ResidentialMar 16 2018

Coventry increases mortgage LTV limits

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Coventry increases mortgage LTV limits

Coventry for Intermediaries has increased loan-to-value limits on mortgages up to £2bn, as well as changing the maximum loan amounts for purchases, remortgages and further advances.

The building society, which is the UK's seventh biggest lender, will now lend at 95 per cent loan-to-value on purchases of less than £250,000, 90 per cent loan-to-value up to £500,000 and 80 per cent loan-to-value on properties from £750,000 up to £1m.

The group will lend at 75 per cent loan-to-value on properties worth between £1m and £1.25m, and 65 per cent loan-to-value on properties valued at more than £1.25m and up to £2m.

Kevin Purvey, director of intermediaries at Coventry for Intermediaries, said: "Given the continuing increase in property prices we felt it was important to make some changes.

"This will make larger loans available to even more clients.

"We want to keep things as straightforward as possible, so our underwriting process is the same for all sizes of loan. And as we have also removed any upper limit on procuration fees, brokers will be paid on the full loan amount, just as they are now."