We will lend on properties that are the borrower’s main residence. Applications will also be accepted where the applicants are looking to purchase or remortgage either a second home or a property which will be let for short periods (no assured tenancy agreement in place).
The following are acceptable property tenures:
- Freehold (excluding flats and maisonettes);
- Leasehold (minimum 85 year unexpired term on completion and 60 years at the end of the mortgage term);
- Flying Freehold (specific to access between two properties);
New build houses
Accepted up to maximum of 90% loan to value.
New build apartments
Accepted up to maximum of 90% LTV and subject to being within a block of no more than five storeys.
Right to Buy
Ex-local authority houses accepted.
Ex-local authority flats or maisonettes will be considered.
Accepted up to 100% of the discounted purchase price provided it does not exceed 75% of the valuation.
Additional borrowing (up to 75% loan to value) available for home improvements – estimates required on application.
Purchase under value/Concessionary purchase
Accepted up to maximum of 85% loan to value.
Only considered when the property is being purchased from an immediate family member.
The discount must be a minimum of 15% off the current market value and be a genuine discount.
The applicants do not need to provide any additional deposit.
Standard construction only.
Properties must be of brick or stone wall with a tiled or slated roof with the exception of the following which will also be considered subject to valuation:
- Timber frame with render cladding
- Solid stone
- SIPS (Structural insulated panels)
- Oak framed
- Steel framed construction
- Metal (zinc) roof
- Thatched roof
- Grade II listing.
- PRC repaired properties that have the benefit of a 30 year insurance-backed guarantee & structural warranty
Unacceptable property types
The following is a list of unacceptable property types:
- Flats or apartments in a block of more than five storeys;
- Freehold flats, apartments or maisonettes;
- Flats worth less than £50,000;
- Flats in Fenwood Croft, Tipton (unless already in mortgage);
- Flats above shops or commercial premises;
- Leasehold properties with less than 85 years remaining on the lease; and
- Any property for which the valuer is unable to confirm a ready resale market.
Any non-standard construction types, to include the following (full list of unacceptable property types available on request):
- Prefabricated buildings;
- Unrepaired PRC constructions;
- In situ poured concrete (often known as ‘Wimpey No Fines’);
- Steel framed constructions including Laing Easiform.
All properties subject to valuation instructed by us, pre-prepared valuations are not accepted.
A table detailing our valuation fee scale can be viewed on our mortgage valuation charges page.
Minimum property valuation
£75,000 (increasing to £250,000 for properties located within the M25 corridor).
Other acceptable property types
- Large properties with an annexe which is let out on an AST will be considered.
- Properties with up to 20 acres of land will be considered, where no agricultural ties apply.