We’re delighted to announce that we have enhanced our Concessionary Purchase offering and can now offer 100% Concessionary Purchase. This change follows the recent improvement to our Self-Employed criteria and pricing adjustments.
The changes:
- The improvement enables customers to benefit from purchasing a property below market value, which they may typically purchase from family or their landlord.
- Customers could borrow up to 100% Loan to Purchase Price, with no deposit required, up to a maximum LTV of 75% of full market value.
Why:
- This has been in popular demand from brokers, so we have addressed this by launching tonight.
- Our recent Specialist Lending Study revealed that 32% of respondents identified saving for a deposit as one of the largest barriers to purchasing a property, so we’re continuing to find solutions for them to get the mortgage they deserve with a market leading proposition.
- Concessionary Purchase offers many benefits for buyers – not only are they able to obtain the property at a discount, but they can also access a cheaper mortgage rate in comparison to a high LTV rate that might ordinarily be associated with first time buyers.
When:
- Changes took place overnight with a communication sent to brokers yesterday
Pipeline:
If there are any concessionary purchases in the pipeline currently where the applicant is providing their own 15% but, after this change, would like to reduce or remove that – a new application will need to be submitted for it to be keyed correctly.