28 March 2017
Following feedback from brokers, The Tipton is pleased to advise that with immediate effect they have made the following amendment to their existing lending policy.
Concessionary Purchase (Family Sale at discounted price)
Max LTV increased from 75% to 85%
- Where the applicant is purchasing from an immediate family member1 at a discounted price. The discount on the purchase price must be a minimum of 15% of the market value and must be a genuine discount (not subject to any future repayment/clawback). Vendor must move out on completion and the property being purchased must be solely for the applicant(s) to live in as their main residence.
- 1 Family member definition – Parent/child, sibling, Grandparent/grandchild, Aunt/Uncle