First time buyer Members' Mortgage

The Coventry First time buyer Members' Mortgage has been designed to help existing Coventry members or their (grand) children purchase their first property, by enabling them to borrow up to 90% of the purchase value of their new home.

In addition to this, within 10 days of the mortgage completing we will also send them a £500 IKEA gift card from Coventry Building Society to welcome them to their new home.

Eligibility

Your clients can apply for the First time buyer Members' Mortgage if they are looking to buy their first property and they or their (grand)parent/guardian have held a savings or current account (or in the case of a parent/guardian - a Coventry mortgage) with Coventry Building Society continuously for the last 3 years at the time you apply. In the case of joint applicants, only one applicant needs to be eligible.

Please remember that a Godiva mortgage does not give membership rights to Coventry Building Society and is therefore not eligible as qualification for this product.

You will need to confirm your client's membership eligibility before an application is submitted as upfront fees are non-refundable should an application be declined or cancelled.

All applications will be subject to our standard first time buyer underwriting criteria. It is your responsibility to ensure membership eligibility for this product - an AIP does not guarantee membership eligibility.

Find out more about this product

Applying for the Members' Mortgage

Once you have confirmed your client's eligibility for the Members' Mortgage, you will be able to produce a KFI and submit an application online. Please also remember to check that your client and the property they are purchasing meet our lending criteria before submitting an application.

If your client does not meet the eligibility requirements for the Members' Mortgage why not have a look at our other first time buyer products.

Confirming eligibility

In order to confirm your clients eligibility, you will need them or their (grand)parent/guardian (if their (grand)parent or guardian is the qualifying member) to complete a confirmation of eligibility form.

Once they have completed this form, you need to either:

• Send a scanned certified copy to us by secure email to intermediaries@thecoventry.co.uk
  (If you are not sure how to do this, see Send Secure service)
  
  
• Or return it to us by post to:
  Coventry Intermediaries Registrations
  Economic House
  PO Box 139
  Coventry
  CV1 5ZT

Please note we do not accept faxed copies of this form.

Once this form has been processed, you will receive confirmation via email that your client is eligible.

Confirmation of eligibility form