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First-time buyer tracker mortgage from Coventry

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It is a time of fluctuation in the UK mortgage market . Rising swap rates have led experts to believe that a rise in Bank of England base rate is imminent. Mortgage lenders, always wary of the effect of interest rate changes on their best deals, have largely taken the step of pulling fixed-rate mortgage deals off the market and replacing them with loans set at higher rates . Experts predicted that tracker mortgages would supersede fixes as the best deals on the market. Buy what to do as a first-time buyer?

Well, Coventry Building Society may just have the solution, with a new range of market-leading tracker mortgages aimed at first-time buyers. One good piece of news is that these deals share the quality of having no early repayment charges. In brief, the mortgage is a flexible base rate tracker at 4.5 per cent until 30 September 2008, when it reverts to 0.75 per cent above the base rate.

One expert from Coventry was reported as saying: As prices of fixed rate products are beginning to rise above Bank of England Base Rate, we believe advisers will be turning to the tracker market. I am confident that the competitive pay rates, coupled with daily interest and no early repayment charges, will prove very popular with advisers and give their clients freedom and flexibility.

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