Hints & Tips from Christine Newell

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Useful tips I have learnt this week & Key policy changes

  • NatWest will allow a client to purchase their parents property as either their main residential or as a 2nd home.  They will allow the Parents to gift the deposit in equity and to remain living in the property as long as they do not pay any rent for the privilege.  This is the only lender that allows this to happen.
  • When inputting a client’s salary details always round down the income or input the exact figures rather than rounding up.  This is because that Woolwich will try and verify your clients income through automated means and therefore not require any further proof.   This means for some re-mortgage applications an offer can be issued on the same day as the application is submitted – Yes we have had 1 application this week where this happened and the Broker was stunned!
  • Santander will accept Studio flats without a minimum square footage policy 
Key policy changes this week 
  • Leeds policy on interest only now allows part and part applications.  You can take up to 50% LTV on interest only with a suitable repayment strategy and then up to 25% to a maximum of 75%LTV on repayment.  The suitable repayment strategy does not include sale of main residence.
Best regards,
Christine Newell
Mortgages Technical Director 

Paradigm Mortgage Services LLP
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