For financially independent adults living in the property their living costs are no longer taken into account when calculating the maximum loan amount.
Coventry for intermediaries has changed its affordability model so residential clients can borrow more.
For financially independent adults living in a property their living costs are no longer taken into account when calculating the maximum loan amount.
Kevin Purvey (pictured), director of intermediaries, said: “These are all positive changes that could make a real difference to brokers’ clients, whether they’re buying their first home, remortgaging to us, borrowing more or moving house.
“We’re confident that we’re now even more competitive in the residential market. If brokers have specific cases they didn’t think we’d be able to help with before, we’d encourage them to try our affordability calculator now these changes have been applied.”
Coventry has also changed its affordability model so it now takes child benefit into account when calculating the maximum loan amount.
Meanwhile fewer items are now considered ‘essential living costs’.
