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If you’re a Company Director, business owner, or self-employed professional, getting a mortgage can feel like navigating a maze. Unlike standard employees, directors are assessed differently by most lenders, and the way you take income — whether through salary, dividends, or profit — can make a huge difference to your borrowing power.
Coventry Building Society, also known for its Godiva Mortgages brand, is one of the UK’s top 12 mortgage lenders and a popular option for company directors. They stand out because they’re more flexible than many high street lenders in how they assess income, which can make a real difference for business owners.
In this guide, we’ll review all the key points you need to know about Coventry mortgages for company directors, including criteria, affordability, rates, deposit requirements, and how they compare with other lenders. At Strive, we specialise in self-employed mortgages and work with both Coventry and the whole of the market, ensuring you get the most suitable deal for your circumstances.
Coventry Mortgage Criteria for Company Directors & Business Owners
Coventry generally requires a minimum of 2 years’ accounts for company directors and business owners. If you’re a majority shareholder (owning more than 25%), they’ll assess your income differently to employed applicants.
👉 Coventry stands out because they consider:
• Salary
• Share of profit after corporation tax
This is more favourable than lenders who only look at salary + dividends. For directors who leave profit in the business rather than drawing everything out, this can lead to much better affordability. It means you don’t have to take unnecessary dividends just to boost your mortgage application, which can also be more tax efficient.
Do Coventry Accept Latest Year’s Income?
Yes – and this is one of Coventry’s biggest advantages. While most lenders average your income over the last 2 years, Coventry will often use your latest year’s income if it is higher.
👉 This can be a major win if:
• Your business has grown significantly
• You’ve had a strong recent trading year
• You want to maximise borrowing potential
However, Coventry will only accept the latest year’s income if the increase is considered reasonable and sustainable. There’s no fixed percentage, but as a guide:
• If income is up by 25% or less, they’ll usually accept the latest year.
• If income is up by more than this, they may average the two years instead.
In some cases, Coventry may also request bank statements or accountant’s projections to confirm the increase isn’t a one-off.
Do Coventry Accept One Year’s Accounts?
Normally, Coventry requires at least two years’ accounts. On rare occasions, they may consider an application with only one year of accounts, but this isn’t their standard approach. Strong supporting evidence, a good credit history, and a clear trading track record would be required for this exception.
Are Coventry a Good Lender for Company Directors & Business Owners?
Coventry are widely regarded as a good choice for directors and self-employed applicants because of their unique approach to affordability. Unlike lenders who only assess salary and dividends, Coventry considers salary plus share of profits.
👉 The benefits of Coventry include:
• Consideration of latest year’s income – great for growing businesses
• Inclusion of profit after corporation tax – no need to draw unnecessary dividends
• Reasonable, competitive rates – often near the top of the market
• Flexible underwriting – more accommodating than many high street names
👉 Potential drawbacks:
• Usually require two years’ accounts
• Rates aren’t always market-leading, though they are often competitive
• Latest year’s income will only be accepted where increases are sustainable
Overall, Coventry offers a strong balance of affordability, flexibility, and competitive pricing for company owners.
Coventry Mortgage Rates
Coventry’s mortgage rates are usually competitive and reasonably priced. While they may not always top the best-buy tables, they frequently sit among the leading lenders. Coventry occasionally offer exclusive broker-only products, meaning you may only access the best rates through an intermediary.
They aren’t considered a “specialist lender” but their affordability model makes them especially attractive to directors who retain profits in their business.
How Much Can You Borrow with Coventry as a Company Director?
Like most mainstream lenders, Coventry generally allows borrowing of around 4.5 to 5 times income.
The real advantage lies in how they calculate that income:
• With Nationwide, borrowing is restricted to salary + dividends.
• With Coventry, borrowing is based on salary + share of profit after tax, which can significantly increase affordability for many directors.
This means a director with a profitable company who keeps money in the business could borrow substantially more with Coventry than with many high street lenders.
Deposit Requirements
Coventry follows the standard high street approach to deposits.
👉 Key points:
• Minimum deposit: 5%
• A larger deposit means better rates and more flexibility
• Smaller deposits will come with stricter affordability and credit checks
Credit Score Requirements
Coventry is known to be more lenient on credit history than many mainstream lenders. While they won’t accept severe adverse credit, they can be more accommodating for applicants with:
• Missed payments
• Small defaults
• Light historic issues
This flexibility makes them attractive for directors who may not have a flawless credit record but still run a profitable business.
Other Alternatives to Coventry for Business Owners
Coventry isn’t the only lender worth considering. Your choice depends on whether you prioritise maximum borrowing, lowest rates, or credit flexibility.
👉 Alternatives include:
• HSBC – consider profit + salary, good for affordability
• Barclays – often flexible with directors, strong for max borrowing
• Accord Mortgages – competitive, sometimes consider profit-based income
• Kensington – specialist lender, will look at one year’s accounts or complex cases
• Other building societies – may consider cases with unique income structures
The right option depends on your goals — whether that’s maximising affordability, securing the cheapest rate, or working around a limited trading history.
The Best Mortgage Lenders for Company Owner’s
Guide to HSBC Ltd co director mortgages
Nationwide Business owner Mortgages
How to Improve Your Chances of Getting a Coventry Mortgage
To give yourself the best chance of success with Coventry (or any lender), preparation is key.
👉 Steps that can help include:
• Saving a bigger deposit
• Maintaining a strong credit profile
• Keeping personal and business bank statements in good order
• Providing accountant’s projections if you want to use the latest year’s income
• Seeking expert advice from a specialist broker
These factors can make a big difference, especially if you’re hoping to use Coventry’s more flexible income treatment.
As a business owner, choosing the right lender can make a huge difference to how much you can borrow and the terms you’re offered. 👉 Check out our company director mortgage case study from Brighton to see the real impact of working with the right lender.
Why Use Strive Mortgages?
At Strive Mortgages, we specialise in helping company directors, business owners, and self-employed professionals secure the right mortgage. Our expertise means we can:
• Review Coventry and Godiva mortgage options in detail
• Compare these against the whole of the market
• Advise you on whether to use latest year’s income or averaged figures
• Help you maximise borrowing while keeping your business tax-efficient
Whether Coventry is the right fit or another lender offers a better deal, we’ll guide you every step of the way.
FAQs – Coventry Mortgages for Company Directors
Do Coventry consider company profits for directors?
Yes – they include salary plus share of profit after corporation tax.
How many years of accounts do I need with Coventry?
Normally 2 years, although in rare cases they may consider 1 year.
Do Coventry use the latest year’s income?
Yes, if the increase is reasonable and sustainable. Larger jumps may require averaging.
How much can I borrow as a director with Coventry?
Usually 4.5–5 times income, but affordability can be higher thanks to their profit-based calculation.
Are Coventry more flexible with credit history?
Yes – they’re more lenient than some high street lenders with light adverse.
Are Coventry rates competitive?
Yes – generally reasonable, occasionally market-leading, with broker exclusives available.
Do directors get different rates than employed applicants?
No, the rates are the same – it’s the criteria that differs.
❓ What if I’ve switched from sole trader to a limited company – will Coventry consider me?
Yes, Coventry does consider applicants who have recently switched from sole trader to limited company. The key is proving a consistent track record of earnings, even if the business structure has changed. Lenders will often look at your trading history as a whole rather than treating the move as a brand-new business.
👉 Read more in our full guide: Mortgage when switching from sole trader to limited company
