Godiva Mortgages Limited is your dedicated Buy to Let (BTL) provider through the Coventry for intermediaries. We offer support for you and your clients, providing a strong BTL product range with excellent service and our industry expertise.
You and your clients could enjoy a variety of benefits with our BTL mortgages whether you’re looking for a choice of LTVs or competitive fees, our BTL range includes:
Valuation instruction from day one: we instruct a valuation immediately (on receipt of all applicable fees) to encourage a swift sales process and help get their mortgage moving.
Standard valuation: you could save your clients money with one standard mortgage valuation (up to the value of £700) which may be included for purchase and remortgage.
Remortgage Transfer Service: you and your clients can also enjoy the added convenience our Remortgage Transfer Service brings. Your clients may be able to take advantage of this quick and easy service when they transfer their existing mortgage to a new product with us.
Varied product range: including flexible products that could offer your clients the ability to make overpayments without incurring ERCs (unlimited overpayments on Flexx products).
Portability: your clients may be able to move their mortgage to a different property. We’ll transfer their current interest rate terms, and other scheme terms, over to their new property subject to lending policy.
Interest Coverage Ratio (ICR): our tiered ICR proposition means we can help your clients no matter what their earned income is. We have two ICR rates, 125% for those earning less than £49,000 (£42,500 if resident in Scotland) and are a non-taxpayer or a basic rate (starter or intermediate rate in Scotland), and 145% for those earning £49,000 (£42,500 if resident in Scotland) or more, or are a higher or additional rate (top rate in Scotland). No minimum income or minimum time in employment requirements.
We subscribe to the UK Finance Mortgage Lenders' Buy to Let Statement of Practice, so as well as finding a suitable mortgage, you can also help your clients understand their commercial responsibilities and obligations by giving them our helpful landlord factsheet (PDF 2.0MB)Opens in a new window.
Our BTL products may suit a variety of your clients including:
First time landlords/those with a small portfolio - we welcome new and existing landlords and allow a maximum of five BTL properties to be mortgaged with the Coventry Building Society Group, which consists of Coventry Building Society, Godiva Mortgages Limited and ITL Mortgages Limited.
Individuals seeking a property investment - BTL may seem an attractive option for those looking for a one-off investment as a source of income.
However, we are unable to offer our BTL Mortgages to the following:
For a comprehensive overview of eligibility please view our lending policy
For a quick and simple overview of our lending policy download our Key Buy to Let lending criteria (PDF 93KB)Opens in a new window. All applicants’ eligibility should be checked against our lending policy before submitting a case.
For support on how to package your Buy to Let application and ensure we can process your case as quickly as possible please view our application submission guidelines (PDF 108KB)Opens in a new window page.
For helpful information on the changes to BTL tax relief please download the information sheet for your clients Important changes to tax relief (PDF 59KB)Opens in a new window.
For an at a glance guide to help you assess the ICR rate that will be applicable to your client please view the ICR and reference rate information sheet (PDF 91KB)Opens in a new window.