Coventry for Intermediaries has enhanced the number of buy-to-let mortgages permitted with the group from three to five, doubled the maximum aggregate loan limit allowed on all rental properties from £1m to £2m, increased the maximum loan amount at 50% to 75% loan-to-value (LTV) from £500,000 to £750,000, while also improving the income threshold for 125% interest cover ratio from less than £42,500 to less than £49,000.
In addition, the society has introduced a mortgage range aimed specifically at BTL landlords with four or more mortgaged buy-to-let properties in total, either together or separately.
Kevin Purvey, director of intermediaries at Coventry Building Society, commented: “We’ve made these changes so that brokers can bring more of their buy-to-let clients to us, and benefit from the simplicity that we bring to the market.
“Our offering for portfolio landlords is particularly straightforward. We don’t ask portfolio landlords for a business plan; instead, there’s just one portfolio document to complete which allows us to underwrite the case immediately. And our new range of products specifically for portfolio landlords further supports the proposition.”