Coventry BS to consider bonuses in affordability

Coventry Building Society have today announced two key changes to their affordability calculator, effective from today.

Related topics:  Mortgages
Rozi Jones
12th December 2014
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They have announced improvements to their general lending approach, which has increased the amount they will lend in many cases.

Additionally, the Society have loosened their affordability requirements for borrowers who receive an annual bonus.

The lender will now accept 50% of the average of the latest two years' annual bonus, or 50% of the most recent year's figure if lower.

They also recently announced rate reductions on high LTV 2 and 5 year fixed rate mortgages.

The new range offers 2 year fixed rates at 2.59% (reduced from 2.75%) at 85% LTV, and 3.39% (reduced from 3.65%) at 90% LTV.

Coventry are also offering five year fixes at 3.69% (reduced from 3.79%) at 85% LTV, and 4.35% (reduced from 4.49%) at 90% LTV.

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