Just completed an affordability calculation on the Coventry site and cannot comprehend how poor it is! On a 65% LTV case although the maximum monthly calculator shows a surplus of £600 the maximum loan falls short by £7,000. On investigating it's because a Head Teacher pays 11.6% of his salary into the Teachers Pension and it is this gross deduction that the Coventry take off of his salary for affordability. Anybody with even half a brain would realise that the tax relief is paid within the same monthly pay so in this case reducing the monthly commitment by 40%. Having spoken to them on a couple of occasions no one is prepared to accept this is an error with their system. I will inform the FCA as they are very interested in how pension payments are interpreted by lenders but what a waste of my time!
So basically any one of the Millions of public sector workers will get a bad affordability deal from the Coventry so AVOID!