Coventry for intermediates announces changes to their affordability model
Coventry for intermediaries have updated their affordability calculator, widening some of their lending policy.
- They’ve improved their income multiples for loans with an LTV greater than 90% from 4 to 4.49 times. Changes are effective from 13 May 2021. Any pipeline applications will proceed onto the higher amount.
- They’ll now accept annual bonuses - 50% of the average of the latest 2 year’s annual bonus, or 50% of the most recent year’s annual bonus figure, if lower
- And also, 50% of regular bonus payments will be accepted for affordability purposes - the last 3 month’s evidence must be provided to show a consistent level of earnings.
Try out their calculator now