loan amount Loan-to-value
Up to £250,000 95%
£250,001 - £500,000 90%
£500,001 - £750,000 85%
£750,001 - £1,000,000 80%
£1,000,001 - £1,250,000 75%
£1,250,001 - £2,000,000 65%

Can I make overpayments?

If you make extra payments, Coventry will either treat these as a capital repayment or an overpayment. This will depend on:

  • the amount you make in extra payments, and
  • how much your normal monthly payments are.

If you make an extra payment that is a capital repayment, your mortgage balance and the interest you pay is immediately reduced, and this will reduce the amount you pay each month.

If you make an overpayment, this won’t affect your mortgage balance or the interest you pay until the interest rate on your mortgage changes. This would either be when you decide to switch to a different Coventry mortgage, or when the interest rate on your mortgage changes (for example, if you’re paying a variable interest rate).

How can I contact Coventry Building Society?

You can contact Coventry on 0800 121 8899.

Its website is coventrybuildingsociety.co.uk.

Coventry mortgage eligibility

Leasehold properties

If you’re applying for a mortgage on a leasehold property, Coventry will only lend to you if there’s at least 70 years left on the lease at the time of completion.

Flats

If the flat is above a shop, the most you can borrow is 75% of the property’s value. The type of business that’s below the flat will also be a deciding factor in whether Coventry will lend to you.

If the flat is in a block more than 10 storeys high, you won’t be able to apply for a mortgage from Coventry.

For new-build flats, the most you can borrow from Coventry is 75% of the property value (and you can borrow up to 85% for a new-build house.)

What Coventry Building Society’s mortgage customers say

Get personal mortgage advice

Correct as of date of publication.

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