These are the basic criteria for our Buy to let mortgage range.

Eligibility rules

In addition to our general lending policy, to be eligible for a Buy to let mortgage the following apply:

You must be aged 21 or over and a UK property owner.
You must have been in continuous employment for at least 3 months or more. Or have been self-employed for a minimum of one year.
The maximum number of rental properties you can have is three with the Coventry BS Group*. A maximum of ten properties can be held with all lenders.
The maximum loan limit is £1 million in total with the Coventry BS Group*.
Your property may be let to individuals on an assured short hold tenancy basis or to companies on a corporate let.
Maximum of 4 bedrooms per property.
Properties with more than one kitchen, or designed or converted for multiple occupancy are not normally considered.
Properties for student lets will be considered.

*The Coventry BS Group consists of Coventry Building Society and Godiva Mortgages Limited.

How much can you borrow?

The amount you can borrow depends on your deposit. The minimum deposit is 15% (unless otherwise stated).

Borrow up to £300,000 when you have a deposit of 15% of the purchase price.
Borrow up to £350,000 when you have a deposit of 20% of the purchase price.
Borrow up to £1,000,000 when you have a deposit of 25% of the purchase price.

Rental income

We need to consider the amount of rental income you will earn when we lend to you. The amount of rental income you need to earn to be eligible for our Buy to let range depends on the loan to value of your mortgage.

Rental income

Loan to Value (LTV)	Rental income required.
Below 50% LTV	No details of rental income required.*
From 50% LTV to 65% LTV	Minimum of 100% of your monthly mortgage interest.
Above 65% LTV	Minimum of 120% of your monthly mortgage interest.

*For properties of less than 50% LTV we do not require any minimum rental income, however it is your responsibility to ensure any mortgage payments are met and that your mortgage account does not go into arrears.

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Coventry Building Society is authorised and regulated by the Financial Services Authority (FSA reference no: 150892 www.fsa.gov.uk). The Society is a member of the Building Societies Association. We introduce only to the Norwich Union Marketing Group, members of which are authorised and regulated by the Financial Services Authority. This site is intended for UK residents only. Coventry Building Society. Registered Office: Economic House, PO Box 9, High Street, Coventry CV1 5QN.

Our telephone advisors are available: 8am to 8pm - Monday to Friday, 9am to 5pm - Saturday, 10am to 4pm - Sunday (Opening hours are subject to change on bank holidays). Calls cost 5p per minute, maximum for BT customers. Non-BT customers should contact their service provider as costs may vary. To maintain a quality service, we may monitor or record phone calls. Information correct as at 1st January 2008.