We’ll allow a maximum of four individuals (directors, shareholders and Persons with Significant Control) on the mortgage application- No minimum income requirement
- At least 80% shareholding needs to be covered by personal guarantee
- Children under 18 can be minority shareholders (up to a maximum of 19%)
- Deposits must come from the limited companies’ assets or an individual directors savings – Gifted deposits will be accepted if made to an individual director, not the Limited Company BTL
- Maximum number of rental properties per household with Coventry is 7
- Maximum number of rental properties per household with all Lenders is 15
- The maximum aggregate loan amount across rental properties with Coventry is £2.5M
- Remortgage Transfer Service for remortgages – We will take care of the Legal work for a remortgage. Please ask for further details if required
Some other points to note:
- We will not allow Intercompany loans.
- BTL policy doesn’t allow the purchase of a property from a company the individual has an interest in
- No FTB’s are permitted
- We will allow SPV’s with specific SIC codes for property rental business only. 68100 – Buying and selling of own real estate, 68209 – Other letting and operating of own or leased real estate and 68320 – Management of real estate on a fee or contract basis – No other SIC codes will be accepted, and trading companies are not included
- For Portfolio BTL applications, we will stress background BTL’s at 125% if Ltd Co, and 145% if owned in personal names
- Additional Borrowing/Further Advances are currently unavailable.
If you have any questions for us, please contact your BDM who will be able to support: