What Mortgage - Coventry offers enhanced borrowing to first-time buyers

Coventry Building Society is reaching out to more first-time buyer customers by offering higher mortgage borrowing to those stepping onto the property ladder. The lender is offering lending at 6.5 times a borrower’s income, which is much higher than the 4.5 offered as standard and even against the 5.5 or six offered by more competitive lenders. 

Kevin Purvey, director of mortgage distribution, at Coventry Building Society, said: “We know that many first-time buyers have strong incomes, but their borrowing power doesn’t quite stretch far enough to buy the home they want. By offering eligible customers the opportunity to borrow up to 6.5 times their income, we’re helping more people take that first step onto the property ladder.”

Aaron Strutt, product director for Trinity Financial: “More of the banks and building societies are offering 5.5 and six times single and joint income mortgages,” he said, “but most are not stretching to 6.5 times salary.”

One of the most popular ‘six times salary’ schemes is Nationwide’s Helping Hand mortgage. HSBC and NatWest also offer 6.5 times salary for applicants who earn over £100,000 and £150,000 respectively. Newcastle, Barclays and Bank of Ireland are also among those offering up to six times salary.

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