The Coventry makes raft of BTL changes

The lender has introduced a new range designed specifically for landlords with four or more mortgaged buy to let properties in total, either together or separately.

It has also increased the number of BTL mortgages allowed with the Coventry Building Society group from three to five per household, as well as increasing the aggregate loan limit on all rental properties mortgage to them from £1 million to £2 million.

Other changes include increasing the maximum loan amount at 50-75% LTV from £500,000 to £750,000 and increasing the income threshold for 125% ICR from less than £42,500 to less than £49,000.

Kevin Purvey, 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.”