Source of deposit: Concessionary
Our standard acceptability
Indicates if a Buy to Let lender accepts applications that are considered a concessionary purchase. Example of a concessionary purchase are a grandparent selling a property to a grandchild at a genuine discount. For example the property might be worth £150,000 on the open market but the owner is selling it to the buyer for £112,500 with the discount effectively becoming the deposit.
We can lend up to 100% of the discounted purchase price or 80% of the value whichever is lower. An indemnity to protect the Society might be required.
29 August 2018