Repaying your mortgage

The maximum mortgage term is usually 35 years. Mortgages backed by a pension, PEP or ISA can have a term of up to 40 years. Mortgages cannot run beyond your 75th birthday, but please remember it is your responsibility to ensure that you have adequate arrangements in place to continue making your monthly repayments after your retirement.

Capital and interest mortgages

Sometimes called repayment mortgages your monthly payments go towards paying off both the interest and the original amount you borrowed (the capital). Keep up-to-date with your mortgage payments and you're certain to clear your mortgage at the end of its agreed term.

Interest-only or investment backed mortgages

With this option you only pay mortgage interest to us each month. The loan is repaid at the end of the mortgage term from the proceeds of an investment, such as an endowment, pension, PEP or ISA. Premiums for the investment are paid to an investment or insurance company.

Remember, that the value of any investment is subject to market performance and can go down as well as up, so there is no guarantee that the mortgage will be repaid in full at the end of the term.

With an interest-only mortgage you are responsible for ensuring that there are adequate arrangements in place to repay your mortgage at the end of the term. You must have a suitable repayment plan in place for at least 12 months before applying for a mortgage with us.

Early repayment of a mortgage, early surrender of an investment or changes in personal circumstances can have adverse financial consequences, depending on the type of mortgage or investment you have.

In most cases, an endowment policy provides automatic life cover. However, we strongly advise you to consider separate life cover if you are saving into an ISA or intend to use a PEP to repay your mortgage.

Paying in sort code details

Please find below the details you need to make additional payments to your mortgage. Please check your mortgage terms and conditions prior to making an additional payment.

This sort code allows payments in via BACs, Faster payments, Telegraphic transfer and Bank Giro.

Sort Code: 40-18-17

Bank Account Number: 61172840

Reference: Customers full Coventry mortgage account number

Your home may be repossessed if you do not keep up repayments on your mortgage.

Coventry Building Society is authorised and regulated by the Financial Services Authority (FSA reference no: 150892 www.fsa.gov.uk). The Society is a member of the Building Societies Association. This site is intended for UK residents only. Coventry Building Society. Registered Office: Economic House, PO Box 9, High Street, Coventry CV1 5QN.

Our advisors are available Monday to Friday 8am-8pm, Saturday 9am-5pm, Sunday 10am-4pm, telephone self-service available 24 hours a day, 365 days a year. Contact your service provider for details of call charges, as costs may vary. To maintain a quality service, calls made to and from Coventry Building Society may be monitored and recorded.