The changes will be effective from today and pipeline applications will be switched onto the new criteria.
The mutual will also now accept annual bonuses of 50 per cent of the average two years’ bonus income, or 50 per cent of the most recent year’s annual bonus income, if the two-year amount is lower.
Additionally, 50 per cent of regular bonus payments will be accepted for affordability assessments and three-month accounts must be provided to show a consistent level of earnings.
Jonathan Stinton (pictured), head of intermediary relationships at Coventry Building Society, said: “Increasing the income multiples and allowing more flexibility on bonuses will increase the options available to those clients who want to get onto the property ladder.
“Building up a deposit for a mortgage is one of the bigger challenges facing buyers and this has been made all the more difficult with such strong market demand and rising property prices.”
He added: “We’ve consistently supported the market at higher LTVs and these extra measures will help to broaden the choices for those with smaller deposits who are looking to buy now.”