Buy to let lending policy improved at the Coventry

Coventry Building Society has made significant improvements to its buy to let lending policy with immediate effect.

Key highlights are:

Rental income requirement reduced to 120% (over 65% loan to value)
No minimum income requirement below 65% loan to value
Minimum income requirement over 65% loan to value - £20,000 per application
Maximum loan amount per property doubled to £1,000,000
Maximum number of properties increased from 5 to 10 up to a total value of £2,000,000
Minimum age requirement reduced from 25 to 21 years
Time in employment requirement reduced from 6 to 3 months

Commenting on the policy changes, Julie Jones, Head of Intermediary Sales said; “We are committed to this specialist and dynamic sector of the market and enhancing our lending policy only demonstrates this further. We will continue to remain competitive through both our policy and products, and believe these improvements will give greater flexibility to our introducers and their buy to let clients.”