Source of deposit: Builders Deposit
Our standard acceptability
Acceptable
Criteria definition:
Indicates if we accept builder gifted deposits as an acceptable source of deposit for new build properties
Policy Notes:
A builder’s deposit is acceptable providing the Borrowers are providing a deposit from their own resources of at least 20%. The Valuer will be required to confirm that the valuation is not affected, and the Solicitor should confirm that the purchase price in the legal documentation matches that on the Society’s Mortgage Offer. Lending will be based on the lower of purchase price or valuation.
Warning Notes:
Where the borrower is putting down less than a 20% deposit then a builder's deposit would be unacceptable.
- deposits
- Policy
Last updated:
29 August 2018