Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Solutions. Read the original article for full details.

Coventry BS Offers 6.5x Income Mortgages for First-Time Buyers

Coventry Building Society has introduced a new mortgage product allowing eligible first-time buyers to borrow up to 6.5 times their income. The lender will offer up to 95% loan to value (LTV) on owner-occupied new-build houses.

The new criteria require a minimum income of £30,000 for sole applicants and £50,000 combined for joint applicants. For new-build flats, Coventry Building Society will lend up to 85% LTV for owner-occupiers and up to 75% LTV for buy-to-let purchasers.

The mutual stated that these changes are designed to help first-time buyers maximise their borrowing potential and access a wider range of homes. The increased income multiple and higher LTV limits are intended to provide greater flexibility for those looking to get onto the property ladder, particularly for new-build properties.

This development may be of interest to letting agents and inventory clerks monitoring demand for new-build homes and buy-to-let flats, as the enhanced lending criteria could influence activity in these sectors.