Coventry confirms status of pipeline deals but cuts some LTVs

This confirms the situation for all business submitted up to and including Thursday 26 March.

Coventry confirms status of pipeline deals but cuts some LTVs

The Coventry Building Society has said pipeline applications will use a non-physical valuation on all residential and buy-to-let pipeline cases regardless of loan-to-value (LTV).

This applies to all business submitted up to and including Thursday 26 March, where a valuation has not already taken place.

However the society is cutting some LTV limits due to surveyors putting a hold on physical property inspections.

The changes will come into effect from 9am Friday 27 March and are as follows see a number of changes across both resi and buy-to-let.

On the resi side the max allowable LTV for flats is cut to 50% but houses stay at 85% with the lender increasing its maximum allowable LTV for non-physical valuations to 85%.

Applications with an LTV over 85% will be accepted and processed to the point of valuation, when they will be put on hold until a physical valuation can happen.

On the buy-to-let front applications will still be accepted. These applications will also be processed to the point of valuation and then kept on hold until a physical valuation can happen.

Remortgages will have a maximum LTV of 75% for houses and 50% for flats.