Source of deposit: Concessionary
Our standard acceptability
Indicates if we accept applications that are considered a concessionary purchase. Examples of a concessionary purchase are a grandparent selling a property to a grandchild at a genuine discount or a landlord doing the same for a tenant. For example, the property might be worth £150,000 on the open market but the owner is selling it to the buyer for £135,000 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