Key highlights of the improvements include:
- Up to 90 per cent loan-to-value (LTV)
- All defaults are ignored, as are any CCJs registered over 36 months ago
- Ability for customers to transfer to prime products
Commenting on the Coventry’s credit impaired range, John Malone, managing director of Premier Mortgage Service (PMS), said: "It’s great to see a lender listening to introducers and as a result, making improvements like the Coventry has done with its credit impaired range. The Coventry has developed its proposition with Directly Authorised (DA) brokers in mind – the products, lending policy and processes make it easy for mortgage advisers to do business with them, without the need to go to packagers. With features like no Early Repayment Charges (ERCs) and the facility to transfer to a prime product, I welcome the Coventry to this market.”
Colin Franklin, head of sales at Coventry, added: “We have made these improvements to our lending policy as a result of listening to feedback from our introducer contacts and designing what they want for their clients. The combination of products and policy offer value, affordability, flexibility and transparency.”
