Tenancy Restrictions Imposed by MortgagorMake Text Bigger
The Coventry Building Society is currently offering an attractively priced BTL mortgage deal (3.55% variable with a £999 arrangement fee) but a condition is that they do not allow the tenants to be friends sharing even if they sign a joint AST.
As a, soon to be, new landlord I don’t want to burden myself with problematic restrictions before I start and therefore spoke to local lettings agents, who have not encountered this stringent restriction before, but were confident they could find “acceptable” couples or families with a potentially slight delay in the process.
I spoke to 3 advisors at the Coventry one of whom told me that there was little, but still some, scope for the underwriters to waive this restriction but couldn’t elaborate much on the reasons. I intend to invest in the London commuter belt and would personally prefer sharers to be professional self funders but wondered whether anyone else had experience of the Coventry, or any other cautious lender, waiving this requirement?
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