As one of the UK's largest building societies, Coventry Building Society has a long-standing reputation for providing a range of mortgage products to suit various needs. Whether you're a first-time buyer stepping onto the property ladder, looking to remortgage your current home, or expanding your buy-to-let portfolio, this guide will provide you with a comprehensive overview of what Coventry Building Society has to offer.
You can compare the latest mortgage rates from this lender for free below:
Compare Rates
Showing Top Result Results
No results matching your criteria
Lender Details
Product Details
What types of mortgages does Coventry Building Society offer?
Coventry Building Society provides a variety of mortgage products, primarily focusing on fixed-rate deals, which offer the security of consistent monthly payments. However, they also offer variable and tracker rate mortgages for those who prefer a more flexible option.
-
First-Time Buyer Mortgages: For those new to the property market, Coventry Building Society offers mortgages with a loan-to-value (LTV) of up to 95%, meaning a deposit of as little as 5% is required. They also offer products with no application or product fees, making the initial cost of securing a mortgage more manageable.
-
Remortgages: If you're looking to switch your current mortgage to a new deal, Coventry Building Society offers a range of remortgage products. These can be a good option for those whose current deal is coming to an end, or for those who want to release equity from their property.
-
Buy-to-Let Mortgages: Through their subsidiary, Godiva Mortgages Limited, Coventry Building Society provides mortgages for landlords and property investors. They have specific products for both new and existing landlords, including options for those with a large property portfolio.
-
Offset Mortgages: For those with significant savings, an offset mortgage can be an attractive option. This type of mortgage links your savings to your mortgage, reducing the amount of interest you pay on your loan.
Coventry Building Society's Lending Criteria
To be eligible for a mortgage with Coventry Building Society, you will need to meet their specific lending criteria. Here are some of the key requirements:
-
Deposit: For residential mortgages, a minimum deposit of 5% is typically required. For buy-to-let mortgages, a larger deposit will be needed.
-
Income: For self-employed applicants, proof of income for the past two years is required. For contractors, 12 months of earnings history is needed.
-
Credit History: A clean credit history is preferred. County Court Judgements (CCJs), defaults, or arrears within the last six years will impact your eligibility.
-
Age: All applicants must be at least 18 years old. The maximum age at the end of the mortgage term is 75 for residential mortgages and 85 for buy-to-let mortgages.
-
Property Type: There are some restrictions on property types. For example, there are specific LTV limits for new build properties and flats above commercial premises.
Compare today's best mortgage rates
We work with 90+ UK mortgage lenders, including Coventry Building Society. You can use our service to compare mortgage rates from across the market to find the right deal.
Our mortgage sourcing tool is FREE and will show you the latest deals from Coventry Building Society and others so you can make an informed decision about which to choose.
Click the button below to get started comparing the entire market for free.
What do customers say about Coventry Building Society?
Coventry Building Society generally receives positive reviews from its customers. On Smart Money People, they have a "Good" rating of 4.14 out of 5. Many customers praise their competitive interest rates and straightforward application process. The society also has a low number of complaints relative to its size, according to data from the Financial Conduct Authority (FCA).
Pros and Cons of a Coventry Building Society Mortgage
The advantages of using Coventry Building Society as a mortgage lender are as follows:
Pros:
-
Competitive Interest Rates: They are known for offering competitive mortgage rates, particularly for those with a good credit history and a substantial deposit.
-
Wide Range of Products: They offer a good selection of mortgages to suit different circumstances, including first-time buyers, remortgagers, and landlords.
-
Good Customer Service: They have a strong reputation for customer service, with many positive reviews and a low number of complaints.
-
Fee-Free Options: Some mortgage products come with no application or product fees, which can save you money upfront.
Drawbacks to consider include…
Cons:
-
Limited Options for Bad Credit: Those with a poor credit history may find it difficult to secure a mortgage with Coventry Building Society.
-
Restrictions on Property Types: They have some restrictions on the types of properties they will lend on, which may be an issue for some borrowers.
How to apply for a mortgage with Coventry Building Society
We can guide you through the process of applying for a mortgage with Coventry Building Society. Simply make an enquiry with us and one of our independent advisers will walk you through the initial steps.
These steps will include:
- Optimising your credit reports and getting you mortgage ready
- A full comparison of rates across the market to establish whether Coventry Building Society is the right lender for you
- Applying for an agreement in principle
- Moving ahead to full application
Make an enquiry here to begin a free, no-obligation chat with a mortgage broker who knows Coventry Building Society’s product range well and can compare their deals with every alternative for you.