Coventry BS Increases Lending – Good News for Self-Employed Mortgages

If you’ve been held back by outdated affordability rules, Coventry Building Society’s latest change could be exactly what you’ve been waiting for.

Following new guidance from the Financial Conduct Authority (FCA), Coventry BS has updated its affordability calculator, making it possible to borrow up to £35,000 more than before. For self-employed individuals, such as sole traders, contractors and freelancers, this is especially welcome news.

Historically, many self-employed borrowers have struggled to access the same loan amounts as those in traditional employment. Lenders stress test your income to see how you’d cope if interest rates rose sharply, but those tests have often been unrealistically strict.

Now, Coventry BS has revised those stress test assumptions and made their lending criteria more flexible.

The result? Whether you’re a CIS worker, limited company director or have multiple incomes, you could now qualify for a significantly larger mortgage.

Many self-employed borrowers hit a wall when applying for a mortgage – even with strong income, clean credit and years of trading. The problem? Not all lenders understand self-employed income. And many still rely on rigid affordability models.

That’s why changes like this are so important. Coventry BS are amongst the first lenders to respond to the FCA’s reminder about existing flexibility – a move that could set the tone for more generous affordability assessments, especially for self-employed borrowers.

New Wave specialises in self-employed mortgages – and we’ve helped thousands of clients secure higher loan amounts by connecting them with the right lenders.

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• • We understand how different lenders assess self-employed income
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If you’re self-employed and want a mortgage tailored to your real income and potential, we’re here to help. Speak to one of our self-employed mortgage specialists today.