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Coventry BS temporarily limits LTVs to 65 per cent

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  • 27/03/2020
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Coventry BS temporarily limits LTVs to 65 per cent
Coventry Building Society has withdrawn all mortgage products above 65 per cent loan to value (LTV), although it has retained its full product transfer range.

 

In a statement the lender said it has made the decision to temporarily withdraw all residential, buy to let and further advance mortgage products above an LTV of 65 per cent with immediate effect.

“The ever-changing Coronoavirus situation and its impact on the market has led to the decision, to enable the society to maintain support to brokers and customers while also following official guidelines to ensure the safety and wellbeing of its employees,” it said.

“The changes are temporary, but will allow the society to continue to support the unprecedented number of requests from customers who require payment holidays, and process mortgage offer extensions for those in need,” it added.

Illustrating the fast-evolving situation at the moment, earlier in the day the mutual told Mortgage Solutions that it would be accepting applications of up to 85 per cent LTV.

 

 

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