The lender, which is the broker-facing arm of Coventry Building Society, has made it easier for people to borrow more by updating its residential affordability calculator and reducing its buy-to-let reference rates.
Most residential applicants will now be able to borrow more, according to the lender.
The new buy-to-let reference rates are either 4.5% or the pay rate (whichever is higher), or 5.5% for two-and three-year fixed and variable rates for purchases or remortgages with additional borrowing.
Jonathan Stinton, head of intermediary relationships at Coventry Building Society, said: “These affordability changes will give many people a welcome boost to their borrowing. Our online calculators have now been updated, so brokers can just tap in a few numbers and easily find out how much their clients can borrow.
“We’ve also recently rolled out some great new features on our online system, making placing a case with us easier than ever. The significant investment in this technology and the enhancement to our affordability shows how we’re aiming to make business with us as simple as possible.”
