Date: 30 January 2026Coventry Building Society interest only criteria are very specific, and understanding them early helps clients avoid delays. Interest‑only mortgages can offer flexibility for the right borrowers, but each lender sets strict rules around income, repayment strategies, and maximum loan amounts. Coventry Building Society is no exception, and their approach focuses heavily on affordability, equity, and clear evidence of how the loan will be repaid at the end of the term.
✔ No Minimum Income Requirement
However, Coventry doesn’t set a minimum income threshold. However, applicants must still demonstrate they can afford an equivalent repayment mortgage under Coventry’s affordability model.
✔ Maximum 50% LTV
Additionally, all new interest‑only applications are capped at 50% loan‑to‑value.
Coventry does not permit additional borrowing above this limit.
✔ Minimum £300,000 Equity Required
Importantly, regardless of the repayment strategy, borrowers must retain at least £300,000 equity in the property at completion.
✔ No Part & Part
Coventry does not accept new applications on a part‑repayment/part‑interest‑only basis.
✔ No Debt Consolidation
Coventry does not allow debt consolidation on interest‑only products.
✔ Maximum Term: 40 Years
Coventry accepts a range of repayment plans, each with its own evidence requirements and assessment rules:
| Repayment Strategy | Evidence Required | Assessment Method |
| Stocks & Shares ISA | Latest statement (≤12 months old) | Up to 80% of accrued value |
| Endowment Policy | Latest statement (≤12 months old) | 100% of accrued value |
| Pension Lump Sum | Latest pension statement (≤12 months old) | 12.5% of DC pension value or 50% of DB guaranteed lump sum |
| Sale of Mortgaged Property | None | Max 50% of current property value |
| Sale of Other UK Residential Property (Unencumbered) | Full property details | Up to 60% of value (desktop valuation) |
| UK FTSE‑Listed Securities | Share certificates / nominee statement / broker confirmation | Up to 80% of accrued value |
| Unit Trusts / OEICs / Investment Trusts | Latest statement | Up to 80% of accrued value |
Important: Borrowers must provide repayment plans in pounds sterling.
Overall, Coventry’s interest‑only range is typically best for:
Coventry is just one of many lenders with very specific — and often very different — interest‑only rules. If you want to understand which lenders you qualify for, or whether interest‑only is suitable for your circumstances, get in touch for a full‑market mortgage review.
Your home may be repossessed if you do not keep up repayments on your mortgage.
This information is specific to Coventry and there are other lenders available
