New from Coventry BS – Limited Company BTL

A Summary

There is only one LTV at 75% for both 2 & 5y. It is priced above their individual buy to let rates. Lowest for individual purchases being 4.48%, the Limited Company rates are priced at 5.16% and 5.18%.

ICR 125%.
Default rate- 2Y : higher of pay rate + 2% or 5.5% and 5Y : Pay rate.
LIke of like Remortgage: Default: 2Y 4.5% and 5 Y: Pay rate.
Single LTV 75% for all products.
Available to portfolio landlords. Up to a total of 15 BTL with all lenders. No more than 7 with Coventry.

With the high default rates and pay rates, compared to some of the competitors (including those with high fees) it is not the most competitive for maximum loan. However, products are competitive for fees. All products have fixed fee of £3999. So for higher loans it can compete with lenders who charge a fee, based on percentage of loan.

Table below Coventry vs Max loan Lenders at 2 & 5 year fixed.

Data Source: www.axessmax.com
*Example based on Property: £550,000 / Rent: £1900 / LTV: 75% / Term: 25y / Purchase: LTD Company / Property type-Single Self Contained Unit .