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.
We’re updating our Portfolio Landlord lending criteria
When assessing a client’s total portfolio (of up to 10 mortgaged properties) we will be applying a single ICR of 145% regardless of tax status or income level.
Any individual property being mortgaged with us will still be able to use the lower ICR of 125% if the applicants fit the criteria.
Changes will come into effect from Thursday 20 April.
To secure a client’s application using the current ICR policy on the total portfolio, a full mortgage application must be submitted by 8pm on Wednesday 19 April. Applications received after this time will be assessed with the updated ICR.
We’re updating our rates
In line with our commitment to give you two days’ notice of product closures, we will be closing products at 8pm Thursday 20 April.
We will be launching new products at 8am Friday 21 April.
Here’s what’s changing:
Owner-Occupied (new business, porting, further advances and product transfers)
- Increasing all New Business 80% LTV Fixed rates
- Reducing all Offset, Interest-Only & Offset Interest-Only rates (incl. Existing Client rates)
Buy to Let (new business, porting, further advances and product transfers)
- No changes to the range.
New business cases
Remember, an AIP does not secure a closing product. If an AIP refers, we can’t guarantee we’ll be able to review it before the product is closed.
So, if your AIP does refer, you should copy the case and click through to full mortgage application to secure the product. Applications received after 8pm Thursday 20 April will not be accepted.
Product transfers
For product transfers the following will apply:
Online product transfer cases will need to be fully submitted by 8pm Thursday 20 April.
Product transfer paper application packs already provided need to be fully completed, signed by all applicants, and returned by 8pm Thursday 20 April.
Pending product transfer paper application packs and requests received between today’s date and 8pm Thursday 20 April need to be fully completed, signed by all applicants, and returned within 48 hours of the date of illustration.