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Incentives and New Build

gardencity
gardencity Posts: 7 Forumite
in Mortgages & endowments
Quick question I hope:

New build house purchase. Builder is offering an additional £8K of options. Will the mortgage LTV be price-£8K for value or just the price? Santander says on their website "Any reasonable non-cash incentives, e.g. white goods, carpets, curtains etc. will be ignored". Have I answered my own question?

Thanks

Comments

  • kingstreet
    kingstreet Posts: 39,315 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Abbey allows upto 5% cash incentives without reducing the valuation. Therefore, this should not be an issue.
    We will accept up to 5% cash back towards the purchase price (no financial limit) and builder’s payment of the applicant's legal fees and stamp duty only. Any reasonable non-cash incentives, eg white goods, carpets, curtains etc. will be ignored.

    Different rules apply for HTB - EL cases.
    I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.
  • gardencity
    gardencity Posts: 7 Forumite
    Thanks for that reply. Makes sense to me - I can relax a bit more now.
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