Coventry for intermediaries has unveiled a series of lending criteria changes aimed at giving brokers greater flexibility and opening up borrowing options for clients.
The updates, which take effect immediately, include revisions to the affordability assessment that could enable some applicants to borrow more, alongside significant increases in maximum loan sizes.
Residential loans can now reach up to £3m, while buy-to-let borrowing has been lifted to £1.5m.
Loan-to-value limits have also been raised across both residential and buy-to-let lending, with self-employed borrowers able to capital raise up to 75% LTV.
Jonathan Stinton, head of intermediary relationships at Coventry Building Society, said the changes were designed to strengthen the lender’s appeal to brokers.
“We’ve made these changes to ensure our criteria remains competitive and continues to meet the needs of brokers and their clients,” he said.
“By increasing maximum loan amounts and LTV limits, we’re making it possible for more borrowers to access the funding they need.
“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.”