Coventry splits three-year mortgage rate

COVENTRY Building Society is offering two different rates on its three-year mortgage, fixed until the end of April 1996.

Loans of up to 70 per cent of the property value qualify for a 5.99 per cent rate. Loans between 70 and 95 per cent will attract a 6.49 per cent rate.

The arrangement fee is pounds 225 and the early redemption penalty is three months' interest. The society will lend anywhere in the UK but applicants in central London and parts of the South-east and South-west may have to travel to attend an interview with Coventry.

Some societies are offering substantial - but short-term - discounts on their variable rates.

Buckinghamshire Building Society is cutting 4 per cent off its variable mortgage rate, currently 7.95 per cent, for the first six months of the mortgage period.

Lloyds Bank is offering first- time buyers a fixed mortgage rate of 5.99 per cent for two years. The two-year fix is pegged at 6.99 per cent for other borrowers.