4.65% Variable

4.65% Variable

Up to £1,000,000 (Remortgage only LTV 65)

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.

Mortgage is NOT for First time buyers

Free Legal

Applications to re-mortgage a main residence to a Buy to Let basis are not allowed

Please note that this product is offered by Godiva Mortgages Limited and not Coventry Building Society. You will not obtain membership rights in Coventry Building Society by taking a loan or mortgage from Godiva Mortgages Limited.

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.

The mortgage valuation is waived up to a maximum amount of £680 if the Lender instructs the valuer. In some instances different valuation assessments may be undertaken. If applicable the actual fee you will pay is shown below.

The Lender will only meet the legal costs involved in moving your mortgage to the Lender. The Lender will not meet any legal costs relating to changing ownership of the property. These costs will be your responsibility. Full details are available from the Lender on request.

Where the free legals option is offered a £200 cash back can be offered as an alternative which would be payable on completion.

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.

Buy to Let : Accepted, Max properties 10

Capital Rest Period : Daily

Repayment Yes

Endowment 75% LTV

PEP 75% LTV

Pension 75% LTV

Interest only (no RV) 75% LTV

With Profits 75% LTV

Unit Linked 75% LTV

ISA 75% LTV

Split Repayment Yes

Arrangement : £800 Can be Added

Booking : £250 Upfront

None

None

Basic:

Free

Homebuyers:

upto £75,000 - £230

upto £100,000 - £280

upto £150,000 - £330

upto £250,000 - £410

upto £300,000 - £510

upto £400,000 - £610

upto £450,000 - £655

upto £500,000 - £705

upto £600,000 - £805

upto £700,000 - £905

upto £800,000 - £1005

upto £900,000 - £1105

upto £1,000,000 - £1205

upto £1,200,000 - £1410

upto £1,400,000 - £1610

upto £1,600,000 - £1810

upto £1,800,000 - £2005

upto £2,000,000 - £2210

upto £2,200,000 - £2410

upto £2,400,000 - £2610

upto £2,600,000 - £2810

upto £2,800,000 - £3010

upto £3,000,000 - £3210

upto £3,200,000 - £3405

upto £3,400,000 - £3610

upto £3,600,000 - £3810

upto £3,800,000 - £4010

upto £4,000,000 - £4210

upto £4,200,000 - £4410

upto £4,400,000 - £4605

upto £4,600,000 - £4810

upto £4,800,000 - £5010

upto £5,000,000 - £5210

upto £5,500,000 - £5560

upto £6,000,000 - £5910

upto £6,500,000 - £6255

upto £7,000,000 - £6610

upto £7,500,000 - £6955

upto £8,000,000 - £7310

upto £8,500,000 - £7655

upto £9,000,000 - £8010

upto £9,500,000 - £8355

upto £10,000,000 - £8710

Arrangement fee can be added to the loan.(Non-refundable)

Booking fee is payable up front. (Non-refundable)

ONE mortgage valuation up to a max £680, additional fees above this rate will be reduced.

Only valuations conducted by the Lender's panel of valuers are acceptable.

Added fees will not be included in this calculation.

Higher Lending Charges are calculated on the difference between 75% of the value of your home and the amount you wish to borrow. Added fees will not be included in this calculation.

Telegraphic Transfer - £35.00 Payable on completion.

Redemption Fee - £125.00 Payable on completion.

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

Not Accepted

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 Coventry Building Society 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.

The Coventry Building Society will not lend in Isle of Man, Channel Island, Scottish Isles. Except Isle of Skye

The maximum loan to value for a new build apartment (less than 36 months old) is 50% LTV.

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.

Accepted Locations : England, Scotland, Wales, N Ireland

Bank Statements No

At Least 3 Months Pay Slips Yes

P60 Yes

Proof Of Residency Yes

Life Policy To Be Assigned No

Previous Lender References Yes

Buildings Conditional

Min Loan /Rmg £25,001

Max Loan /Rmg £1,000,000

Max Portfolio of BTL Loans £1,000,000

Min Age 21 years

Max Age 85 years

Min Term 1 years

Max Term 35 years

Please note that Godiva products cannot be submitted using a Coventry Application form.

The maximum number of applicants is 4.

Refer to the Lender for Directors' requirements.

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.

For loans above 65% LTV employed applicants must have been in continuous employment for at least three months prior to the application.

Employment and income checks may be required, dependant on you client's credit history.

Buy To Let Applicants must be aged 21 for the first applicant on a joint mortgage and a maximum of 85 at the end of the mortgage.

Buy To Let not available to first time buyers.

Buy To Let Total loans in mortgage to lender maximum £1,000,000 to any single borrower.

Buy To Let Properties to be let to individuals on an assured shorthold tenancy basis or to companies on a corporate let.

Panel Solicitors only.

Maximum number of properties that can be held with Coventry BS Group is 3

Lending to replace development finance is not acceptable.

Mortgages 75% LTV or below are eligible for Interest Only mortgages, any element of the mortgage that exceed 75% LTV must be on a repayment basis.

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

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.

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)

The property must be adequately insured under an acceptable insurance policy.

Foreign Citizens Refer

Ex-Patriates Not Accepted

Based on Income > 0

Refer to rental income calculations

Min months in current position 1

Min months in continuous service 3

Min no. of years accounts 1

Average years taken to calculate income 2

Will consider declining profit Refer

Applicants must be employed or self-employed with a Net minimum income of £25,000. In the case of joint applications the main earner must have a Net income of at least £25,000.

Net income is defined as annual income before tax minus a deduction for ongoing unsecured financial liabilities.

The minimum rental income required from the property is 125% of the monthly mortgage interest.

Unacceptable Sources of Income

Please note that this is not exhaustive - any similar types of income source may be declined.

Child/ working family tax credits.

Disability allowances.

All other state benefits.

Maintenance, including court

Bursaries and other educational subsidies

Foster income

Applicants can be employed (min 3 months) / Self employed (min 1 year) or Retired with a Private pension.

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.

Rental income where it is secondary income is only acceptable if the applicant can confirm that the income is derived from a business, can provide 2 years accounts (I year for Buy to Lets) or an SA302 and meet all other self employed criteria

Minimum Income £25000

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

Capital Raising 65%

Home Improvements 65%

Debt Consolidation Not accepted

School Fees Not accepted

Holidays/Cars Not accepted

Buy Other Property 65%

Business Purposes Not accepted

Divorce Settlement Not accepted

Unencumbered 65%

- Only acceptable purpose is to repair/improve the property in mortgage

CCJs/Defaults : Accept:

1) Max £250.00 in Defaults unsatisfied. This condition does not incur any rate loading.

2) 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 : Bankruptcy/IVA not accepted.

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.