Coventry for Intermediaries has made a number of changes to its buy-to-let proposition. These include upping the number of buy-to-let mortgages allowed with the group from three to five, increasing the aggregate loan limit on all rental properties from £1m to £2m, and increasing the maximum loan amount at 50 to 75 per cent loan-to-value from £500,000 to £750,000.
Coventry has also increased the income threshold for 125 per cent interest cover ratio from less than £42,500 to less than £49,000.
The society has also introduced a mortgage range specifically for landlords with four or more mortgaged buy-to-let properties in total, either together or separately.
Coventry Building Society director of intermediaries Kevin Purvey says: “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.”