Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Strategy. Read the original article for full details.
Coventry for Intermediaries Raises Lending Limits for First-Time Buyers
Coventry for intermediaries has introduced new measures to support first-time buyers, allowing eligible customers to borrow up to 6.5 times their income. The new loan-to-income (LTI) multiples are available for residential purchases up to 95% loan-to-value (LTV).
To qualify, sole applicants must have a minimum income of £30,000, while joint applicants require a combined income of at least £50,000. All applications remain subject to the lender’s affordability assessment.
The lender has also increased lending limits for new-build properties. The changes now allow lending of up to 95% LTV on owner-occupied new-build houses, up to 85% LTV on owner-occupied new-build flats, and up to 75% LTV on buy-to-let new-build flats.
These updates may be relevant to letting agents and inventory clerks monitoring trends in first-time buyer activity and new-build property transactions.
Source: Mortgage Strategy