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Question: 6.3.1. Do I have to report incentives?
| Lender | Answer |
|---|---|
| Accord Mortgages Ltd |
Yes. If the purchase price does not reflect the cashback, incentives or discount then we may have to reconsider the basis of our lending. A completed copy of the UK Finance Disclosure of Incentives Form, also called the Disclosure Form (version 1), (the Form) should be obtained where the property is to be occupied for the first time, or for the first time in its current form, for example, because of a renovation or conversion. You should send the Form as soon as possible to Lending Shared Services, Accord Mortgages Limited, Yorkshire House, Yorkshire Drive, Bradford, BD5 8LJ DX 11798 Bradford even if it does not disclose any incentives. You must not submit your Certificate of Title unless you have previously sent us the Form. |
| Atom Bank plc | Yes. All incentives must be reported to Mortgage Services. You must also complete a CML Disclosure of Incentives Form which the valuer will require. On sending the Certificate of Title you are confirming you are in receipt of this form. |
| Aviva Equity Release UK Ltd |
Yes |
| Bank of Ireland (UK) plc |
You must send us the Disclosure of Incentives Form. You must also advise us if other incentives are agreed subsequently. There is an exception if (1) the transaction is a Help to Buy purchase, (2) we received the mortgage application on or before 9 July 2020 and (3) a stamp duty incentive was previously agreed as part of the transaction. We will accept a cash incentive being given instead of the stamp duty incentive providing its value is: • not more than 5% of the full purchase price; and • not greater than the value of the original stamp duty incentive as declared on the Disclosure of Incentives Form. If this exception applies, or if the original incentive amount is reduced or removed entirely, you are not required to notify us or submit an amended Disclosure of Incentives Form. |
| Bank of Ireland as Bank of Ireland Mortgages |
You must send us the CML Disclosure of Incentives Form. You must also advise us if other incentives are agreed subsequently. |
| Bank of Scotland Beginning A |
You should report details of all cash/financial incentives to Bank of Scotland Plc, Mortgage Operations, Pentland House, 8 Lochside Avenue, Edinburgh, EH12 9DJ. Tel: 0345 603 1136 Fax: 0131 339 2366 in the following circumstances:- Where the value of cash incentives is 10% or more greater than the value set out in the Further Conditions section of the Mortgage Offer; or Where no details are set out in the Mortgage Offer, whenever any cash/financial incentives are being paid by the seller. You should only report details of all cash/financial incentives where these add up to a sum which is greater than 5% of the purchase price. In addition, you should report details of all non-financial/in-kind incentives other than those fixed or fitted to the property. For example, we would expect a new car incentive to be reported but not a higher specification kitchen or bathroom, carpets and curtains, white goods, electric upgrades or turf and landscaping. Do not send a copy of the form unless we specifically request it. In all other cases you must report to Bank of Scotland Plc, Pentland House, 8 Lochside Avenue, Edinburgh, EH12 9DJ Fax no. 0131 339 2366 In addition, you should also report details of all finders fees (whether or not the CML Disclosure of Incentives Form applies) as they are not considered acceptable. A finders fee is a fee or commission paid by a seller to a third party (such as an invest club) for finding or introducing a buyer. It does not include the normal fee or comission payable to any estate agent handling the sale. Where the property is not a new build being sold by the developer, you must notify us if the deposit is to be paid by the seller. Do not send a copy of the CML Disclosure of Incentives Form unless we specifically request it In addition, you should also report details of all finders fees (whether or not the CML Disclosure of Incentives Form applies) as they are not considered acceptable. A finders fee is a fee or commission paid by a seller to a third party (such as an investment club) for finding or introducing a buyer. It does not include the normal fee or commission payable to any estate agent handling the sale. Where the property is not a new build being sold by the developer, you must notify us if the deposit is to be paid by the seller. |
| Bank of Scotland Beginning O |
You should only report details of all cash/financial incentives where these add up to a sum which is greater than 5% of the purchase price. You should only report details of all cash/financial incentives where these add up to a sum which is greater than 5% of the purchase price. In addition, you should report details of all non-financial/in-kind incentives other than those fixed or fitted to the property. For example, we would expect a new car incentive to be reported but not a higher specification kitchen or bathroom, carpets and curtains, white goods, electric upgrades or turf and landscaping. Do not send a copy of the form unless we specifically request it. In all other cases you must report to Bank of Scotland Plc, Pentland House, 8 Lochside Avenue, Edinburgh, EH12 9DJ Fax no. 0131 339 2366 In addition, you should also report details of all finders fees (whether or not the CML Disclosure of Incentives Form applies) as they are not considered acceptable. A finders fee is a fee or commission paid by a seller to a third party (such as an invest club) for finding or introducing a buyer. It does not include the normal fee or commission payable to any estate agent handling the sale. Where the property is not a new build being sold by the developer, you must notify us if the deposit is to be paid by the seller. In all other cases you must report to Bank of Scotland Plc, Mortgage Operations, Pentland House, 8 Lochside Avenue, Edinburgh, EH12 9DJ. Tel: 0345 603 1136 Fax: 0131 339 2366 In addition, you should also report details of all finders fees (whether or not the CML Disclosure of Incentives Form applies) as they are not considered acceptable. A finders fee is a fee or commission paid by a seller to a third party (such as an investment club) for finding or introducing a buyer. It does not include the normal fee or commission payable to any estate agent handling the sale. |
| Barclays Bank UK PLC |
Residential: There is no restriction on the value of any incentives, such as cashback, or the payment of a deposit offered by builders, vendors or developers provided that the deposit/cashback does not have to be repaid and the builder does not intend to register a charge against the property. The borrower must provide at least a 5% personal stake (based on the lower of valuation or purchase price) You need only report incentives where these requirements are not met. You are not required to send us a copy of the Disclosure of Incentives Form (DIF). Buy to let: There is no restriction on the value of any incentives, such as cashback, or the payment of a deposit offered by builders, vendors or developers provided that providing the deposit/cashback does not have to be repaid and the builder does not intend to register a charge against the property. The borrower must provide at least a 25% personal stake (based on the lower of valuation or discounted purchase price less any builder/vendor incentives) e.g. where the full purchase price and valuation is £100,000 and the builder / vendor is providing a £5,000 cash incentive the applicant must provide a minimum of £23,750 (25% of £95,000) from their own resources towards the purchase; therefore, the maximum advance in this scenario would be £71,250 (75% of £95,000). You need only report incentives where these requirements are not met. In all instances, where there is an incentive (financial or non-financial) being offered, the applicant(s) must provide full details of the type and amount as part of the application submission and all such incentives must be declared to the valuer on the UK Finance Disclosure form, in order that they can be taken into account when valuing the property. You are not required to send us a copy of the Disclosure of Incentives Form (DIF). |
| Birmingham Midshires |
You should report details of all cash/financial incentives to the Customer Service Centre (see offer for address and fax number) in the following circumstances:- Where the value of cash incentives is 10% or more greater than the value set out in the Further Conditions section of the Mortgage Offer; or Where no details are set out in the Mortgage Offer, whenever any cash/financial incentives are being paid by the vendor. You should only report details of all cash/financial incentives where these add up to a sum which is greater than 5% of the purchase price. In addition, you should report details of all non-financial/in-kind incentives other than those fixed or fitted to the property. For example, we would expect a new car incentive to be reported but not a higher specification kitchen or bathroom, carpets and curtains, white goods, electric upgrades or turf and landscaping. Do not send a copy of the form unless we specifically request it. In all other cases you must report to Bank of Scotland Plc, Pentland House, 8 Lochside Avenue, Edinburgh, EH12 9DJ Fax no. 0131 339 2366 In addition, you should also report details of all finders fees (whether or not the CML Disclosure of Incentives Form applies) as they are not considered acceptable. A finders fee is a fee or commission paid by a seller to a third party (such as an invest club) for finding or introducing a buyer. It does not include the normal fee or comission payable to any estate agent handling the sale. Where the property is not a new build being sold by the developer, you must notify us if the deposit is to be paid by the seller. Do not send a copy of the CML Disclosure of Incentives Form unless we specifically request it. In addition, you should also report details of all finders fees (whether or not the CML Disclosure of Incentives Form applies) as they are not considered acceptable. A finders fee is a fee or commission paid by a seller to a third party (such as an investment club) for finding or introducing a buyer. It does not include the normal fee or commission payable to any estate agent handling the sale. Where the property is not a new build being sold by the developer, you must notify us if the deposit is to be paid by the seller. |
| Bradford & Bingley Limited | Yes |
| Britannia, a trading name of The Co-operative Bank plc |
Yes, at the earliest possible opportunity. Please note that if this form is submitted with the Certificate of Title completion could be delayed. |
| Chelsea Building Society (a trading name of Yorkshire BS) |
Yes. If the purchase price does not reflect the cashback, incentives or discount then we may have to reconsider the basis of our lending. You must inform whoever issued the offer/instructions if you are aware of any allowances, incentives, discounts and direct payments. A completed copy of the UK Finance Disclosure of Incentives Form, also called the Disclosure Form (version 1), (the Form) should be obtained where the property is to be occupied for the first time or for the first time in its current form, for example because of a renovation or conversion. You should send the Form as soon as possible to whoever issued the offer/instructions even if does not disclose any incentives. You must not submit your Certificate of Title unless you have previously sent us the Form. |
| CHL Mortgages |
Receipt of the CML Disclosure of Incentives Form is not required as we do not currently lend on New Builds/Newly converted buildings |
| Co-operative Bank plc |
Yes, at the earliest possible opportunity. Please note that if this form is submitted with the Certificate of Title, completion could be delayed. |
| Coventry Building Society | Yes - via the Disclosure of Incentives Form.. |
| Danske Bank |
You do not need to report sales incentives to us or provide us with a copy of the UK Finance Disclosures of Incentives Form provided it is a builder cash incentive and meets our criteria set out below. (A builder cash incentive includes but is not limited to a deposit contribution, cash-back, contribution to legal fees/stamp duty etc.) • The maximum amount of any builder cash incentive is capped at 5% of the lower of the full purchase price or valuation. • A maximum of 5% of the full purchase price (or valuation if lower) can therefore be funded by a builder cash incentive with the remaining deposit being sourced from the applicant’s own funds. • The deposit/cashback does not have to be repaid and the builder does not intend to register a charge against the property. In all other cases, you must report incentives to us and provide us with a copy of the UK Finance Disclosures of Incentives Form. |
| DB UK Bank Ltd |
Yes to: db mortgages PO Box 890 Newport NP20 9LZ Tel: 0845 650 6281 DX Address - not available |
| Ecology Building Society |
Yes |
| First Direct | All incentives must be reported to us. You must also complete a UK Finance Disclosure of Incentives Form which will be referred to the valuer. On sending the Certificate of Title you are confirming you are in receipt of this form |
| First Trust Bank | Yes, via CML ‘Disclosure of Incentives’ form. |
| GE Money Home Lending Ltd | GE Money Home Lending has withdrawn from the UK mortgage market. |
| Godiva Mortgages Ltd |
Yes - via Disclosure of Incentives Form. |
| Halifax |
You should report details of all cash/financial incentives to the Customer Service Centre (see offer for address and fax number) in the following circumstances:- Where the value of cash incentives is 10% or more greater than the value set out in the Further Conditions section of the Mortgage Offer; or Where no details are set out in the Mortgage Offer, whenever any cash/financial incentives are being paid by the vendor. You should only report details of all cash/financial incentives where these add up to a sum which is greater than 5% of the purchase price. In addition, you should report details of all non-financial/in-kind incentives other than those fixed or fitted to the property. For example, we would expect a new car incentive to be reported but not a higher specification kitchen or bathroom, carpets and curtains, white goods, electric upgrades or turf and landscaping. Do not send a copy of the form unless we specifically request it. In all other cases you must report to Bank of Scotland Plc, Pentland House, 8 Lochside Avenue, Edinburgh, EH12 9DJ Fax no. 0131 339 2366 In addition, you should also report details of all finders fees (whether or not the CML Disclosure of Incentives Form applies) as they are not considered acceptable. A finders fee is a fee or commission paid by a seller to a third party (such as an invest club) for finding or introducing a buyer. It does not include the normal fee or comission payable to any estate agent handling the sale. Where the property is not a new build being sold by the developer, you must notify us if the deposit is to be paid by the seller. Do not send a copy of the CML Disclosure of Incentives Form unless we specifically request it In addition, you should also report details of all finders fees (whether or not the CML Disclosure of Incentives Form applies) as they are not considered acceptable. A finders fee is a fee or commission paid by a seller to a third party (such as an investment club) for finding or introducing a buyer. It does not include the normal fee or commission payable to any estate agent handling the sale. Where the property is not a new build being sold by the developer, you must notify us if the deposit is to be paid by the seller. |
| Halifax Loans Ltd | |
| Hampden & Co. plc | |
| HSBC UK Bank plc | All incentives must be reported to us. You must also complete a UK Finance Disclosure of Incentives Form which the valuer will require. On submitting the Certificate of Title, you are confirming you are in receipt of this form. |
| HSMS | |
| Intelligent Finance |
You should only report details of all cash/financial incentives where these add up to a sum which is greater than 5% of the purchase price. You should only report details of all cash/financial incentives where these add up to a sum which is greater than 5% of the purchase price. In addition, you should report details of all non-financial/in-kind incentives other than those fixed or fitted to the property. For example, we would expect a new car incentive to be reported but not a higher specification kitchen or bathroom, carpets and curtains, white goods, electric upgrades or turf and landscaping. Do not send a copy of the form unless we specifically request it. In all other cases you must report to Bank of Scotland Plc, Pentland House, 8 Lochside Avenue, Edinburgh, EH12 9DJ Fax no. 0131 339 2366 In addition, you should also report details of all finders fees (whether or not the CML Disclosure of Incentives Form applies) as they are not considered acceptable. A finders fee is a fee or commission paid by a seller to a third party (such as an invest club) for finding or introducing a buyer. It does not include the normal fee or comission payable to any estate agent handling the sale. Where the property is not a new build being sold by the developer, you must notify us if the deposit is to be paid by the seller. .) In addition, you should also report details of all finders fees (whether or not the CML Disclosure of Incentives Form applies) as they are not considered acceptable. A finders fee is a fee or commission paid by a seller to a third party (such as an investment club) for finding or introducing a buyer. It does not include the normal fee or commission payable to any estate agent handling the sale. In addition, you should also report details of all finders fees (whether or not the CML Disclosure of Incentives Form applies) as they are not considered acceptable. A finders fee is a fee or commission paid by a seller to a third party (such as an investment club) for finding or introducing a buyer. It does not include the normal fee or commission payable to any estate agent handling the sale. In all other cases, you must report to Mortgage Securities, Intelligent Finance, PO Box 890, Leeds, LS1 9UG |
| ITL Mortgages | Yes - via Disclosure of Incentives Form. |
| Kensington Mortgage Company Ltd | Yes, all incentives must be reported to : Kensington Mortgages, New Business Operations Centre, Ascot House, Maidenhead Office Park, Maidenhead, SL6 3QQ. Tel: 03444 990011 Fax: 03444 990022. |
| Landmark Mortgages Limited |
Yes. You should supply us with a copy of the disclosure of incentives form. Report to: New Mortgage Completions Landmark Mortgages PO Box 656 Durham DH1 9LY Tel - 0330 159 7152 |
| Leeds Building Society |
Yes. A completed and signed copy of the UK Finance Disclosure Form (“DIF”) must be obtained in the circumstances listed in Part 1. You must send a copy of the completed UK Finance Disclosure Form to the Mortgage Lending Department (as per 1.11a), as soon as possible where any of the following apply: · Where the value of any financial incentive is more than 5% of the property value or purchase price (whichever is lower). · There is a part exchange included as part of the incentives (section 8a of the DIF). · Finders fees have been declared (section 6 of the DIF). Non-financial incentives do not need to be included. You must not submit your Certificate of Title until you have sent us the completed UK Finance Disclosure Form. You must also refer to the Law Society's Mortgage Fraud Practice note regarding allowances, incentives and discounts when considering these. |
| Lloyds Bank plc |
You should report details of all cash/financial incentives in the following circumstances: Where the value of the cash incentives is 10% or more greater than the value set out in the Further Conditions section of the Mortgage Offer; or Where no details are set out in the Mortgage Offer, whenever any cash/financial incentives are being paid by the seller. You should only report details of all cash/financial incentives where these add up to a sum which is greater than 5% of the purchase price. In addition, you should report details of all non-financial/in-kind incentives other than those fixed or fitted to the property. For example, we would expect a new car incentive to be reported but not a higher specification kitchen or bathroom, carpets and curtains, white goods, electric upgrades or turf and landscaping. Do not send a copy of the form unless we specifically request it. In all other cases you must report to Bank of Scotland Plc, Pentland House, 8 Lochside Avenue, Edinburgh, EH12 9DJ Fax no. 0131 339 2366 In addition, you should also report details of all finders fees (whether or not the CML Disclosure of Incentives Form applies) as they are not considered acceptable. A finders fee is a fee or commission paid by a seller to a third party (such as an invest club) for finding or introducing a buyer. It does not include the normal fee or comission payable to any estate agent handling the sale. Where the property is not a new build being sold by the developer, you must notify us if the deposit is to be paid by the seller. Do not send a copy of the CML Disclosure of Incentives Form unless we specifically request it. In addition, you should also report details of all finders fees (whether or not the CML Disclosure of Incentives Form applies) as they are not considered acceptable. A finders fee is a fee or commission paid by a seller to a third party (such as an investment club) for finding or introducing a buyer. It does not include the normal fee or commission payable to any estate agent handling the sale. Where the property is not a new build being sold by the developer, you must notify us if the deposit is to be paid by the seller. |
| Lloyds TSB Scotland plc |
You should report details of all cash/financial incentives in the following circumstances: Where the value of the cash incentives is 10% or more greater than the value set out in the Further Conditions section of the Mortgage Offer; or Where no details are set out in the Mortgage Offer, whenever any cash/financial incentives are being paid by the seller. You should only report details of all cash/financial incentives where these add up to a sum which is greater than 5% of the purchase price. In addition, you should report details of all non-financial/in-kind incentives other than those fixed or fitted to the property. For example, we would expect a new car incentive to be reported but not a higher specification kitchen or bathroom, carpets and curtains, white goods, electric upgrades or turf and landscaping. Do not send a copy of the form unless we specifically request it. In all other cases you must report to Bank of Scotland Plc, Pentland House, 8 Lochside Avenue, Edinburgh, EH12 9DJ Fax no. 0131 339 2366 In addition, you should also report details of all finders fees (whether or not the CML Disclosure of Incentives Form applies) as they are not considered acceptable. A finders fee is a fee or commission paid by a seller to a third party (such as an invest club) for finding or introducing a buyer. It does not include the normal fee or comission payable to any estate agent handling the sale. Where the property is not a new build being sold by the developer, you must notify us if the deposit is to be paid by the seller. Do not send a copy of the CML Disclosure of Incentives Form unless we specifically request it. In addition, you should also report details of all finders fees (whether or not the CML Disclosure of Incentives Form applies) as they are not considered acceptable. A finders fee is a fee or commission paid by a seller to a third party (such as an investment club) for finding or introducing a buyer. It does not include the normal fee or commission payable to any estate agent handling the sale. Where the property is not a new build being sold by the developer, you must notify us if the deposit is to be paid by the seller. |
| M&S Bank |
All incentives must be reported to us. You must also complete a UK Finance Disclosure of Incentives Form which will be referred to the valuer. On sending the Certificate of Title you are confirming you are in receipt of this form |
| Mortgage Express |
Yes |
| Mortgage Express (No 2) | Yes |
| National Westminster Bank plc | Yes. You need to notify us of any incentives detailed on the UK Finance Disclosure Form totalling more than 5% of the purchase price. Please do not send the form to us, even if only for information purposes . We do not need to see this form. |
| Nationwide Building Society |
Yes – advise the Issuing Office as follows: Standard purchase applications: All financial incentives declared in Section 7 of the UK Finance Disclosure Form (i.e. builders cashbacks, deposit paid and any other financial incentives) should be added together to calculate the total value of financial incentives. Where the total value of financial incentives is less than 5% of the purchase price, don’t report to us. Where it’s more than 5%, tell us the total value and specifically state whether it’s: - More than 5% but less than or equal to 15% of the purchase price – the offer is likely to be affected and if so we’ll advise you - More than 15% of the purchase price – the case will be declined. Equity loan applications (e.g. Help to Buy): Builder cashback and deposit paid are unacceptable on new build equity loan applications and if declared on the UKF DF please report to us and the case will be declined. All other financial incentives should be added together to calculate the total value. - Where the total value is less than 5% of the purchase price (and doesn’t include builder cashback or deposit paid), don’t report to us. - Where the total value is more than 5% (or includes builder cashback or deposit paid) – report to us and the case will be declined. Please also report to us if it becomes apparent the source of deposit is not a family gift and/or from the applicants' own resources. Non-Financial Incentives: Only incentives for fixtures and fittings within the property will be considered by Nationwide as non-financial incentives. For example, kitchen upgrades, fitted appliances, flooring, garden landscaping etc. Anything else should be considered as a financial incentive (for example, all vouchers, vehicles, holidays etc). |
| New Street Mortgages |
Yes, all incentives must be reported to New Street Mortgages, PO Box 4761, Maidenhead, SL60 1HW. Tel: 0333-300-3100, Fax: 0333-300-3132 email: enquiries@newstreetmortgages.com |
| NRAM Ltd | |
| Platform (a trading name of The Co-operative Bank p.l.c.) |
Yes, unless referred to specifically in mortgage offer (please refer all incentives whether contractual or not). We do require solicitor to have sight of the disclosure of incentives form which must have been considered by the valuer. |
| Rooftop Mortgages Ltd | Yes |
| Sainsbury's Bank | Yes, please report incentives to the contact point as detailed in 1.10a |
| Santander UK plc |
The Conveyancer does not need to report sales incentives to us if the vendor is a developer and the incentive is a cash incentive not exceeding 5% of the purchase price and/or payment of legal fees and/or stamp duty in respect of the purchase. Standard specifications offered on the property, including the provision of carpets, curtains, additional white goods, or better quality fixtures and fittings, that are in keeping with the value of the property, are not required to be reported. In all other cases, the incentive must be reported to us. We do not knowingly accept applications where the proposed security is purchased by, from or through a Property Investment Club. If you become aware of such connection, or situations where a finder?s fee (that is, a fee or commission paid by the seller to a third party (such as a Property Investment Club) for finding or introducing the borrower) has or is to be paid, please report to the Mortgage Operations office with your knowledge of the position and full details relating to it. Do not proceed with the application but await further instructions. |
| Scottish Widows Bank | Yes. A copy of the CML Disclosure of Incentives Form is to be submitted to the Bank for approval prior to contracts being exchanged. |
| The Mortgage Business |
You should only report details of all cash/financial incentives where these add up to a sum which is greater than 5% of the purchase price. You should only report details of all cash/financial incentives where these add up to a sum which is greater than 5% of the purchase price. In addition, you should report details of all non-financial/in-kind incentives other than those fixed or fitted to the property. For example, we would expect a new car incentive to be reported but not a higher specification kitchen or bathroom, carpets and curtains, white goods, electric upgrades or turf and landscaping. Do not send a copy of the form unless we specifically request it. In all other cases you must report to Bank of Scotland Plc, Pentland House, 8 Lochside Avenue, Edinburgh, EH12 9DJ Fax no. 0131 339 2366 In addition, you should also report details of all finders fees (whether or not the CML Disclosure of Incentives Form applies) as they are not considered acceptable. A finders fee is a fee or commission paid by a seller to a third party (such as an invest club) for finding or introducing a buyer. It does not include the normal fee or comission payable to any estate agent handling the sale. Where the property is not a new build being sold by the developer, you must notify us if the deposit is to be paid by the seller. In addition, you should also report details of all finders fees (whether or not the CML Disclosure of Incentives Form applies) as they are not considered acceptable. A finders fee is a fee or commission paid by a seller to a third party (such as an investment club) for finding or introducing a buyer. It does not include the normal fee or commission payable to any estate agent handling the sale. |
| The Royal Bank of Scotland plc | Yes. You need to notify us of any incentives detailed on the UK Finance Disclosure Form totalling more than 5% of the purchase price. Please do not send the form to us, even if only for information purposes . We do not need to see this form. |
| TSB Bank plc |
You should report details of all cash/financial incentives in the following circumstances: Where the value of the cash incentives is 10% or more greater than the value set out in the Further Conditions section of the Mortgage Offer; or Where no details are set out in the Mortgage Offer, whenever any cash/financial incentives are being paid by the seller. In addition, you should report details of any non financial/in-kind incentives other than those relating to fixtures or fittings in the property. For example, we would expect a new car incentive to be reported but not a higher specification kitchen. Do not send a copy of the CML Disclosure of Incentives Form unless we specifically request it. In addition, you should also report details of all finders fees (whether or not the CML Disclosure of Incentives Form applies) as they are not considered acceptable. A finders fee is a fee or commission paid by a seller to a third party (such as an investment club) for finding or introducing a buyer. It does not include the normal fee or commission payable to any estate agent handling the sale. Where the property is not a new build being sold by the developer, you must notify us if the deposit is to be paid by the seller. |
| UCB Home Loans Corporation Ltd | Yes |
| Ulster Bank | Yes. You need to notify us of any incentives detailed on the UK Finance Disclosure Form totalling more than 5% of the purchase price. Please do not send the form to us, even if only for information purposes. We do not need to see this form. |
| Virgin Money |
Yes, unless it is: • a builder or vendor cash/financial incentive in relation to the purchase of a new build property and the value of cash incentives is no greater than 5% of the lower of the purchase price or valuation stated in the offer and the loan amount (excluding fees added to the mortgage) is no greater than 90% of the lower of the purchase price or valuation stated in the offer; or • a builder or vendor non-cash/non-financial incentive for fixtures, fittings or white goods in relation to the purchase of a new build property. Cash/financial incentives include but are not limited to cashback deals, stamp duty / land and buildings tax contributions, payment of fees to professionals (e.g. solicitors, surveyors), rental payment guarantees, gifted deposits. Non-cash/non-financial incentive for fixtures, fittings or white goods include but are not limited to carpets, curtains, kitchen upgrades, bathroom upgrades, electrical upgrades, turf, landscaping. |
| Yorkshire Building Society |
Yes. If the purchase price does not reflect the cashback, incentives or discount then we may have to reconsider the basis of our lending. A completed copy of the UK Finance Disclosure of Incentives Form, also called the Disclosure Form (version 1), (the form) should be obtained in the circumstances listed across. You should send the form as soon as possible to whoever issued the offer/ instructions even if it does not disclose any incentives. You must not submit your Certificate of Title unless you have previously sent us the form. |