Coventry for intermediaries has changed its mortgage stress test, letting typical buyers borrow up to £35,000 more to buy a home.
The update lowers stress rates for residential lending, which means many first-time buyers (FTBs), homemovers and remortgagers can now get 8-15% more on their maximum loan amount.
Brokers can check new borrowing limits using the affordability calculators on the intermediary website.
Kevin Purvey, director of mortgage distribution at Coventry Building Society, said: “In a market where affordability has become one of the biggest challenges, every bit of extra headroom can make a huge difference.
“We’ve taken a fresh look at our stress rates and made changes that will give brokers more options to help clients achieve their goals.
“It’s a practical way of responding to what the FCA has signalled – and ultimately it’s about making homeownership a little more accessible.”
Purvey added: “We know brokers are key in helping people navigate this market, and we’re committed to backing them with competitive lending options.”
