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Coventry BS overhauls LTV limits but progresses pipeline

  • 27/03/2020
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Coventry BS overhauls LTV limits but progresses pipeline
Coventry Building Society has cut the maximum loan to values (LTVs) it will accept on residential and buy-to-let mortgage applications as surveyors face restrictions on physical property inspections.


However it has committed to proceeding with all pipeline cases by using a non-physical valuation on all residential and buy to let cases regardless of LTV.

This applies to all pipeline business submitted up to and including 26 March, where a valuation has not already taken place.

For residential flats it will no longer be accepting mortgage applications above 50 per cent LTV, while for houses, the society has increased the maximum allowable LTV for non-physical valuations to 85 per cent.

Applications with an LTV over 85 per cent will be accepted and processed to the point of valuation, when they will be put on hold until a physical valuation can happen. 

Coventry will still accept applications for buy to let purchases and these will be processed to the point of valuation then put on hold. 

The society will allow non-physical valuations for buy to let remortgage applications up to a maximum LTV of 75 per cent for houses and 50 per cent for flats.   

These changes are effective from 27 March. 


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