Coventry for intermediaries has made positive changes to its residential affordability calculator.
It has also reduced its buy-to-let reference rates.
The lender states that residential applicants will be able to borrow more, subject to eligibility, with online affordability calculators able to give the exact amount.
The new buy-to-let reference rates are now as follows:
- 4.5% (previously 4.75%.) for 5 year fixed rates, for purchase and remortgage applications – or product pay rate (whichever is higher)
- 4.5% (previously 5%) for 2 and 3 year fixed and variable rates, for remortgages with no additional borrowing – or product pay rate (whichever is higher)
- 5.5% (previously 6.5%) for 2 and 3 year fixed and variable rates, for purchases and remortgages with additional borrowing – or product pay rate +2% (whichever is higher)
Last month the lender also added new functionality to its online system, enabling brokers to submit more cases via the MSO platform. Cases submitted using this system typically go to offer one day quicker than non-MSO cases, the lender says.
Jonathan Stinton, head of intermediary relationships at Coventry Building Society, said: “These affordability changes will give many people a welcome boost to their borrowing. Our online calculators have now been updated, so brokers can just tap in a few numbers and easily find out how much their clients can borrow.
“We’ve also recently rolled out some great new features on our online system, making placing a case with us easier than ever. The significant investment in this technology and the enhancement to our affordability shows how we’re aiming to make business with us as simple as possible.”
