We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
New build - Lending Criteria
cupidstunt
Posts: 34 Forumite
Just looking for a bit of advice.
I had a mortgage accepted in principle back in August 2009. In view of this I proceeded to put in an offer on an off plan new build. The house should be finished before the end of the month, so I've contacted A+L to put in a formal mortgage application for the full ammount that was agreed (in principle) back in August (£157,000 agreed, house on market for £215,000)
However, the A+L mortgage advisor has just told me that their lending crireria has been updated recently and they now only lend 70% of the value/sales price of a new build ? (150K)
Can anyone confirm if this is correct as I've been led to believe that they will lend 80% LTV on a new build house, but only 70% on a new build flat.
TIA
I had a mortgage accepted in principle back in August 2009. In view of this I proceeded to put in an offer on an off plan new build. The house should be finished before the end of the month, so I've contacted A+L to put in a formal mortgage application for the full ammount that was agreed (in principle) back in August (£157,000 agreed, house on market for £215,000)
However, the A+L mortgage advisor has just told me that their lending crireria has been updated recently and they now only lend 70% of the value/sales price of a new build ? (150K)
Can anyone confirm if this is correct as I've been led to believe that they will lend 80% LTV on a new build house, but only 70% on a new build flat.
TIA
0
Comments
-
They will lend 70% ltv on new build flats and 85% ltv on houses.I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.5K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.5K Spending & Discounts
- 245.5K Work, Benefits & Business
- 601.4K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards