Company Overview
Coventry Building Society is one of the UK's largest building societies, founded in 1884 with a strong commitment to serving its members. As a mutual organization owned by its members, Coventry prioritizes customer satisfaction and competitive products over shareholder profits, consistently ranking highly in customer service surveys.
Key Highlights
- Founded in 1884, with over 140 years of financial expertise
- One of the top 10 largest building societies in the UK
- Over 2 million members across savings and mortgage products
- Consistently rated for excellent customer service
- Strong mutual values focusing on member benefits
Member-First Approach
As a building society, Coventry is owned by its members and operates for their benefit. This mutual structure allows for competitive rates, lower fees, and exceptional customer service.
Mortgage Products
Residential Mortgages
- Fixed-rate mortgages (2, 3, 5, and 10-year terms)
- Tracker mortgages following Bank of England base rate
- First-time buyer mortgages with low deposit options
- Help to Buy equity loan mortgages
- Shared ownership mortgages
- Remortgage products with competitive rates
- Green mortgages for energy-efficient properties
Buy-to-Let Products
- Standard buy-to-let mortgages
- Portfolio landlord mortgages
- Limited company buy-to-let
- HMO (House in Multiple Occupation) lending
- Holiday let mortgages
Member Benefits
Exclusive advantages for building society members
Competitive Rates
Market-leading rates across all product ranges
Award-Winning Service
Consistently high customer satisfaction ratings
Digital Banking
Modern online and mobile banking services
Key Features & Benefits
Building Society Advantages
- Member ownership providing focus on customer benefit
- Competitive mortgage rates and transparent pricing
- Award-winning customer service and personal support
- Flexible lending criteria and common-sense approach
- Long-term stability and conservative risk approach
- Local presence with regional expertise
Digital Services
- User-friendly online mortgage application process
- Digital account management and tracking
- Mobile banking app with full functionality
- Online mortgage calculators and tools
- Secure messaging and document upload
- Real-time application status updates
Advantages
- Member-owned mutual structure benefits
- Excellent customer service reputation
- Competitive rates and transparent fees
- Flexible and common-sense lending approach
- Strong financial stability and reserves
- Personal service and relationship banking
Considerations
- Smaller branch network than major banks
- Limited specialist lending products
- May have more conservative lending criteria
- Less international banking capability
- Processing times may be longer for complex cases
Lending Criteria
Eligibility Requirements
- Age: 18-75 years at application, maximum age 80 at end of term
- Income: Minimum £15,000 per annum for residential mortgages
- Employment: Employed, self-employed, or retired with proof of income
- Residency: UK residents with at least 3 years UK address history
- Deposit: Minimum 5% for residential, 25% for buy-to-let
Assessment Criteria
- Maximum loan-to-income ratio of 4.5 times annual income
- Comprehensive affordability assessment with sensible approach
- Credit score and history evaluation with manual underwriting
- Stress testing at current rate plus 3% buffer
- Property valuation and location assessment
- Consideration of individual circumstances and member needs