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Coventry Building Society is the UK's second-largest building society, offering mortgages for first-time buyers, home movers, remortgagers, and buy-to-let landlords. Here's what to know before you apply.
Coventry Building Society is a good choice for borrowers with a clean credit history who want reliable service from an established, member-owned lender. It's particularly strong for remortgages, where it offers free valuations and free legal work, and for first-time buyers who need a smaller deposit.
It's less suitable if you have adverse credit history, complex or self-employed income, or need a fast turnaround, as some applications take three to four weeks or longer.
As with any mortgage decision, it's worth comparing Coventry Building Society against other lenders before you apply. Speak to an advisor to see how it stacks up against your other options.
Coventry Building Society mortgages are offered by one of the UK's most established mutual lenders, with products for first-time buyers, home movers, remortgagers, and buy-to-let landlords. Here's a quick summary of what to expect.
Coventry Building Society is the second-largest building society in the UK, with total assets exceeding £60 billion. It was founded in 1884 by local businessman Thomas Mason Daffern and has operated continuously for more than 140 years, helping generations of UK homeowners buy and remortgage their properties.
As a mutual organisation, Coventry Building Society is owned by its members rather than shareholders. This means profits are reinvested into rates and services rather than paid out as dividends. The society's tagline, "All together, better," reflects this member-first approach.
Coventry Building Society holds around 12% of the UK building society market by assets, second only to Nationwide. In 2023, the society helped 6,300 first-time buyers purchase their homes and remains one of the most active mortgage lenders in the UK market.
In January 2025, Coventry completed its acquisition of The Co-operative Bank, returning that institution to mutual ownership and expanding Coventry's product range and customer base.
Coventry Building Society is authorised by the Prudential Regulation Authority and regulated by both the Financial Conduct Authority and the Prudential Regulation Authority. Deposits held with Coventry Building Society are protected by the Financial Services Compensation Scheme up to £85,000 per person. The society holds credit ratings from Moody's and Fitch, both with stable outlooks.
Product range
Coventry aims to make getting on the property ladder more accessible with mortgages available up to 95% LTV, meaning you could buy with just a 5% deposit. Selected deals come without application or arrangement fees, reducing upfront costs, and first-time buyers purchasing in CV postcode areas (Coventry and the surrounding area) may also be eligible for cashback. Terms of up to 40 years can help keep monthly payments more manageable.
For example, a first-time buyer purchasing a £250,000 property with a 10% deposit (£25,000) could access a 90% LTV mortgage. Speak to an advisor for current rates and an estimate of your monthly payments.
Many Coventry mortgages can be transferred (ported) to a new property when you move, subject to criteria and affordability. Rates for existing customers moving home often match or beat those available to new customers, and maximum loans of up to £3 million make this suitable for higher-value properties.
Coventry Building Society is particularly strong for remortgages. Its Remortgage Transfer Service handles standard conveyancing for free, and free valuations (worth up to £670) are available for residential remortgages. Coventry also offers fee-saver options with no arrangement fee, which can reduce the overall cost of switching.
Landlords can access Coventry's buy-to-let range through Godiva Mortgages Limited, a subsidiary. This includes options for landlords with 1-15 properties, limited company lending for properties held in SPV structures, and maximum loans of up to £1.5 million. Free valuations worth up to £700 are available for buy-to-let remortgages.
Offset mortgages link your savings to your mortgage. Your savings balance is offset against your outstanding mortgage, reducing the amount you pay interest on, while your savings remain accessible, unlike an overpayment. This can suit higher-rate taxpayers or those with variable income.
For example, with a £200,000 mortgage and £30,000 in savings, you'd only pay interest on the £170,000 difference. Speak to an advisor for a personalised illustration of how much this could save over your mortgage term.
If you're an existing Coventry customer approaching the end of your deal, the society aims to offer rates matching or better than new customer products. Product transfers are usually simplified, often without the need for new affordability checks or valuations, and switching products with the same lender typically doesn't involve legal fees.
Compare your options
An advisor can compare Coventry Building Society's mortgage range against other lenders and help you find an option that matches your deposit, income, and circumstances.
Coventry Building Society's rates change frequently, so it's not useful to quote specific figures here. As a general rule, Coventry tends to be most competitive at lower loan-to-value ratios and on remortgage products. Speak to an advisor for up-to-date pricing based on your circumstances.
Always compare the total cost of a mortgage, not just the headline rate. A product with a fee and a lower rate can sometimes cost more overall than a fee-free product with a slightly higher rate, especially on smaller loans or if you plan to remortgage again soon.
Understanding the full cost picture helps you compare Coventry Building Society against other lenders fairly.
For remortgages, Coventry's Remortgage Transfer Service provides free legal work. For purchases, you'll need to appoint your own solicitor, which typically costs £800 to £1,500.
Coventry Building Society will typically consider standard construction houses and flats, new builds (with LTV restrictions), ex-local authority properties (up to five storeys, no deck access), flats in blocks up to 10 storeys, and properties in England, Wales, Scotland, and Northern Ireland.
They're less likely to lend on freehold flats (except in Scotland), studio flats, flats in blocks over 10 storeys, properties with certain cladding issues (reviewed case-by-case), and properties requiring significant structural work.
Coventry Building Society prefers applicants with clean or near-prime credit profiles. They may consider minor historical credit issues on a case-by-case basis, satisfied defaults older than six years, and discharged bankruptcies, subject to time elapsed.
They're less likely to accept applications with recent defaults or missed payments, outstanding county court judgments, active debt management plans, or very recent credit issues.
Coventry Building Society works best for borrowers with good credit. If you have adverse credit history, specialist lenders may offer more flexibility, though usually at higher rates.
Understanding how Coventry stacks up against other major lenders can help you decide whether it's the right fit.
Coventry may suit you if you want a smaller, more personal building society experience with competitive rates. Nationwide may suit you if you need extensive branch access or prefer a larger institution with more digital features.
Coventry may suit you if you want a straightforward mortgage from a well-established lender. Yorkshire may suit you if you have slightly complex circumstances and need more flexibility.
Coventry may suit you if you value the mutual ethos and a strong reputation for customer service. A bank may suit you if you want all your finances in one place or need products Coventry doesn't offer.
Understanding real customer experiences helps set realistic expectations.
"Customer service were good at dealing with my re-mortgage queries, and it was a pleasant surprise to find that re-mortgage rates for existing customers were better than those for new clients." - Smart Money People review, March 2024
"Good mortgage, simpler than other banks to pass the checks. Also like that it's easy to check the current balance with their app." - Smart Money People review, March 2025
Based on helping customers connect with mortgage specialists who arrange Coventry Building Society mortgages, we find customer service is generally above average for the industry, processing is reliable but not the fastest, and communication during applications is good. Post-completion service is well-regarded, and the member-first approach shows in how customers are treated.
Understanding what's involved can help you prepare and set realistic timelines.
How it works
Initial enquiry and agreement in principle
You provide personal details, income information, and details about the property. Coventry runs a soft credit check, which doesn't affect your credit score, and gives an indication of how much you might be able to borrow. This usually happens the same day.
Full application
You'll need proof of identity, proof of address, income evidence (payslips, your P60, or tax returns if you're self-employed), and recent bank statements. A full credit check is performed and your affordability is verified before underwriters assess the application. An initial decision typically takes one to three days.
Valuation
Coventry instructs a valuation of the property. A surveyor may visit, or a desktop valuation may be used for remortgages, to confirm the property is suitable as security. This typically takes one to two weeks.
Mortgage offer
Once the valuation is received and the application approved, a formal offer is issued to you and your solicitor. Offers are typically valid for six months, or nine months for new builds. This usually takes one to two weeks after the valuation.
Legal completion
Your solicitor handles the conveyancing, including searches, enquiries, and legal checks. Funds are transferred on completion day, and the mortgage is registered against the property. This stage typically takes four to twelve weeks, depending on chain complexity.
Member-owned structure. As a mutual, Coventry reinvests profits into rates and services rather than paying shareholder dividends, which often supports competitive pricing and a focus on customer outcomes.
Strong customer service. Consistently high satisfaction scores and industry awards, including the Fairer Finance Gold Ribbon, reflect a focus on service quality. Branch staff receive particular praise.
Competitive rates. Particularly strong at lower LTVs and for remortgages, Coventry is often competitive for borrowers with clean credit profiles.
Strong remortgage package. Free valuations (up to £670), free legal work, and a promise to match rates for existing customers make remortgaging with or to Coventry appealing.
First-time buyer support. High LTV products (up to 95%), fee-free options, and regional cashback incentives help first-time buyers access the market.
Financial stability. Strong credit ratings, more than 140 years of history, and robust capitalisation support confidence in the society's long-term stability.
Limited digital capabilities. While improving, Coventry's online and mobile banking doesn't match the most advanced digital-first banks, and some customers report frustration with online services.
Stricter credit criteria. Coventry works best for clean credit profiles. If you have adverse credit history, complex income, or unusual circumstances, other lenders may be more accommodating.
Smaller branch network. Around 70 branches means less accessibility than major banks if you prefer in-person banking, with coverage concentrated in the Midlands and surrounding regions.
Processing times. While reliable, Coventry isn't the fastest lender. If you need rapid completion, specialist fast-track lenders may serve you better.
Limited specialist products. Complex scenarios like self-build, large-scale portfolio landlords, or very high-value properties may be better served by specialist lenders.
No online applications. Unlike some lenders, you can't complete a full mortgage application entirely online. You'll need to speak to someone by phone or visit a branch.
Coventry Building Society mortgages tend to work best for:
Consider other lenders if you:
If you're struggling with existing mortgage or debt repayments, free and impartial guidance is available from MoneyHelper on 0800 138 7777.
An advisor can help you assess whether Coventry Building Society suits your situation and support you in accessing suitable deals.
Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.
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Common questions
Yes. Coventry Building Society has operated since 1884, is the UK's second-largest building society, and holds strong credit ratings from major agencies. It's regulated by both the Financial Conduct Authority and the Prudential Regulation Authority, and deposits are protected by the Financial Services Compensation Scheme up to £85,000 per person. The society demonstrated particular resilience during the 2008 financial crisis.
Yes. Coventry Building Society is authorised by the Prudential Regulation Authority and regulated by both the Financial Conduct Authority and the Prudential Regulation Authority. This dual regulation is standard for UK deposit-taking institutions and building societies.
Coventry Building Society is a mutual organisation owned by its members (customers), not shareholders. This means profits are reinvested to benefit members through rates and services, rather than being paid out as dividends. Banks are typically shareholder-owned and prioritise shareholder returns.
Generally yes, particularly at lower loan-to-value ratios and for remortgages. Coventry often features among the more competitive mainstream lenders for borrowers with good credit. Always compare the total cost, including fees, rather than just the headline rate, and speak to an advisor for current pricing.
Product fees range from £0 to £999 depending on the mortgage chosen. Many products include free valuations and free legal work for remortgages. There's no application or booking fee. Check the specific product for exact fee details.
Yes, Coventry Building Society typically allows you to add the product fee to your mortgage balance rather than paying it upfront. This spreads the cost, but means you'll pay interest on the fee amount over your mortgage term.
Coventry doesn't publish minimum credit score requirements, but it prefers applicants with clean or near-prime credit profiles. If you have significant adverse credit history, such as recent defaults or active debt issues, you're more likely to be declined.
Yes, but it typically requires at least two years' trading history along with accounts or tax returns to evidence income. Sole traders, partnerships, and limited company directors can all apply. More complex self-employed situations may be better served by specialist lenders.
Yes. Coventry offers mortgages up to 95% LTV for first-time buyers and some home movers, meaning a 5% deposit is possible. Products and availability depend on your circumstances and the specific property.
Straightforward remortgages typically take two to four weeks. Standard purchases take four to eight weeks depending on chain complexity. Complex applications, or those requiring additional verification, may take longer.
An initial agreement in principle uses a soft search that doesn't affect your credit score. A full application involves a hard credit check that will appear on your credit file and may temporarily affect your score.
You can get an agreement in principle online or check affordability using their calculators. Full applications currently require speaking to someone by phone or through a mortgage broker. You can't complete the entire process online.
You'll typically need proof of identity (passport or driving licence), proof of address (utility bills or bank statements from the last three months), proof of income (payslips for employed applicants, or accounts and tax returns for self-employed applicants), and details of your current mortgage and property.
Most Coventry mortgages allow overpayments of up to 10% of the balance each year without early repayment charges. Overpaying can reduce your total interest and mortgage term. Check your specific product terms.
Many Coventry mortgages are portable, meaning you can transfer them to a new property when you move, subject to the new property meeting their criteria and you passing affordability checks. This can help you avoid early repayment charges.
Payment holidays may be available in certain circumstances, but they aren't a standard feature. If you're struggling with payments, speak to Coventry Building Society as early as possible to discuss your options, or contact MoneyHelper on 0800 138 7777 for free, impartial guidance.
Yes, for most straightforward cases. Its Remortgage Transfer Service handles the legal work for free, and free valuations worth up to £670 are available. The process is typically straightforward for standard remortgages with no chain involved.
Coventry aims to offer existing customers rates that are the same as or better than equivalent products for new customers. This approach isn't universal in the mortgage market and can make staying with, or switching to, Coventry worth considering.
You'll move to TMW's Standard Variable Rate unless you switch to a new deal. TMW contacts existing customers before their deal ends to discuss switching options, and it's worth speaking to an advisor in good time to compare alternatives.
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