Coventry for intermediaries has increased support for first-time buyers by introducing lending of up to 6.5 times income for eligible customers.

The new loan-to-income (LTI) multiples will be available on residential purchases up to 95% loan-to-value (LTV) and require a minimum income of £30,000 for sole applicants, and combined income of £50,000 for joint applicants.

All applications remain subject to the lender’s affordability assessment.

In addition, the lender has increased lending limits for new-build properties.

The changes mean lending of up to 95% LTV on owner-occupied new-build houses, up to 85% LTV on owner-occupied new-build flats and up to 75% LTV on buy-to-let new-build flats.

Coventry Building Society director of mortgage distribution Kevin Purvey says: “We know that many first-time buyers have strong incomes, but their borrowing power doesn’t quite stretch far enough to buy the home they want.”

” By offering eligible customers the opportunity to borrow up to 6.5 times their income, we’re helping more people take that first step onto the property ladder.”

“Many first-time buyers are also considering new-build properties, whether that’s because they’re looking for a more energy-efficient home or the appeal of a brand-new property.”

“By increasing our loan to value limits on new-build homes alongside these enhanced income multiples, we’re giving customers greater flexibility and helping them access a wider range of homes.”