Coventry lifts first-time buyer borrowing to 6.5 times income on purchases up to 95% LTV

Coventry for intermediaries raised its first-time buyer loan-to-income multiple to 6.5 times on 1 September, on residential purchases up to 95% loan-to-value. Stretching the multiple lifts the loan a given salary supports, which matters when income, not deposit, is the binding constraint. For first-time buyers it can close the gap between what they can borrow and the asking price. It applies only above £30,000 sole or £50,000 joint income, and it is one lender.