Coventry raises maximum mortgage loan size up to £2 million
Coventry Building Society has increased its maximum mortgage loan size from £1 million to £2 million.
The lender unofficially provided £1 million+ loans previously, but mainly through brokers who got applications agreed manually. The £2 million maximum loan size rule did not show on mortgage sourcing systems or in the lender's acceptance criteria.
Aaron Strutt, product director at Trinity Financial, says: “Coventry regularly offers attractive fixed and tracker rates and has a range of offset mortgages. The lender is popular with self-employed applicants because it can use their latest year's figure on their tax return.
“It is quite surprising how many of the building societies provide larger mortgages and undercut the big banks to attract wealthier borrowers.”
Coventry Building Society, which is the UK’s seventh largest lenders, will lend at 65% loan-to-value (ltv) up to £2 million, 75% ltv to £1.25m; 80% ltv to £1m; 85% ltv to £750,000, 90% ltv to £500,000 and 95% ltv to £250,000.
The society provides a free valuation for properties valued up to £1 million.
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