The Co-operative Bank - 5% Builders Incentive max

kat81

Hi,

Has anyone any knowledge about the T&Cs for The Co-operative Banks 5% builders incentive? Their website simply states:

Incentives of up to 5% of the purchase price are acceptable.

All Incentives must be declared on the UK Finance Disclosure of Incentives Form completed by the Seller(s). This information will be considered by the Valuer when providing the property value for mortgage purposes.

The loan to value is calculated on the lower of the purchase price or property value.

Rental guarantees from builders are not acceptable.

I am 3k over this incentive, so looking for others way to support my application. Does anyone know the co-op's guidelines for the 5% e.g. does this include flooring/garden upgrade etc?

TIA

kingstreet

Typically, the 5% applies to builder cash incentives and non-cash incentives may be permitted in addition. However, I don't know in the case of Platform/Coop. I've been avoiding them like the plague for years.

kat81

kingstreet said:

Typically, the 5% applies to builder cash incentives and non-cash incentives may be permitted in addition. However, I don't know in the case of Platform/Coop. I've been avoiding them like the plague for years.

Thanks. I've been with them a few years and it's been okay, but their lack of transparency on this is frustrating! Can't move on with my move until this gets sorted.