Coventry

Notes: The following information is provided by a third party organisation. We have not verified this information with the lender. Ask your broker to confirm any aspects that are important to you. The main features of this mortgage will be confirmed in the Key facts Illustration. Please ask your broker for a Key facts Illustration

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Advances

Upto £750,000 80% LTV
Upto £1,000,000 75% LTV

Notes

Mortgage is Portable, Mortgage is Flexible, Overpayments allowed.
The product(s) selected are fully portable. Please refer to our 'Moving your Mortgage to a New Property' brochure for further information.

Only available on a capital & interest repayment basis only.

The Privilege Rate is available to those existing borrowers holding a residential mortgage that have remained on the same scheme or SVR for 5 years or more please refer to Coventry Building Society.
A maximum term of 40 years is only available on mortgages backed by a pension, PEP or ISA.
A maximum term of 35 years is available for all other acceptable repayment methods.
Customers will be asked how they intend to pay off the loan if the term will take them past the age of 65.

Payment Holidays Allowed. The Society may allow you to take up to 3 months payment break during any financial year of the Society (i.e. the 12 months ending on 31st December in any year), providing the first 6 monthly payments on the mortgage have been made and the account is not in arrears. Debit interest will continue to be added to the mortgage on the first day of the month and will form part of the mortgage balance upon which monthly interest will be calculated. To request a payment holiday, you must give the Society at least five days notice. It is entirely up to the Society whether to grant your request or not.

One mortgage valuation fee is waived up to a maximum amount of £670 if the Lender instructs the valuer. In some instances different valuation assessments may be under taken.

For this mortgage, there are no restrictions on the amount that can be overpaid on this mortgage. Any overpayment using the direct debit overpayment facility will be applied to the mortgage immediately and interest recalculated. You will be advised of your revised monthly repayment if applicable.

Capital Rest Period : Daily

Repayment Types
Repayment Yes
Endowment No
PEP No
Pension No
Interest only (no RV) No
With Profits No
Unit Linked No
ISA No
Split Repayment No

Fees

Arrangement : refer
Booking : refer

Early Repayment Charges
refer

Higher Lending
None

Valuation
Basic:
Free

Homebuyers:
upto £60,000 - £235
upto £75,000 - £285
upto £125,000 - £340
upto £175,000 - £415
upto £200,000 - £415
upto £300,000 - £520
upto £400,000 - £620
upto £500,000 - £715
upto £600,000 - £815
upto £700,000 - £915
upto £800,000 - £1015
upto £900,000 - £1115
upto £1,000,000 - £1220
upto £1,200,000 - £1430
upto £1,400,000 - £1630
upto £1,600,000 - £1835
upto £1,800,000 - £2040
upto £2,000,000 - £2250
upto £2,200,000 - £2450
upto £2,400,000 - £2655
upto £2,600,000 - £2860
upto £2,800,000 - £3060
upto £3,000,000 - £3265
upto £3,200,000 - £3475
upto £3,400,000 - £3680
upto £3,600,000 - £3880
upto £3,800,000 - £4085
upto £4,000,000 - £4290
upto £4,200,000 - £4490
upto £4,400,000 - £4695
upto £4,600,000 - £4905
upto £4,800,000 - £5105
upto £5,000,000 - £5310
upto £5,500,000 - £5665
upto £6,000,000 - £6025
upto £6,500,000 - £6380
upto £7,000,000 - £6740
upto £7,500,000 - £7095
upto £8,000,000 - £7455
upto £8,500,000 - £7810
upto £9,000,000 - £8170
upto £9,500,000 - £8525
upto £10,000,000 - £8885

Arrangement fee can be added to the loan.(Non-refundable)
Booking fee is payable up front.(Non-refundable)
One free mortgage valuation up to the max £670, additional fees above this rate will be reduced
Only valuations conducted by the Coventry Building Society’s panel of valuers are acceptable.

Higher Lending Charges are calculated on the difference between 75% of the value of your home and the amount you wish to borrow.
Lenders Conveyancing Fee - £177.43 Payable on completion. Legal and disbursement fees (payable to legal representative for searches and disbursements involved in completing your mortgage.) This is an estimate, and will only be part of the legal costs incurred.
Telegraphic Transfer - £35.00 Payable on completion.
Redemption Fee - £125.00 Payable on early redemption.

Acceptable Property Types

Freehold Flat No
Purpose Built Flat Yes
Converted Flat Yes
Flat Over Shop Refer
Maisonette Yes
Studio Flat No
Flying Freehold Yes
Thatched Yes
Timber Framed Yes
Concrete No
Agricultural Tie No
Flat Over 4 Storeys Refer
Listed Building Yes

Max Discount% 75
Max Market Value% 100
New Build acceptable.
Ex-local authority flats and maisonettes are restricted to 70% LTV.

Will not lend on Freehold flats or Maisonettes.

Flats over certain types of commercial properties are restricted to 75% LTV.

Flats with more than 5 storeys are not considered, if they are ex local authority, or do not have lift access.

Flats with more than 10 storeys are not considered.
All property, flying freehold not to exceed 25% of the total property.

Timber properties are not normally acceptable but Godiva Mortgages Ltd will consider modern timber framed properties provided they have an outer skin of brickwork.

Steel Frame houses and all types of property <10 years with no NHBC or equivalent properties are not accepted.

Houses with 2 Kitchens and houses with no bathroom are not accepted.

Godiva Mortgages Ltd will not lend in Isle of Man, Channel Island, Scottish Isles. Except Isle of Skye

For purchase applications, the vendor must have owned the property for a minimum of 6 months.

The maximum loan to value for a * new build/converted apartment is 75% 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 10.

Applications cannot be considered where the property offered as 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.

We will not lend to flats above or adjacent to workshops, restaurants, take-aways, public houses, sex shops, massage parlours and premises that stock explosive or toxic materials (fireworks, dangerous chemicals etc).
We will not lend to flats above or adjacent to void/empty premises.
* 'adjacent to' includes properties within an 'influential' distance. This will be determined by the valuer.
For unencumbered or where there is less than £5,000 outstanding on the current mortgage the maximum LTV is limited to 50%

Accepted Locations : England, Scotland, Wales, N Ireland

Requirements

Bank Statements 2 months
At Least 3 Months Pay Slips Yes
P60 Yes
Proof Of Residency Yes
Life Policy To Be Assigned No
Previous Lender References Refer

Insurance
Buildings Conditional

Conditions On Loan
Min Loan
Max Loan £1,000,000
Max Portfolio of BTL Loans none
Min Age 18 years
Max Age 75 years
Min Term 1 years
Max Term 35 years
Minimum age is 18 on application
The applicant (s) must have a minimum of 1 year in continuous permanent employment. If they are in a probationary period and it is the applicant's first job the application should normally be declined.
Please note that Godiva products cannot be submitted using a Coventry Application form.
FTB- 2 Months Bank statements will be required or for other applications if requested by the Underwriter
The maximum number of applicants is 4.
- Step-up facility is available to First Time Buyers with this product, please refer to Coventry Building Society for details.
- FTBs must have 1 years of continuous employment.
FTB- Applicants who are self employed must have been trading for a minimum of 2 years and provide 1 years' accounts, accountants certificate or an SA302
- Coventry Building Society will not consider FTBs who have exceeded their overdraft limit or with adverse credit,
whether the adverse credit is satisfied or not.
Refer to Coventry Building Society for Directors' requirements.
Employed applicants - Full Status
Require P60 and latest payslips and employers reference except for Self cert products. Minimum continuous employment 1 year.

Self employed

 Full Status
- Applicants who are self employed must have been trading for a minimum of 2 years and provide 1 years' accounts, accountants certificate or an SA302
Panel Solicitors only.
Coventry mortgages are available to any borrower that has been in continuous employment for at least 12 months, even if they have just moved to a new current role.
Cases outside lending policy are judged on their own merits and so for cases that require an amount of income discretion, please refer to lender.
Employed applicants must be able to provide evidence of income with a record of employment in a position or positions of similar nature covering the last 12 months. A short break of no more than 3 months between different positions is acceptable. There is no minimum requirement for the applicant to have been in their current role for a set period of time if the position is permanent. If however the job has a probation period the application may be considered provided the applicant is a mover or a re-mortgagor and has previously been employed in a permanent position for a minimum of 6 months and is now moving to a similar job.

All self-employed applicants must be able to provide the latest 2 year's accounts.

Self employed references only acceptable from the following accountancy bodies
Institute of Chartered Accountants (ICA)
Institute of Chartered Accountants (ICA)
Association of Chartered Certified Accountants (ACCA)
Chartered Institute of Management Accountants (CIMA)
Institute of Financial Accountants (IFA)
Where the applicant is a director for limited company the following should be provided:-
Last two year's accounts
or
where the applicant is not a 100% shareholder, an Accountants Certificate is required to confirm the applicants share of the Net profit.

Gross annual income is Net profit (the applicants share of Net profit for partnerships) of the company plus salary
Directors of limited companies who have less than a 33% shareholding are treated as employed applicants.
Only applies to limited company directors with a 33% or more share in the company. The salary must have been deducted before arriving at Net profit.

Applications from applicants wishing to purchase properties in their own name for owner-occupation or Buy to Let purposes, from a limited company or a Limited Liability Partnership in which they have an interest is not acceptable.

For First Time Buyer specific schemes the following rule now applies:- continuous employment for at least 1 year prior to application (in a joint mortgage situation, both applicants must have been in continuous employment for at least 1 year where both applicant’s income is being used to calculate admissible income)

Employed applicants (includes Directors with less than 33% shares in the company they work for)
Employed applicants must have been in continuous employment for the last 12 months. A break of 3 months between positions is acceptable, however no more than one 3 month break in the last 12 months is acceptable.

Non EEA Nationals
New customers - Lending to applicants without indefinite leave to live and work in the UK is not allowed and this applies to applications in a single name and to applications in joint names where either applicant does not have indefinite right to live and work in the UK

Step up Age Limits
The maximum age of the 'parent' at the date of application is 65.
The maximum age of the 'first time buyer' at the end of the repayment term is 75 years.

The property must be insured by you in accordance with the conditions of this mortgage, The level of buildings cover must be no less than the rebuilding cost of the property.
Foreign Citizens Refer
Ex-Patriates Not Accepted

Income Multipliers
Based on Income > 1
3.6 + 1 or 3.6 joint

Based on Income > 40000
4 + 1 or 4 joint

Min months in current position 1
Min months in continuous service 12
Min no. of years accounts 2
Average years taken to calculate income 2
Will consider declining profit Refer

Outgoings
In joint applications, the income of the main earner is used as the multiplier for both incomes.

Example 1
Applicant 1 income - £41,000,  Applicant 2 income - £10,000,  Total Income £51,000
The multiplier is applied as £51,000 x 4  (i.e. multiplier based on level of highest earner)
Maximum Loan = £204,000

Example 2
Applicant 1 income - £28,000,  Applicant 2 income - £23,000,  Total Income £51,000
The multiplier is applied as £51,000 x 3.6  (i.e. multiplier based on level of highest earner)
Maximum Loan = £183,600

Coventry BS will no longer accept annual bonuses as part of the admissible income.
Self employed borrowers;

Directors

A director will be considered self-employed if they have a 20% shareholding or more in their company.
Personal bank statements are required where proof of income is more than 12 months old.
 
Sole traders, partnerships and contractors

Tax Assessments (SA302s) are required for proof of income. Bank statements showing income received are required where the Tax Assessments (SA302s) are older than 12 months.

Self employed references only acceptable from the following accountancy bodies
Association of Authorised Public Accountants (APA)
Chartered Institute of Public Finance & Accountancy (CIPFA)
Chartered Institute of Taxation (CIOT)
Institute of Chartered Accountants (ICA)
Association of Chartered Certified Accountants (ACCA)
Chartered Institute of Management Accountants (CIMA)
Institute of Financial Accountants (IFA)

UNACCEPTABLE SOURCES OF INCOME:
Income from temporary employment
Child/working family tax credits
Disability allowances
All other state benefits
Maintenance (including court ordered)
Bursaries and other educational subsidies
Foster income
Rental income where it is secondary income, expect where the applicant can confirm that the income is derived from a business, can provide 2 years accounts (1 year Buy to Lets) or two SA302s and meet all other self employed criteria
Please note that this list is not exhaustive and any similar income source may be declined.

Retired Applicants 100% of state and private pension may be used when calculating admissible income. Total admissible income is made up of total gross income minus a deduction for ongoing liabilities.
Documents required for validation:
Private Pension
- At least 2 months bank statements
- Latest pension slip
- Latest annual statement from the pension provider
State Pension
- Latest 2 months bank statements
- Latest annual letter from the Department for Work and Pensions
-Copies of the front and first two inside pages of the applicants pension book.

Total gross income is made up of:

Basic salary.
100% of gross guaranteed overtime, bonuses (excluding annual bonuses) or shift allowance.
100% of annual non-pensionable allowances forming an integral part of the remuneration package e.g. London weighting allowance. Please note that expenses such as mileage payments, meal allowances etc., are not acceptable.
Up to 50% of regular overtime, bonuses (excluding annual bonuses), shift allowance or commission.

Hire Purchase Taken into account
Personal Loans Taken into account
Overdraft NOT Taken into account
Credit/Store Cards Taken into account
Child Maintenance Taken into account
Child Education NOT Taken into account
Extra Income:-
Other Income - Guaranteed Add 100% to income before multiply
Other Income - Regular Add 50% to income before multiply
Other Income - Irregular Add 50% to income before multiply
Investment Income No
Mortgage Subsidy Add 100% to income before multiply
Large Town Allowance Add 100% to income before multiply
Maintenance Payments No
Non Contributory Pension Add 100% to income before multiply
Car Allowance No

Remortgage Max LTV Max% increase

Capital Raising 75%
Home Improvements 75%
Debt Consolidation 75%
School Fees 75%
Holidays/Cars 75%
Buy Other Property 75%
Business Purposes Not accepted

Adverse Credit

CCJs/Defaults : Accept:
1) Max £500.00 in Defaults. These must be fully paid. This condition does not incur any rate loading.
2) Max £500.00 in CCJs. These must be fully paid. There must be no CCJss in the last 6 months. This condition does not incur any rate loading.
3) Max £250.00 in Defaults unsatisfied. This condition does not incur any rate loading.
4) Max £250.00 in CCJs unsatisfied. There must be no CCJss in the last 6 months. This condition does not incur any rate loading.
Arrears : Accept:
1) Max 1 missed payment in the last 36 months, which may be unpaid at the time of application. This condition does not incur any rate loading.
Bankruptcy/IVAs : Accept:
1) IVA must be discharged at least 6 years prior to application. This does not incur any rate loading.
2) Bankruptcy must be discharged at least 6 years prior to application. This does not incur any rate loading.
Repossessions : Not accepted.

CCJs over 3 years old considered on an individual basis.
Defaults on Mortgages and secured loans must be satisfied
Defaults over 3 years old, less than £1500 satisfied or not considered on an individual basis.
IVA and Bankruptcy not acceptable for FTB