Coventry slashes interest-only maximum LTV

The Coventry Building Society has become the latest mortgage lender to tighten its interest-only criteria.

It has cut the maximum LTV to 50%.

In a statement, the mutual said: “Following moves by a number of other lenders to restrict their criteria for interest only lending the Coventry has also reduced the maximum loan to value to 50% where any aspect of the loan is interest only.