Top Tip Tuesday Talks Residential Flat Purchase at 95% ltv
- We do not take ground rent or services charges as a monthly outgoing when assessing affordability.
- Maximum ground rent cannot exceed 0.1% of the property value or £500 per year (whichever was higher) and must remain reasonable at all times during the lease, the lease term must also be greater than 85 years.
- We lend in England, Wales, Scotland and Northern Ireland.
- The applicants can be first time buyers or home movers, if they have an interest in another property ltv is restricted to 90%.
- The property must be in a predominantly residential location.
- Minimum acceptable floor area 30 square metres.
- We do not lend on converted office blocks or studio flats.
- Former council flats are acceptable if less than 4 stories and have no open deck access.
- The construction type must also be suitable for mortgage purposes.
- New build flats maximum 80% ltv.
- Freehold flats are not acceptable, however a flat which owns the freehold to the whole property but is subject to long leases on other flats is acceptable.
- Please ring me to discuss the following:
- If the applicant(s) are looking to own more than 1 flat in the block.
- Flats in high rise developments 10 storeys or greater.
- Properties with communal heating, hot water or other services where the property is not individually metered.
- Properties with cladding and / or balconies.
- Flats near to or above a commercial unit.
- Lending in a Scottish Island.
- Non-standard construction.
- Criteria here affordability calculator here.