upmili.blogg.se - Anual salary house framer

The purchase price will not be adjusted for incentives, unless the total amount of incentives exceeds 5% of the purchase price.

If however the property is a help to buy purchase the maximum incentive allowable is 5% as per the scheme rules.

The maximum amount of acceptable incentive is 15% of the purchase price of the property.

Part exchange: where the vendor is a large national house builder selling a property acquired under a part-exchange scheme.

This does not include repossessed properties being purchased cheaply at auction and then sold on by a third party. the property has been repossessed within the last six months and is being sold by the mortgage lender or their agent.

Repossessed property: where the vendor is the mortgage lender in possession i.e.

mortgage offer/rate roll off letter from the previous lender. Proof of the rate roll off has to be obtained e.g.

Porting: where a fixed/discounted rate was ported to a new property but has now expired and the customer wants to remortgage within the 6 month period to gain a new rate.

We will also consider lending where our customer wishes to purchase the property from a vendor who recently inherited the property.

Inherited: a recently inherited property where the beneficiary wishes to release some of the equity for residential or buy to let purposes, or to buy the shares in the property inherited by others (e.g.

Buy to let applications are not acceptable in this situation.

The previous property has now been sold and the applicants are looking for a mortgage on the new property with funds to be used to repay the bridging loan. Bridging: residential mortgage applications where the customers required a bridging loan due to delays in selling the existing property, subject to normal underwriting.The lending would be restricted to the lower of the original purchase price or valuation. Customer funded purchase: when the customer has funded the purchase using their own funds or funds from a close family member and are now looking to set up a mortgage.

Solicitors are required to disclose any transaction in the last six months and, if this happens, cases will be declined after offer unless the circumstances meet one of the following situations in which lending may be considered: Back to back is typically where the vendor has owned the property for less than six months, or remortgages where they've owned the property for less than six months.