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FOR INTERMEDIARY AND PROFESSIONAL ADVISORS ONLY. NOT FOR CONSUMER USE.

Coventry intermediaries logo0800 121 7788 Monday to Friday 9am - 6pm

Did you know your clients could now borrow more?

Here's why

We’ve changed our affordability model to benefit more of your residential clients. These enhancements could make a real difference to how much your clients could borrow, especially those earning from £25,000 to £70,000.

What's new?

Expenditureexpenditure
Our expenditure modelling changes mean your clients could borrow more.
Child benefitchild benefit
Our affordability model now takes child benefit into account when calculating the maximum loan amount.
Financially independent adultsfinancially independent adults
If there are financially independent adults living in the property, we will no longer be taking their living costs into account.
Check for yourself
If you've got any cases you didn't think we'd lend on before, there's even more reason to try our affordability calculator now. It's the same one used by our underwriters so you'll get an accurate and reliable result every time.

How it works

These examples show how much difference the changes will make.

Scenarios based on an average UK council tax and 4% pension contributions for employed applicants.
  Example 1 Example 2 Example 3
Household income£ 70,000
App 1 - £70,000
App 2 - £0
£ 43,500
App 1 - £26,500
App 2 - £17,000
£ 30,000
App 1 - £30,000
Employment status App 1 employed
App 2 house manager
Both employed App 1 employed
Applicant ages 38 38 38
Outgoings None £350 p/m on credit card and personal loan £250 p/m bank loan
Applicants 2 2 1
Dependants under 12 2 2 1
Mortgage term 25 years 25 years 25 years
Purchase price £600,000 £180,000 £125,000
LTV 50% 90% 90%
Max borrowing in Jan 2018 £278,500 £156,200 £97,700
Max borrowing now* £311,200 £179,800 £115,900
% increase in max loan amount 11.7% 15.1% 18.6%
Borrow an extra £32,700 £23,600 £18,200
       

Try our affordability calculator

And see for yourself how much more your clients could borrow.

*As at June 2018 and subject to lending policy.