All applicants must be aged 18 or over, and they must be no more than 85 years old at the end of the mortgage term. Applicants must apply before their 75th birthday for purchases and remortgages. There is no maximum age at application for further advances, porting or transfer of equity cases.

Buy to Let loans are not available to first time buyers. A first time buyer is defined as an applicant that has never owned a property.

First Time Landlords are acceptable.

All applicants must either own or have previously owned a property.

We require three years' UK address history for all applicants. Where an applicant is not able to provide three years’ UK address history, non-UK addresses should be recorded and the case reviewed on its own merits.

We allow up to four applicants on a mortgage application.

Applicants must currently be resident in the UK and have permanent leave to remain.

For foreign nationals (excluding Republic of Ireland) each applicant must have been granted indefinite leave to remain or right of abode to live and work in the UK or settled/pre-settled status to live and work in the UK. We will require one of the following documents as evidence:

• Valid Passport containing Indefinite Stamp
• Home Office letter with no expiration date
• Residence Permit showing Indefinite Leave to Remain
• Manual share code check showing Settled or Pre-Settled status – more information can be found here

In addition we require evidence of two years' residency history in the UK.

Applicants must not hold any level of diplomatic immunity.

We will carry out a credit check on all mortgage applicants as well as additional checks to verify the identity of the applicants. Please refer to our privacy notice for further details.

We will consider applications from applicants with previous CCJs, defaults or arrears, provided they do not exceed the limits in the Credit history matrix.

Credit history matrix

	Standard acceptable limits
Repossessions	Not acceptable
Bankruptcy	Acceptable if discharged for at least 6 years
IVA	Acceptable if completed for at least 6 years
CCJs in last 6 months	None allowed
CCJs over 6 months up to 3 years	Less than £250 satisfied or not
CCJs over 3 years old	Considered on an individual basis
Defaults in last 3 years Mortgages Secured loans Unsecured loans	Less than £250 satisfied or not
Defaults over 3 years Mortgages Secured loans Unsecured loans	Less than £1,500 satisfied or not, may be considered on an individual basis
Defaults in last 3 years Communications Mail order supplier Credit cards or store cards	Less than £250 satisfied or not
Defaults over 3 years old Communications Mail order supplier Credit cards or store cards	Less than £1,500 satisfied or not, may be considered on an individual basis
Arrears in last year on unsecured debt	1 month's arrears are allowed
Arrears in last 3 year on secured debt	1 month's arrears are allowed

Two forms of identification are required for each applicant - please see Identification and verification - acceptable documents

All documents used for verification must be originals or certified copies of documents that were originally printed at source and posted to the address of the applicant(s). Copies printed from the internet are not acceptable.

If you have examined the original document, you may certify the copy.

If you have not examined the original document, copies of original documents can only be certified by one of the following:

• Legal professional (solicitor registered in England and Wales, Northern Ireland or Scotland, barrister registered in England and Wales, Northern Ireland or Scotland or notary public registered in any country)
• Qualified accountant (registered with ICAEW, ICAS, CAI, ACCA, AAT, CIPFA or CIMA)
• Public sector official (serving officer of the Armed Services, serving police officer, teacher in current employment)
• Medical professional (doctor registered with the General Medical Council, dentist registered with the relevant national professional body)
• Post Office official (must include Post Office stamp or Post Office certificate)
• Embassy official (an embassy, consulate or high commission officer in the country of issue of the relevant document)
• Other (local government councillor, Member of Parliament, bank manager, building society manager or minister of religion).

Copies of original documents should have been certified within the last 12 months using the following words: ‘I confirm that I have seen the original document’.

The person certifying should be in current employment, but we will also accept certification from a person who has retired (unless the list above specifically indicates that the person should still be serving), provided they still hold the qualification (and are a member of the relevant institute).

The person certifying must not be related to you in any way e.g. spouse, partner, sibling, parent, child or in-law, and they must not be named as a joint account holder/borrower on your mortgage. You cannot certify your own identification.

Photographs of Physical Documentation

• Photographs of Physical Documentation for identification and verification can only be accepted by Society intermediaries and intermediaries admin.
• They must be in a PDF or TIF file format, with a maximum file size of 4MB. We do not accept JPEG files.
• CamScanner photo proofs are acceptable.
• If the proof is longer than one page they must be uploaded in one go on our Document Upload Facility, or send on one email using our secure email service.

Photo proofs must be certified by the intermediary/intermediary admin only, with direct access to the physical document. Standard security checks must be completed of physical documentation. Photo proofs must not be accepted from customers.

List A - Confirmation of identity (must show name and signature)

• Passport (UK or foreign) – current, valid and full
• Valid (UK or EEA) photocard driving licence (full or provisional)
• EEA member state identity card
• Full old style paper driving licence (UK) – current, signed
• DWP pension entitlement letter – valid for the current year

List B - Confirmation of address (must show name and address)

• Full or provisional UK photocard or old style paper driving licence – current, signed
• Bank/building society statement – less than 3 months old and not printed off the internet. Those issued by Coventry Building Society are not acceptable
• House insurance certificate – valid for the current year
• Council/local authority tax bill – less than 12 months old and valid for the current year
• Utility bills (i.e. gas, electricity, water) or cable/satellite/phone bill (excluding mobile phones) –  less than 3 months old and not printed off the internet

Please note, these lists are not exhaustive. Please contact the Intermediary Development Team on 0800 121 7788 (selecting option 2) for further clarification.

No minimum income is required.

Affordability is based on the applicable ICR calculation, therefore we do not require applicants to be in receipt of any earned income. See Rental Criteria section for more information.

Type of employment	Proof of income
Employed (including Limited Liability Partnerships paid via PAYE, Zero Hour Contracts)	Latest P60 and last month's payslip. If the applicant is employed by a family business or a family member we will require two months' bank statements. We may ask for further information as well.
Contracted Personnel (including zero hour contracts)	Latest contract.
Self Employed - Sole Trader, Partnerships (including Limited Liability Partnerships) and Sub-contractors	The latest year's HMRC Tax Year Calculation plus the Tax Overview documentation. Latest financial year should be no older than 12 months at the date of application. The documentation may show the latest financial year up to 18 months old at the date of application when supported with the latest three months' personal bank statements.
Directors with less than 20% share in the Company	Latest P60 and last month's payslip. If the applicant is employed by a family business or a family member we will require two months' bank statements. We may ask for further information as well. Where the applicant(s) has/have dividend income for the company they work for, we will request the latest year's HMRC Tax Calculation plus the Tax Year Overview documentation. The latest financial year should be no older than 12 months at the date of application. The documentation may show the latest financial year up to 18 months old at the date of application when supported with the latest six months' personal bank statements. Or A reference from the company accountant.
Directors with 20% or more share in the Company	Latest year's HMRC Tax Calculation plus the Tax Year Overview documentation. The latest financial year should be no older than 12 months at the date of application. The documentation may show the latest financial year up to 18 months old at the date of application when supported with the latest six months' personal bank statements. Or Accountant's Certificate covering the most recent one year's accounting period. Latest financial year should be no older than 12 months at the date of application. The Accountant's Certificate may show the latest financial year up to 15 months old at the date of application when supported with six months' personal bank statements. We will request the Certificate directly from the Accountant. Full DetailsOpens in a new window of our Accountant's certificate are available here.
Pension Income State Retirement Pension (SRP) Private pension Company/Occupational Pension Drawdown on pension fund Widow/Widowers' pension	At least one of the following are required where the applicant is already receiving the pension: Latest two months' bank statements showing monthly pension payment Latest annual statement from the provider (letter from the Department for Work and Pension for SRP) Latest Pension slip Latest P60 Documents provided should be no more than 12 months old.
Rental income	BTL portfolio document (PDF 643KB)Opens in a new window, or Latest year's HMRC Tax Calculation plus the Tax Year Overview documentation. The latest financial year shown on the documentation must be no older than 12 months as at the date of application. Where the proof of income is outside of this requirement, the documentation may show a latest financial year up to a maximum of 18 months old as at the date of application, if supported with the latest three months bank statements showing income received.

Accountant's certificates should be prepared by an Associate or Fellow of an approved accountancy body:

• Institute of Chartered Accountants (ICA)
• Association of Chartered Certified Accountants (ACCA)
• Chartered Institute of Management Accountants (CIMA)
• Institute of Financial Accountants (IFA)
• Association of Authorised Public Accountants (APA)
• Chartered Institute of Public Finance & Accountancy (CIPFA)
• Chartered Institute of Taxation (CIOT)
• Association of International Accountants (AIA)
• Association of Accounting Technicians (AAT)

The minimum rental income required from the property is established using the relevant Interest Coverage Ratio (ICR), based on the Society's applicable reference rate.

Rental income is assessed using the figure provided in the valuation report, based on the property being let on a single unfurnished AST agreement, to a sole occupant/single family or for up to four individuals on a single unfurnished AST agreement where the property is suitable for a single family unit occupancy.

^ Existing customers Porting/ToE with additional borrowing. LTV & or loan amount are increasing.

^^ Existing customers Porting/ToE no with additional borrowing. LTV & or loan amount are not increasing and the ICR is no lower than the most recent ICR assessment.

* Where the total loan has 5 years or more remaining on a fixed rate product at completion, the 5 years + fixed rate reference rate can be applied.

If your client is a Portfolio Landlord please see the specific criteria below for more information.

For all applicants: if all applicants declare their individual income is less than £49,000 each year (£42,500 if resident in Scotland), including all gross income, total gross monthly rental income on this application and all other investments. And they declare themselves to be Lower rate taxpayers*, the minimum rental income required is 125% of your client's monthly mortgage interest payment on a reference rate of up to 5.5%** based on the chosen product.

For any applicant: if any applicant declares their individual income is £49,000 or more (£42,500 or more if resident in Scotland), including all gross income, total gross monthly rental income on this application and all other investments. And declare themselves to be a higher rate tax payer* the minimum rental income required is 145% of your client's monthly mortgage interest payment on a reference rate of up to 5.5%**, based on the chosen product.

* Lower rate tax payers are: non or basic rate tax payers (basic/starter/intermediate rate if resident in Scotland). Higher rate tax payers are: higher or additional rate tax payers (higher/top rate if resident in Scotland)

** Where the total loan has 5 years or more remaining on a Fixed rate product the reference rate is currently 4.5%.

** Or for remortgage applications with no additional borrowing the reference rate is currently 5.0%

The property must be let on a single Assured Shorthold Tenancy (AST) agreement (England and Wales) Private Tenancy (PT) agreements (Northern Ireland), or a Private Residential Tenancy (PRT) agreement (Scotland) for a minimum term of 6 months.

In England and Wales, the maximum term for a tenancy agreement is up to 36 months; where the tenancy agreement is between 12 and 36 months a Department for Communities and Local Government (DCLG) model tenancy agreement must be used.

In Northern Ireland, the maximum term for a tenancy agreement is 12 months, and in Scotland, there is no maximum tenancy term.

The property must be let to either a:

• sole occupant
• single family unit
• maximum of four tenants
• corporate body*

* Where the property is let to a corporate body (this includes Educational Establishments, Housing Associations or Local Authorities), the maximum term of the tenancy agreement between the corporate body and the occupier(s) is 36 months (England and Wales) or 12 months (Northern Ireland). In Scotland, there is no maximum tenancy term. Where the property is in England or Wales and the term of the tenancy agreement between the corporate body and the occupier(s) exceeds 12 months, a DCLG model tenancy agreement must be used.

Any totals or limits refer to the Coventry Building Society Group, not per company.

The maximum number of rental properties a household can have in mortgage with us is five in total.

The maximum number of rental properties a household can have in mortgage with all lenders is ten.

The aggregate loan limit on all rental properties in mortgage to us is £2,000,000

Properties with more than one kitchen or designed or converted for multiple occupancy are not acceptable.

For more information see the HMO and Licenced HMO Properties section

Properties must be situated in England (including the Isle of Wight), Wales (including Anglesey) or Scotland (including the Scottish Isles).

Freehold

Freehold (also known as Feuhold, heritable or absolute ownership) tenure is acceptable for houses, bungalows and cottages in England, Wales and Scotland.

Freehold (including the previous Feuhold and Heritable Security Tenures) is the only acceptable tenure for properties in Scotland.

Leasehold

Leasehold tenure is acceptable for houses, bungalows and cottages in England and Wales.

Leasehold is the only acceptable tenure for flats and maisonettes in England and Wales.

Leasehold tenure is acceptable provided:

• No sub-leases have been created
• All of the properties within the block have a leasehold title
• The unexpired leasehold term must be at least 70 years at completion

Properties must be built of brick or stone with a tile or slate roof. For flats, we will also accept a flat mineral felt roof. The mortgage valuation will be used to confirm the suitability of the property.

Construction of brickwork

Single skin brickwork is only acceptable for garages and porches provided they are single storey, or a small proportion of the habitable area subject to valuer’s guidance.

Steel framed properties

We will consider steel framed properties provided that they were built on or after 1 January 1990. The cladding must be predominantly (67%) either brick or stone at all levels. Outer cladding specifically excluded includes large concrete panels, timber, plastic, metal sheeting, and tiles. However, areas of less than 33% of the total external wall area formed in these materials may be considered on their own merits provided that the remainder of the walls are constructed of an acceptable material.

Timber framed properties

Timber framed properties built after 1990 can have up to a maximum of four storeys considered.

• Houses, Cottages and Bungalows

  Timber framed properties built after 1945. Cladding must be predominantly (67%) of either brick or stone at all levels. Outer cladding specifically excluded includes large concrete panels, timber, plastic, metal sheeting, and tiles. However areas of less than 33% of the total external wall area formed in these materials can be considered on their own merits if the remainder of the walls are constructed of an acceptable material.

• Flats and Maisonettes

  Timber framed construction built pre 1995 up to two storeys maximum and post 1995 up to four storeys maximum. The outer skin must be predominantly (67%) either brick, concrete block or stone block at all levels.

Please note, the information above outlines our general construction criteria. If you have a specific query, please contact our Intermediary Development Team on 0800 121 7788 (selecting option 2).

Solar power panels

Applications where solar power panels are installed on the property being purchased, or remortgaged, are acceptable, subject to the valuer confirming the property is suitable security, and where the solar panels have a lease the acting conveyancer confirms that the lease is acceptable.

BTL properties in England, Wales and Scotland are required to have an Energy Performance Certificate (EPC) rating of ‘E’ or above, unless they are exempt from the regulation

Where the Valuer states that the property has an EPC rating of F or G a full retention is to be applied until the property has been brought up to a minimum E standard, or they are exempt from the regulation

Exemption details can be found at
Domestic Private Rented Landlord Guidance (PDF)Opens in a new window

Flats above shops are restricted to a maximum LTV of 75% and dependent on the nature of the business, we may not be able to lend at all.

We will not consider a mortgage application for ex-local authority flats or ex-housing association flats:

• Where there are more than five storeys.
• Where the flats are accessed via an external deck or 'balcony access'.

The loan to value on ex-council or housing association flats or maisonettes is restricted to 70%.

We also will not consider the following:

• Lending on freehold flats or maisonettes and studio flats/apartments
• Flats in a block of more than ten storeys
• Flats on the fifth storey or above in a block without lift access
• Where the property is in a multi-storey, multi-occupancy residential building (flats) with external wall systems (cladding) or external wall attachments (e.g. balconies) These are subject to review by our valuers who will use the latest RICS guidance on cladding as listed here.

  Where an EWS1 form is required, the property is only acceptable where the form is satisfactorily completed by a suitably qualified professional, and the valuer confirms that option A1, A2 or B1 has been selected and confirms that the property is suitable security. A list of the relevant professional bodies is available to download from the RICS website.

  We will not accept applications on properties that have been assessed as A3 or B2.

  We will not accept applications where a property is undergoing remediation in respect of fire safety issues with the external wall systems or attachments; works must be completed prior to application.

Maximum LTV, criteria, and definition for new build flats, can be found within new build properties (less than or equal to three years old, or first occupation).

Apartments, flats and coach houses

The maximum loan to value for a new build or converted apartment, flat or coach house is 50% LTV.

We define new build as properties that have been built within three years of the mortgage application or are properties to be occupied for the first time. This includes flat conversions where the number of flats in the development exceeds ten.

Houses

The maximum loan to value for a new build house is 85%. Please refer to the specific mortgage product details for maximum Buy To Let LTV limits.

We define new build as properties that have been built within three years of the mortgage application or are properties to be occupied for the first time.

Any new build properties must hold either:

• A Professional Consultant's Certificate (PCC) which is valid for the first six years, or
• An acceptable builder's guarantee which is valid for the first ten years
• Full details of acceptable guarantees and PCCs can be found by clicking here.

Second hand properties under ten years old must have been built with the benefit of an acceptable builder's guarantee scheme subject to the following exception:

• Where the property was built or converted within the past six years, we will accept the application if it was built with the benefit of a Professional Consultant's Certificate (PCC) where cover was valid for the first six years.

For both new and converted properties the legal representative must confirm:

• Building regulations' approval has been obtained
• Planning approval has been obtained and in the case of listed buildings, the relevant consents for changes to listed buildings have been obtained and that the works have been carried out in compliance with those consents

The vendor of any new property is required to disclose the full value of any incentive in connection with the purchase of the property.

Where we are notified of any incentives, the value of the incentives will be deducted from the purchase price to ascertain the net purchase price. The maximum loan and mortgage offer will be based on the net purchase price.

For purchase applications, the vendor must have owned the property for a minimum of six months.

Our ability to lend may be restricted for properties that are in close proximity or influential distance of commercial outlets. We will take advice from our valuers when assessing the property to be mortgaged.

Applications are not considered where the property offered for security is a self-build property or a self-build conversion, where the construction or conversion of the property is not fully completed at the time of application.

Applications where it is identified that the customer owns more than 10% of the development, in which the proposed property will be located, will not be accepted.

Where there are ten or less properties on the development or estate, if the applicant already owns one or more properties in the development or estate, we will not consider lending under these circumstances.

Properties affected by Japanese knotweed, RICS categories 1 and 2, are acceptable subject to a satisfactory valuation report.

Category 1 – Japanese knotweed was not seen on the property, but it could be seen on a neighbouring property or land where it was more than seven metres away from the boundary.

Category 2 – Japanese knotweed was not seen on this property, but it was seen on a neighbouring property or land within seven metres of the boundary but more than seven metres away from habitable spaces, a conservatory and/or a garage.

Properties affected by Japanese knotweed that do not meet the above criteria are unacceptable.

The minimum advance is £25,001.

LTV	Maximum advance
Up to 50%	£1,000,000
Over 50% - 75%	£750,000

We will consider applications for the following loan purposes providing the application meets all our lending criteria:

• To purchase a property that is or will be let
• To remortgage a property that is or will be let
• To pay for improvements/repairs to the let property or any other property owned by the applicant (owner-occupied or let)
• To raise capital to fund the purchase or provide the deposit for a new investment property or for a main residence
• To purchase the freehold title of a leasehold property which is already in mortgage to us
• To extend the lease of a property
• To purchase the equity of another party to the mortgage
• To purchase additional land

This list also applies to properties that are currently unencumbered.

We will not accept applications for the following:

• Where the applicants intend to purchase properties in their own name from a company in which they have an interest
• Remortgage of a property currently used as a main residence on to a Buy to Let basis
• Where a property is being purchased with the intention of letting it to any previous owner(s), or close relativeToolTip on focus
• Where the property is valued and/or purchased at a value less than £75,000
• Where the property will be let to a close relativeToolTip on focus or where the applicant(s) intend to live in the property in the future
• To debt consolidate
• Use of the loan for bridging finance
• Business investments, payment of taxes, replenishment of savings and investment in timeshares

For property purchases applicants must provide a deposit from their own resources.

The following exceptions apply:

• family saleToolTip on focus purchases at a discounted price where a loan for the full purchase price (e.g. no deposit) may be considered
• a gifted deposit from close relativesToolTip on focus. The deposit must be a genuine unconditional gift and must not be secured by a charge or in any other way

Maximum repayment term requirements apply to all loan types. The maximum repayment term is 35 years.

The maximum term may be restricted by the maximum age restrictions.

The following repayment types are acceptable:

• Repayment (also known as Capital and Interest repayment)
• Interest-only
• Any combination of the above