Coventry for intermediaries reduces rates on BTL mortgages
Coventry for intermediaries have announced they’ve reduced rates across their BTL product range at 70% LTV and below by 10 basis points. Products are available at 2 and 5 Year Fixed and the range includes no product fee options. They’ve also reduced the rates on their Portfolio Landlord range.
Highlights of their competitive new range include:
- 2.15% 2 Year Fixed to 31.07.23 with ERCs until 31.07.23. 65% LTV, no product fee. (Available for purchase, remortgage, product transfer and further advance)
- 1.89% 5 Year Fixed to 31.01.27 with ERCs until 31.01.27. 65% LTV, £1,999 product fee. (Available for purchase, remortgage, product transfer and further advance)
Jonathan Stinton, Head of Intermediary Relationships, said: “This is good news for intermediaries and their landlord clients as our Buy to Let range is now even more competitive. With many large Buy to Let maturities due soon, this will help to support the market.
“Plus, as with all our Buy to Let mortgages, there’s no minimum income requirement and includes a standard valuation fee up to £700.”
Changes to our affordability model
We’ve recently updated our affordability calculator and widened some of our lending policy.
- We’ve improved our income multiples for loans with an LTV greater than 90% from 4 to 4.49 times. Changes are effective from 13 May 2021. Any pipeline applications will proceed onto the higher amount.
- We’ll now accept annual bonuses – 50% of the average of the latest 2 year’s annual bonus, or 50% of the most recent year’s annual bonus figure, if lower
- And also, 50% of regular bonus payments will be accepted for affordability purposes – the last 3 month’s evidence must be provided to show a consistent level of earnings.
|Try our affordability calculator|