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September 9, 2026
Eligible first time buyers can now borrow up to 6.5 times their income with Coventry Building Society, with mortgages available up to 95% LTV, equivalent to a 5% deposit.
The lender said the move will support people by maximising their borrowing potential when getting onto the property ladder.
To be eligible for a 6.5 times income mortgage, first time buyers must:
Coventry Building Society says that a first time buyer earning £39,260 could potentially borrow up to £255,190 to buy a home.
This would be enough to purchase the average first-time buyer property in England, priced at £245,000, providing they had a 5% deposit of £12,250.
Kevin Purvey, director of mortgage distribution at Coventry Building Society, said: “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.”
“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.
“Together, these changes give brokers more options to support customers with different needs and circumstances, making it easier for more people to find a solution that’s right for them.”
“I’ve had so many conversations with first-time buyers who’ve written themselves off because of affordability and deposits, thinking their income just won’t stretch far enough. This could just be the thing that changes it for you. This won’t work for everyone, and eligibility depends on your full affordability picture, but if you’ve been told ‘you can’t afford it’ recently, it might be worth checking again.”
Want to find out more about 6.5 times income mortgages? Speak to the award-winning expert advisers at Mortgage Advice Bureau. They will find the right first time buyer mortgage for your individual circumstances.
Get fee-free mortgage advice from the award-winning expert advisers at Mortgage Advice Bureau.
Your home may be repossessed if you do not keep up repayments on your mortgage. Please note some branches of Mortgage Advice Bureau may charge a fee for mortgage advice if you go direct. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed. So make sure you use this site, this form or phone number for fee-free advice.
Coventry isn’t the only lender that may lend more than the standard 4.5 times income to eligible borrowers. For example, Nationwide’s Helping Hand mortgage allows eligible first time buyers to borrow up to 6 times income, while some lenders offer up to 6.5 or even 7 times income in certain circumstances.
However, eligibility, minimum income and deposit requirements vary significantly between lenders.
If you’re buying your first home, find out more about your options in our guide First time buyer mortgages explained: deposits, rates & how to apply. It’s also a good idea to get expert advice from a mortgage broker.
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