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Coventry reduces interest-only LTV to 50%

Coventry Building Society has cut its maximum LTV for interest-only lending from 75 per cent to 50 per cent.

The change is effective across both its direct and intermediary brands.

A spokeswoman for Coventry says: “Following moves by a number of other lenders to restrict their criteria for interest-only lending the Coventry has also reduced the maximum LTV to 50 per cent where any aspect of the loan is interest-only.

“This will apply to residential, offset  and further advance applications to ensure that our lending policy remains in line with the market. Our buy-to-let lending policy remains unchanged.”

The move follows an announcement by Nationwide yesterday that it is cutting its interest-only LTV from 75 per cent to 50 per cent.


Deadline on dealing with firms that fail to enrol staff

MPs want The Pensions Regulator to set out by 2013 how it will deal with small and medium-sized firms which fail to enrol workers into pension schemes. In a new report into auto-enrolment, published last week, the work and pensions select committee says ensuring all firms offer staff the opportunity to enrol in a pension […]

Adviser’s ad fell foul of promotion rules

The FSA says an adviser’s newspaper advert about an investor day amounts to a financial promotion and has reprimanded the firm for failing to include appropriate risk warnings. Philip J Milton & Company recently advertised an investor day it held about the Greenwich loan income fund. Managing director Philip Milton says on the day investors […]


FSA bans director of mortgage brokerage

The FSA has banned mortgage brokerage director Martin Russell Lafrance, for not having the proper systems and controls in place to detect financial crime. While a director at Dorset-based General Finance Centre between October 31, 2004 and December 19, 2008, the FSA found Lafrance failed to ensure that reasonable checks were undertaken to verify the […]

Frexit & contagion risk in Europe

Many commentators have suggested the UK’s exit from the European Union will trigger a domino effect, leading to its eventual break-up. Neptune Head of European Equities Rob Burnett discusses the likelihood of this happening. Click here to read more Important informationInvestment risks Neptune funds may have a high historic volatility rating and past performance is […]


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