10 Dec
Does Coventry Building Society do cashback?

Does Coventry Building Society do cashback?
Written By
December 10, 2023
Posted at 21:20h in Cashback, Home Blog 3 by

Coventry Building Society offers cashback options for customers, providing a unique opportunity to benefit from their financial products. Whether you are a first-time buyer or looking to remortgage, Coventry Building Society’s cashback schemes can help you save money and make your financial journey more rewarding.

Key Takeaways:

  • Coventry Building Society offers cashback to first-time buyers through their First Home Saver account.
  • The First Home Saver account has a leading interest rate of 4.00% and allows savers to build a deposit for their first home at their own pace.
  • Savers can deposit up to £1,000 per month and will receive a £500 bonus after at least six months of saving when they complete on a residential Coventry Building Society mortgage.
  • Relatives of first-time buyers can also open the First Home Saver account and receive a £500 bonus when their loved ones buy their first home with a Coventry Building Society mortgage.
  • Coventry Building Society also offers remortgage options with cashback or a remortgage transfer service to help cover fees associated with moving the mortgage.

First Home Saver Account: A Leading Interest Rate for First-Time Buyers

Coventry Building Society’s First Home Saver Account offers a leading interest rate of 4.00% for first-time buyers who are saving for a deposit for their first home. With soaring house prices in the UK, it has become increasingly challenging for first-time buyers to save enough money for a deposit. However, Coventry Building Society understands this struggle and aims to support aspiring homeowners on their journey.

The First Home Saver Account allows savers to build their deposit at their own pace, with no minimum monthly limit. This flexibility enables individuals to contribute whatever they can afford towards their dream home. For many, this means gradually accumulating the funds needed to secure a mortgage and take that crucial step onto the property ladder.

“Coventry Building Society’s First Home Saver Account offers a leading interest rate of 4.00% for first-time buyers who are saving for a deposit for their first home.”

By offering a competitive interest rate, Coventry Building Society aims to help first-time buyers reach their homeownership goals more quickly. With an average UK house price of £315,119, saving for a 5% deposit alone would require over £15,750. The First Home Saver Account allows deposits of up to £1,000 per month, providing individuals with the opportunity to make significant progress towards their deposit target.

Furthermore, Coventry Building Society rewards savers who complete on a residential mortgage with an additional £500 bonus. This bonus serves as a valuable contribution towards the overall deposit and helps borrowers take their first steps towards owning their own home.

First Home Saver Account

Benefits for relatives:

  • Receive a £500 bonus when your child, grandchild, niece, or nephew completes on a residential Coventry Building Society mortgage.
  • Help your loved ones save for a deposit at their own pace with a leading interest rate of 4.00%.
  • Support their homeownership journey and provide a financial incentive through the cashback bonus.

How to Open and Operate the First Home Saver Account

If you’re considering opening a First Home Saver Account with Coventry Building Society, you’ll be pleased to know that the process is simple and convenient. There are three different ways to open an account: online, over the phone, or in a branch. This flexibility allows you to choose the method that best suits your preferences and schedule.

To open the account online, all you need to do is visit the Coventry Building Society website and follow the step-by-step instructions. The online application is user-friendly and can be completed in just a few minutes. Alternatively, if you prefer a more personal touch, you can call their dedicated customer service team, who will guide you through the application process over the phone.

If you prefer face-to-face interaction, you can visit one of Coventry Building Society’s branches to open the account. Their friendly and knowledgeable staff will be happy to assist you and answer any questions you may have. No matter which method you choose, the process is quick and hassle-free, allowing you to start saving for your first home right away.

Once your First Home Saver Account is open, you can manage it easily. You have the flexibility to withdraw funds when needed, with 60 days’ notice. If you require immediate access to your money, you can make a withdrawal with a charge equal to 60 days’ interest on the amount withdrawn. At the end of the account’s maximum three-year term, it automatically transfers to an easy access account, ensuring your savings remain easily accessible.

Remortgage Cashback Options

When considering a remortgage, Coventry Building Society offers customers a range of cashback options to help cover associated costs. Whether you choose the remortgage transfer service or cashback, Coventry Building Society provides flexible solutions tailored to your needs.

If you opt for the remortgage transfer service, Coventry Building Society takes care of all the standard legal work involved in changing mortgage lenders. This hassle-free option ensures a smooth transition to your new mortgage, saving you time and effort.

Alternatively, you can choose to receive cashback to help with expenses such as conveyancing fees. By selecting this option, you’ll have extra funds to cover the costs associated with moving your mortgage to Coventry Building Society, making the process even more affordable.

Coventry Building Society Remortgage Cashback

Valuation Fees and Cashback

When obtaining a mortgage with Coventry Building Society, it’s important to consider the valuation fees. Valuation fees are included in the overall mortgage package and cover the cost of assessing the property’s value. The valuation fee can vary depending on the property’s value, location, and other factors. It’s essential to understand the valuation fee associated with your chosen mortgage product to ensure it aligns with your budget.

Additionally, some mortgage products offered by Coventry Building Society include cashback as part of the package. Cashback can provide borrowers with a financial benefit, helping to cover various costs associated with the mortgage process, such as legal fees or moving expenses. The specific cashback amount and conditions can vary depending on the mortgage product and the borrower’s individual circumstances.

When exploring mortgage options with Coventry Building Society, it’s crucial to carefully consider the mortgage rates, fees, and any additional features such as product fees, ERCs, valuation fees, and cashback offers. Understanding these elements will enable you to make an informed decision that aligns with your financial goals and circumstances.

Conclusion

When it comes to cashback options and mortgage choices, Coventry Building Society is a top contender for first-time buyers and those looking to remortgage. Their First Home Saver Account offers a leading interest rate, allowing individuals to save for their first home deposit at their own pace. And it’s not just first-time buyers who can benefit – relatives can also open this account and receive a cashback bonus when their loved ones secure a Coventry Building Society mortgage.

For those considering a remortgage, Coventry Building Society provides two options to choose from. The first is a convenient remortgage transfer service that takes care of all the necessary legal work. Alternatively, they offer a cashback option, which can help cover fees such as conveyancing. This flexibility allows homeowners to find the remortgage solution that best suits their needs.

With competitive rates and fees, Coventry Building Society is a reliable choice for cashback benefits and mortgage options. Whether you’re a first-time buyer or considering a remortgage, their range of offerings provides the necessary support and incentives to help you achieve your property goals. Trust Coventry Building Society to assist you on your homeownership journey.

FAQ

Does Coventry Building Society offer cashback?

Yes, Coventry Building Society offers cashback options for both first-time buyers and remortgage customers.

What is the First Home Saver Account?

The First Home Saver Account is a savings account with a leading interest rate of 4.00% specifically designed for first-time buyers to save for a deposit on their first home.

Can relatives of first-time buyers benefit from the cashback?

Yes, relatives of first-time buyers can open a First Home Saver Account and receive a £500 cashback bonus when their child, grandchild, niece, or nephew buys their first home with a Coventry Building Society mortgage.

How can I open and operate the First Home Saver Account?

You can open the account online, over the phone, or in a branch. You can withdraw funds with 60 days’ notice or immediately with a charge equal to 60 days’ interest on the amount withdrawn. The account is available for a maximum of three years and automatically transfers to an easy access account at the end of the term.

What are the remortgage options offered by Coventry Building Society?

Coventry Building Society offers a remortgage transfer service that takes care of all the standard legal work involved in changing mortgage lenders. Cashback options are also available to help cover fees associated with moving the mortgage to Coventry Building Society, such as conveyancing fees.

What are the mortgage rates and fees offered by Coventry Building Society?

Coventry Building Society provides a range of mortgage rates and fees. The rates vary depending on the product and the maximum loan-to-value (LTV) ratio. Some mortgage products have a product fee, while others have no fee. Early repayment charges (ERC) may apply to certain mortgage products. Valuation fees are included, and some mortgage products also offer cashback as part of the package.

What are the benefits of choosing Coventry Building Society for cashback and mortgage options?

Coventry Building Society offers cashback options for both first-time buyers and remortgage customers. Their First Home Saver Account provides a leading interest rate for first-time buyers to save for a deposit on their first home. Relatives of first-time buyers can also benefit from the cashback bonus. With competitive mortgage rates and fees, Coventry Building Society is a reputable choice for those looking for cashback benefits and mortgage options.

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