New venture for Coventry Building Society

Martin Ritchley, chief executive of the society, said, “The buy to let market is gathering pace with total lending now worth an estimated £10 billion. This is now a high profile sector of the market and feedback from customers indicates that we have an opportunity to extend our product range into this growing area.

“The demand for rental property is increasing and we see this as the perfect time to launch highly competitive buy to let products - for those who are entering the market for the first time or those who wish to move from their existing lender to a more attractive deal with the Coventry.”

The society is offering a fixed rate of 5.95 per cent until March 2003. The rate then reverts to the base rate set by the Bank of England plus 1.25 per cent. The society is also offering a base rate tracker at a rate of 5.75 per cent until March 2004. Once the offer period is over, the rate will revert to the Bank of England’s base rate plus 1.25 per cent.