Coventry Building Society

Coventry Building Society offer residential and buy to let mortgages for property all over the UK. They offer competitive rates and great customer service. Read more about Coventry Building Society lending criteria

Your Mortgage Enquiry

Self-Employed: Sole Traders

Coventry lends to self-employed sole traders. To qualify for a mortgage, you'll typically need to provide at least two years of tax returns and accounts. These documents will help assess your income stability and financial health. It's important to note that the specific requirements may vary depending on individual circumstances.

Read more about Mortgages for Sole Traders

Self-Employed: Limited Company Directors

Coventry also offers mortgage options for self-employed limited company directors. In general, you'll need to provide at least two years of company accounts and personal tax returns. The lender will assess your income based on your share of the company's net profit after deduction of Corporation tax.

IT Contractors

IT contractors can often qualify for mortgages through Coventry . The lender will typically require at least one year of continuous experience contracting. However if there is less than 6 months on the current contract then evidence of 2 years experience may be required. It's advisable to have a consistent income history to increase your chances of approval.

Read more about Mortgages for IT Contractors

How Much Will Coventry Lend?

The amount Coventry will lend depends on various factors, including your income, credit history, and the deposit available. As a general rule, lenders typically offer mortgage loans up to a certain multiple of your annual income. The multiples apply to your provable annual income and start at about 4.5 x's your annual income. However, this can vary based on individual circumstances. Coventry use an affordability calculator to establish how much they are prepared to lend.

First-Time Buyers:

Coventry often participates in government-backed schemes designed to help first-time buyers get on the property ladder. These schemes may include Help to Buy

Foreign Nationals: Mortgage Applicants should have evidence of at least 2 years residency and employment history in the UK prior to any mortgage application.

In addition Foreign Nationals should have indefinite rights to live and work in the UK.

If you are a foreign national and have a VISA then we may be able to help with other lenders. Please get in touch by filling in our enquiry form

Coventry Joint Borrower Sole Proprietor

This type of mortgage may be able to help applicants who are struggling with affordability

Coventry DONT offer Joint Borrower Sole proprietor mortgages.

Read more about Joint Borrower Sole Proprietor mortgages here

Coventry Let to Buy

Coventry will consider the onward purchase of the new residential subject to normal lending policy. The background property will be ignored but will need to be on a BTL basis BEFORE OFFER - ie need copy of offer letter or consent to let from existing lender.

Remortgage of current residential on to BTL is not acceptable. Once an applicant has let the property for a period of 6 months, property considered a BTL.

Coventry Interest only

Coventry will consider an interest only mortgage application

There is no minimum income requirement, but applicants must have sufficient income to support an equivalent repayment mortgage and meet the repayment affordability checks

All new applications on an Interest only basis must have a maximum loan to value of 50% and there must be a minimum of £300,000 equity remaining at completion regardless of the applicants chosen repayment plan.

An acceptable repayment strategy must be in place and only pre-existing repayment plans that have been in existence for at least 12 months at the time of application are allowed, the only exception is the Sale of other unencumbered UK residential property.

Coventry Expatriate Mortgages

Coventry does not currently accept Mortgage applications from Expatriates who are living abroad. However we are able to help in many cases with other lenders. Please read more under Mortgages for Expatriates

The information provided on this site is provided for information only. You should NOT rely on the information. We recommend you contact us to discuss any new mortgage enquiry