Coventry launches buy-to-let deals

Coventry is launching three buy to let mortgage products.

At the same time, it is making changes to its buy-to-let lending policy which will make it easier for introducers to access the Coventrys products for their clients.

The first product is a two-year buy-to-let product at 4.99% fixed until December 31 2007, then +0.75% BBR tracker for the term of the mortgage.

The second product is available at 5.14% and is fixed until December 31 2007, then +1% BBR tracker for the term.

The final product is a 5.20% Flexx and is guaranteed to be no more than 2% above SVR for term.

All products have a 250 booking fee payable on application, a 475 arrangement fee added on completion and a free valuation.

The society will no longer require rental income assessment up to 50% LTV.

This change to lending policy is based on feedback from the market place.

In addition, from 50% LTV but below 65% LTV, a minimum of 100% of the monthly mortgage interest will be required and above 65% LTV, a minimum of 130% of the monthly mortgage interest will be required.

Julie Jones, head of intermediary sales at the Coventry, says: “Our buy-to-let mortgages continue to attract significant interest and we have improved our market share in the first half of 2005.

“We are now offering highly competitive products and the changes in policy will enable us to offer a swifter process to those landlords with a sizeable deposit and will encourage introducers to recommend these products to their clients.”