Coventry for intermediaries has changed its loan-to-value limits on mortgages up to £2m.
The society will now lend up to 90% loan-to-value on loans from £250,000 to £500,000, with it previously lending to 90% LTV from £250,000 to £400,000.
Previously it lent up to 75% LTV from £1m to £2m, but it will now only lend up to 65% LTV from £1.25m to £2m.
Kevin Purvey, director of 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’ve also removed any upper limit on proc fees, brokers will be paid on the full loan amount, just as they are now.”
Coventry’s full lending policy is detailed below:
|Loan Amount||Purchase||Remortgage||Further Advance|
|All Cases||No Additional Borrowing||With Additional lending||All Cases|
|>£1.25m up to £2m||65%||65%||65%**||65%**|
|>£1m up to £1.25m||75%||75%||75%**||75%**|
|>£750k up to £1m||80%||80%||75%**||80%**|
|>£500k up to £750k||85%||85%||75%**||85%**|
|>£250k up to £500k||90%||90%||75%**||90%**|
|Up to £250,000*||95%||95%||75%**||95%**|
* The maximum loan for specific First Time Buyer Products is £250,000
** If the property is unencumbered or there is less than £5,000 outstanding on the current mortgage the maximum LTV is 50%