Coventry Update - Brilliant Solutions

Coventry have announced an intermediary update which is available below. Coventry and Godiva products are available through our direct to lender mortgage club so contact our team to find out how we can help you and our business with our mortgage support.

Coventry have also released an update here.

Announcement

Introducing our new Interest-only mortgages

Our new Interest-only mortgages could be a great choice for your residential clients who want more control and flexibility over their finances.

Lending criteria at a glance:

No minimum income requirement – but your client must have sufficient income to support an equivalent repayment mortgage and meet our repayment affordability checks.
A maximum of 50% LTV and a minimum of £300,000 equity left in the property after the mortgage amount required has been taken into account.
Evidence of an acceptable repayment plan – this could be the sale of investments or a property, or a pension lump sum and must be based on current value, not projected forecasts.

What’s new?

We have 2 and 5 Year Fixed rate Interest-only products available, including our Interest-only Offset, a mortgage that combines the freedom of Interest-only with the flexibility of our simple Offset.

Product highlights:

Interest-only

2 Year Fixed – 1.47% to 31.12.22 – £999 fee (ERCs apply)

5 Year Fixed – 1.95% to 31.12.25 – £0 fee (ERCs apply)

Interest-only Offset

2 Year Fixed – 2.29% to 31.12.22 – £0 fee (ERCs apply)

5 Year Fixed – 2.15% to 31.12.25 – £999 fee (ERCs apply)

To find out which of your clients may suit an Interest-only mortgage and to take a look at the criteria overview, case studies and important information, go to the dedicated Interest-only pages on our website.

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