Coventry for intermediaries widens new build criteria.

Building on their purpose to support wider home ownership. Coventry for intermediaries has updated their lending criteria on new build properties.

Changes to criteria include:

  • Up to 90% LTV on new build residential houses
  • Allowing financial incentives of up to 10% of the purchase price, with the first 5% not being deducted from the purchase price
  • Mortgage offers valid for nine months, plus option to extend for a further three months
  • Brokers can also choose from any product in their residential or BTL range, which could include cashback and no-fee product options.

Ben Williams, Corporate Account Manager at Coventry for intermediaries says “We recognise that new build properties are a key component to a vibrant housing market. They can be a great choice for first time buyers and are often more environmentally efficient. Our new build proposition has been developed with brokers and admins in mind. They can apply for an offer extension up to 30 days before expiry and we won’t request a client signature or involvement from your conveyancers.

We have a dedicated new build team to support brokers with their applications or alternatively they can contact their BDM or TBDM. All new build applications will be reviewed by a specialist team of underwriters applying a common sense approach”.

For more information visit New build