This includes updates to the affordability assessment, so some borrowers may be able to access more.
The lender has also upped the maximum loan amounts to £3m for residential applications and £1.5m for buy-to-let (BTL) applications.
Coventry Building Society has also increased maximum loan-to-value (LTV) limits across the residential and BTL ranges and upped the LTV limits for self-employed capital raising to 75%.
The changes are effective immediately.
Jonathan Stinton, head of intermediary relationships at Coventry Building Society, said: “We’ve made these changes to ensure our criteria remains competitive and continues to meet the needs of brokers and their clients. By increasing maximum loan amounts and LTV limits, we’re making it possible for more borrowers to access the funding they need.
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“We know how important it is for brokers to have lenders they can rely on, which is why we’re committed to evolving our criteria in ways that make their job easier. These updates are part of our ongoing commitment to support our intermediary partners and to provide solutions that genuinely work for their clients.”
Clydesdale Bank adds discount variable rate deals
Clydesdale Bank will launch new discount variable rates, which will support customers choosing a variable rate with no early repayment charge (ERC).
This includes two-year discount products, which will begin from 3.99% for loans under £1m.
Clydesdale Bank will withdraw its two-year discount offset products, including its 80% LTV deal at 5.19% for loans less than £1m.
The firm added that for new BTL customers, the offset variable investment housing loan rate will cease to be available as an on-sale product and the current rate will stay at 7.49%.
Applications for products that are about to be withdrawn should be submitted by 8pm on 5 October and the new discount variable rates will be available from 6 October.
Earlier this week, the bank – along with Virgin Money and Nationwide – announced changes to its board following the acquisition by Nationwide last year.
