Coventry 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% LTV).
No minimum income requirement below 65% LTV.
Minimum income requirement over 65% LTV – 20,000 per application.
Maximum loan amount per property doubled to 1m.
Maximum number of properties increased from five to 10 up to a total value of 2m.
Minimum age requirement reduced from 25 to 21 years.
Time in employment requirement reduced from six to three months.
Julie Jones, head of intermediary sales at Coventry, says: 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.