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Coventry unveils portfolio landlord lending plans

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Coventry for Intermediaries has released the details of how it will underwrite portfolio landlord applications from September.  

The lender will bring in a downloadable form  for portfolio applications. 

This will capture information including the value of each mortgage, monthly mortgage repayments, monthly rental amounts and estimated property values. 

Coventry will apply a maximum LTV of 65 per cent across the whole portfolio. 

The firm will set a minimum ICR of 125 per cent across the whole portfolio, including properties mortgaged with other lenders. It will use a reference rate of 5.5 per cent. 

No single property will be allowed below an ICR of 100 per cent. 

Portfolio landlords must have acquired their first buy-to-let property more than 24 months before the current application.  

No more than three properties should have been bought within the last 12 months. 

Coventry for Intermediaries director of intermediaries Kevin Purvey (pictured) says: “While intermediaries are adjusting to our new approach to portfolio landlords, we will of course be here to help.  

“Brokers can visit our website for full details of the changes to lending policy and the application process, or call the intermediary support team.”

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