New Coventry BS launches new five-year mortgage for first-timers with small deposits,,,

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First-time buyers with small deposits now have more choice of a fixed-rate home loan, thanks to Coventry Building Society.

The lender has a new five-year mortgage for first-time buyers who have a 10 per cent deposit at 5.19 per cent with a £199 fee. Monthly repayments on a £150,000 loan are £894, and the total cost is £53,839.

Buyers will also get a £500 Ikea voucher. But there’s a big catch. To qualify, you or your parents, guardian or grandparents must have had a savings or current account or mortgage with Coventry BS for at least the last three years.

Five-year mortgage: The Coventry BS deal includes a £500 Ikea voucher

David Hollingworth of broker London And Country advises first-time buyers to start quizzing their relatives.

He adds: ‘We’re getting a wider selection of loans for borrowers with smaller deposits.’

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Coventry BS is also offering the same loan with a £499 fee for first-time buyers with a 15 per cent deposit, whether or not they or their family hold accounts.

However, there are cheaper first-time buyer fixed-rate deals. For example, RBS last month unveiled a 4.79 per cent five-year deal with no fees. Monthly repayments are £859 and the total cost is £51,540.

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