Perpendicular magnetic tunnel junctions (MTJ) with a bottom pinned reference layer and a composite free layer (FL) are investigated. Different thicknesses of the FL were tested to obtain an optimal balance between tunneling magnetoresistance (TMR) ratio and perpendicular magnetic anisotropy. After annealing at 400 °C, the TMR ratio for 1.5 nm thick CoFeB sublayer reached 180% at room temperature and 280% at 20 K with an MgO tunnel barrier thickness corresponding to the resistance area product RA = 10 Ohmμm2. The voltage vs. magnetic field stability diagrams measured in pillar-shaped MTJs with 130 nm diameter indicate the competition between spin transfer torque (STT), voltage controlled magnetic anisotropy (VCMA) and temperature effects in the switching process. An extended stability phase diagram model that takes into account all three effects and the effective damping measured independently using broadband ferromagnetic resonance technique enabled the determination of both STT and VCMA coefficients that are responsible for the FL magnetization switching.