Coventry widens buy-to-let criteria
Coventry for intermediaries has changed its criteria to make it easier to take out a buy-to-let mortgage with the society.
Coventry has increased the number buy-to-let mortgages allowed with the society from three to five per household, while it has increased the aggregate loan limit on all rental properties mortgaged to them from £1m to £2m.
Meanwhile the society has hiked its maximum loan amount at 50-75% loan-to-value from £500,000 to £750,000. And those with an income of less than £49,000 can now use an ICR of 125%, down from £42,500.
Coventry has also introduced a mortgage range specifically for landlords with four or more mortgaged buy-to-let properties.
Kevin Purvey (pictured), director of intermediaries, said: “We’ve made these changes so that brokers can bring more of their buy-to-let clients to us, and benefit from the simplicity that we bring to the market.
“Our offering for portfolio landlords is particularly straightforward. We don’t ask portfolio landlords for a business plan; instead, there’s just one portfolio document to complete which allows us to underwrite the case immediately. And our new range of products specifically for portfolio landlords further supports the proposition.
“Plus, we have a dedicated underwriting team to make the whole process smooth and seamless for brokers and their clients. It’s this straightforward process and consistent service that makes us the go-to option for many brokers. We’re delighted to now be better placed to help them look after their portfolio landlord clients.”