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Question: 5.13.1. If different from 1.11, contact point for lending on affordable housing, shared equity and shared ownership and where relevant your requirements:
| Lender | Answer |
|---|---|
| Accord Buy to Let |
We do not lend where the transaction involves affordable housing, key worker, shared equity or shared ownership |
| Accord Mortgages Ltd | We do not lend where the transaction involves either a shared equity scheme or shared ownership of the property. |
| Adam & Company | You need to notify us (as detailed in 1.11a) giving details of the proposal |
| Adam & Company International |
You need to notify us (as detailed in 1.11a) giving details of the proposal |
| Aldermore Bank PLC | The only acceptable scheme is Help to Buy: equity loan. |
| Allied Irish Bank (GB), a trading name of AIB Group (UK) | Refer to AIB Group (UK) plc, Central Securities (GB), 92 Anne Street, Belfast, BT1 3H |
| Atom Bank plc | As 1.11 above |
| Aviva Equity Release UK Ltd | We do not lend on this. |
| Bank of China | Not applicable. We will not lend properties to which this section applies. |
| Bank of Ireland (UK) plc |
See 1.11 We don't lend on a shared ownership basis. Affordable housing and shared equity schemes will be considered if details are provided. |
| Bank of Ireland as Bank of Ireland Mortgages |
See 1.11 We don't lend on a shared ownership basis. Affordable housing and shared equity schemes will be considered if details are provided. |
| Bank of Scotland Beginning A | We do not support shared ownership or shared equity lending. |
| Bank of Scotland Beginning O | We do not support shared ownership or shared equity schemes. |
| Barclays Bank UK PLC |
Issuing Office. We will lend on both shared ownership and shared equity tenures. For shared ownership leases, the borrower must be acquiring at least a 25% share and the lease must be in the Housing Corporation standard form which includes a mortgagee protection clause. The RSL's consent to our charge should be obtained in the usual way. For shared equity, you should satisfy yourself that the second charge, and in particular the insurance provisions, does not prejudice our security in any way. If the second charge contains a restriction, please refer to the Issuing Office. Section 75 agreements Buy to let applications Where there is Section 75 agreement in place and the transaction is Buy to Let, you must inform us and the application will be declined. The presence of a section 75 agreement is only acceptable for residential transactions. Residential applications -General The property must be used as the applicant’s only or main residence You must notify us if the existence of such an agreement will adversely affect our security Section 75 agreements must contain a mortgagee exclusion clause to protect the mortgagee in the event that the registered provider defaults. You should obtain written confirmation from the borrowers that they are able to comply with any outstanding provisions in the Section 75 agreement (or that they will be carried out by another party), without making it a commercial proposition. You should retain this in your file. Residential applications- Restrictions on re-sale/ disposal The Section 75 agreement may stipulate that the Local authority has the right to nominate a buyer (meeting defined eligibility requirements) when the property is sold or disposed of: If such ‘nomination rights’ exist or there are any restrictions as to whom the subject property can be sold (whether by the borrower or mortgagee in possession), the clause must stipulate that the total time period within which an eligible buyer must have exchanged contracts / concluded missives should not exceed 3 months from receipt of the notice to sell; after which the mortgagee in possession must be free to market the property at the open market value, free from these restrictions. The property must not be on a retirement development with an over 55 age restriction. Residential applications-Re-sale price covenant (discounted purchase price) Where the Section 75 is subject to a re-sale price covenant, meaning a discount applies in perpetuity, this is acceptable only where the restriction does not apply to the mortgagee in possession. Residential applications-Moratorium period Where a clause exists that provides for a registered social landlord, registered provider or local authority to buy back an affordable housing unit if the mortgagee serves default notice; this clause must stipulate that the sale will complete within a period no greater than 3 months from the date at which the mortgagee gives notice of their intention to dispose of the property; after which time the property must be released from affordable tenure enabling the mortgagee in possession to dispose of the security. The clause must also stipulate that, should this right be exercised, the consideration should not be less than the amount due and outstanding under the terms of the relevant security documentation including all accrued principal monies, interest, costs and expenses. |
| Birmingham Midshires | We do not support this lending. |
| Bluestone Mortgages | As per 1.11. |
| Bradford & Bingley Limited | |
| Britannia, a trading name of The Co-operative Bank plc | Britannia New Lending Britannia House Leek Staffordshire Moorlands ST13 5RG or Britannia New Lending DX16351 Leek |
| Chelsea Building Society (a trading name of Yorkshire BS) | We do not lend where the transaction involves either a shared equity scheme or shared ownership of the property. |
| Clydesdale Bank plc |
The team at Clydesdale Bank Sunderland SR43 4JE Tel – 0800 121 4203 |
| Co-operative Bank plc | We do not lend in these circumstances. |
| Coutts |
You need to notify us (as detailed in 1.11a) giving details of the proposal |
| Coventry Building Society |
New Lending Department, Oakfield House, PO Box 600, Binley, Coventry, CV3 9YR |
| Darlington Building Society |
Principal Office: Customer Support Department Sentinel House Morton Road Darlington DL1 4PT |
| DB UK Bank Ltd |
db mortgages PO Box 890 Newport NP20 9LZ Tel: 0845 650 6281 DX Address - not available |
| Ecology Building Society | As in 1.11a |
| First Direct |
We do not lend on properties subject to affordable housing, shared equity and shared ownership schemes. |
| Foundation Home Loans |
Not Applicable. We do not current lend on properties involving these schemes. |
| Furness Building Society |
Centralised Mortgage Processing Furness Building Society, 51/55 Duke Street, Barrow-in-Furness, Cumbria. LA14 1RT |
| GE Money Home Lending Ltd | GE Money Home Lending has withdrawn from the UK mortgage market. |
| Godiva Mortgages Ltd | GML does not lend in these circumstances. |
| Halifax |
For contact, see the mortgage offer for address and fax number. If the property is being purchased under an Affordable Housing scheme, our requirements are covered in the Affordable Housing Guidance Notes for Conveyancers. The Notes are in the process of being updated, however, in the interim please note the following in relation to Section 4 - Shared Equity Schemes. From 16th January 2023 we will only lend on Affordable Housing Shared Equity Schemes this means Government funded, social housing and co-funded social housing schemes. We will not lend on private company schemes and you must tell us if this the scheme is run by a private company (e.g. builders, developers or employers). If you receive a mortgage offer for a Shared Equity Scheme where the scheme is run by a private company, you must tell us immediately. We will then confirm to you whether the matter can proceed. You do not, however, need to contact us if you hold the mortgage offer issued was issued before 16th January 2023. In the meantime, our updated requirements can be found by copying and pasting the following link http://www.cml.org.uk/cml/filegrab/?ref=8964 into your browser. Last updated: 21/12/2022 In the meantime, our updated requirements can be found by copying and pasting the following link http://www.cml.org.uk/cml/filegrab/?ref=8964 into your browser. |
| Halifax Loans Ltd | |
| Hampden & Co. plc | See 1.11 |
| Handelsbanken | Refer to Branch office instructing you. |
| Hodge | We do not lend where the transaction involves affordable housing, shared equity or shared ownership. |
| Hodge Equity Release |
We do not lend where the transaction involves affordable housing, shared equity or shared ownership. |
| HSBC UK Bank plc |
Scheme/s acceptable to the Bank are: Scottish LIFT Scheme (formerly known as Homestake). The 2nd charge must be postponed in favour of the Bank’s first charge and there must be no ‘golden share’ element. The customer must have the option to purchase 100% of the property. Schemes not acceptable to the Bank are: Shared Ownership |
| HSMS | As 1.11a |
| Intelligent Finance | As at 1.11a |
| ITL Mortgages |
New Lending Department, Oakfield House, PO Box 600, Binley, Coventry, CV3 9YR |
| Kensington Mortgage Company Ltd | N/A. Kensington will not lend in these circumstances. |
| Landbay Partners Limited | We will not lend on these types of properties. |
| Landmark Mortgages Limited |
Porting Team Landmark Mortgages PO Box 656 Durham DH1 9LY OR Landmark Mortgages DX 727483, Sunderland 13 Tel: 0330 159 7172 |
| Leeds Building Society |
If the property is being purchased as part of a Shared Equity Scheme or is subject to Section 75 restrictions you must comply with the Society’s Solicitors Instructions (requirements in respect of Shared Equity Loan Schemes/Section 75 Restrictions (Scotland)) which can be located on the Society’s website at: https://www.leedsbuildingsociety.co.uk/_resources/pdfs/intermediaries-pdfs/intermediaries-forms-pdfs/hub/solicitor-forms/shared-equity-section-75-scotland-solicitors.pdf You must also ensure that the documents listed in 14.2.2 are uploaded to the LMS system S.T.A.R.S after completion. |
| Legal & General Home Finance Ltd | We do not lend on any properties where there is a shared ownership or similar arrangement. |
| LendInvest | The only acceptable scheme is the Low-cost Initiative for First Time Buyers scheme (LIFT). |
| LiveMore Capital | LiveMore does not lend in these circumstances |
| Lloyds Bank plc pre fixed 40 |
For contact, see the mortgage offer for address and fax number. If the property is being purchased under an Affordable Housing scheme, our requirements are covered in the Affordable Housing Guidance Notes for Conveyancers. The Notes are in the process of being updated, however, in the interim please note the following in relation to Section 4 - Shared Equity Schemes. From 16th January 2023 we will only lend on Affordable Housing Shared Equity Schemes this means Government funded, social housing and co-funded social housing schemes. We will not lend on private company schemes and you must tell us if this the scheme is run by a private company (e.g. builders, developers or employers). If you receive a mortgage offer for a Shared Equity Scheme where the scheme is run by a private company, you must tell us immediately. We will then confirm to you whether the matter can proceed. You do not, however, need to contact us if you hold the mortgage offer issued was issued before 16th January 2023. In the meantime, our updated requirements can be found by copying and pasting the following link http://www.cml.org.uk/cml/filegrab/?ref=8964 into your browser. Last updated: 21/12/2022 |
| Lloyds Bank plc pre fixed 50 |
For contact, see the mortgage offer for address and fax number. If the property is being purchased under an Affordable Housing scheme, our requirements are covered in the Affordable Housing Guidance Notes for Conveyancers. The Notes are in the process of being updated, however, in the interim please note the following in relation to Section 4 - Shared Equity Schemes. From 16th January 2023 we will only lend on Affordable Housing Shared Equity Schemes this means Government funded, social housing and co-funded social housing schemes. We will not lend on private company schemes and you must tell us if this the scheme is run by a private company (e.g. builders, developers or employers). If you receive a mortgage offer for a Shared Equity Scheme where the scheme is run by a private company, you must tell us immediately. We will then confirm to you whether the matter can proceed. You do not, however, need to contact us if you hold the mortgage offer issued was issued before 16th January 2023. In the meantime, our updated requirements can be found by copying and pasting the following link http://www.cml.org.uk/cml/filegrab/?ref=8964 into your browser. Last updated: 21/12/2022 |
| Lloyds TSB Scotland plc |
For contact, see the mortgage offer for address and fax number. If the property is being purchased under an Affordable Housing scheme, our requirements are covered in the Affordable Housing Guidance Notes for Conveyancers. The Notes are in the process of being updated, however, in the interim please note the following in relation to Section 4 - Shared Equity Schemes. From 16th January 2023 we will only lend on Affordable Housing Shared Equity Schemes this means Government funded, social housing and co-funded social housing schemes. We will not lend on private company schemes and you must tell us if this the scheme is run by a private company (e.g. builders, developers or employers). If you receive a mortgage offer for a Shared Equity Scheme where the scheme is run by a private company, you must tell us immediately. We will then confirm to you whether the matter can proceed. You do not, however, need to contact us if you hold the mortgage offer issued was issued before 16th January 2023. In the meantime, our updated requirements can be found by copying and pasting the following link http://www.cml.org.uk/cml/filegrab/?ref=8964 into your browser. Last updated: 21/12/2022 |
| M&S Bank |
we do not offer lending on affordable housing, shared equity and shared ownership |
| Magellan Homeloans | We do not lend in these circumstances |
| Masthaven Bank | As per 1.11. |
| Metro Bank Plc | As per 1.11. |
| Mortgage Agency Services | N/a |
| Mortgage Express | |
| Mortgage Express No 2 | As 1.11a |
| National Westminster Bank plc |
We do not lend on shared ownership properties other than in circumstances where the transaction in question will result in the borrower owning 100% of the property at completion. For shared equity and affordable housing you need to notify us (as detailed above in 1.11a) giving details of the proposal. |
| Nationwide Building Society |
Our standard requirements are documented on our website at nationwide.co.uk/-/media/MainSite/documents/about/media-centre-and-specialist-areas/information-for-lawyers/low-cost-home-ownership-special-schemes.pdf. Please advise us if the restriction does not meet our requirements as the case will not be able to proceed. Additional enquiries arising should be directed to the Issuing Office. |
| Nedbank Private Wealth Ltd | Please refer to us for instructions. |
| New Street Mortgages |
N/A. New Street will not lend in these circumstances |
| NRAM Ltd | As 1.11a |
| Paragon Buy to Let Mortgages | N/A we do not lend on these. |
| Platform (a trading name of The Co-operative Bank p.l.c.) |
We do not lend in these circumstance |
| Precise Mortgages (Charter Court Financial Services Ltd) | We do not lend under these circumstances. |
| Rooftop Mortgages Ltd | |
| Sainsbury's Bank | We will not lend in this scenario. |
| Santander UK plc | Refer to Mortgage Operations office instructing you. |
| Scottish Building Society | |
| Scottish Widows Bank | We do not lend unless borrower obtains 100% ownership of the property. |
| Skipton Building Society | We do not currently lend on Shared Ownership Leases. |
| St James Place Bank | |
| The Mortgage Business | |
| The Mortgage Lender Limited |
completions@themortgagelender.com Tel: 0344 257 0426 |
| The Mortgage Works | |
| The Royal Bank of Scotland plc |
We do not lend on shared ownership properties other than in circumstances where the transaction in question will result in the borrower owning 100% of the property at completion. For shared equity and affordable housing you need to notify us (as detailed above in 1.11a) giving details of the proposal. |
| The Royal Bank of Scotland plc Direct Line Mortgages |
We do not lend on shared ownership properties other than in circumstances where the transaction in question will result in the borrower owning 100% of the property at completion. For shared equity and affordable housing you need to notify us (as detailed above in 1.11a) giving details of the proposal. |
| The Royal Bank of Scotland plc Direct Line One |
We do not lend on shared ownership properties other than in circumstances where the transaction in question will result in the borrower owning 100% of the property at completion. For shared equity and affordable housing you need to notify us (as detailed above in 1.11a) giving details of the proposal. |
| The Royal Bank of Scotland plc First Active |
We do not lend on shared ownership properties other than in circumstances where the transaction in question will result in the borrower owning 100% of the property at completion. For shared equity and affordable housing you need to notify us (as detailed above in 1.11a) giving details of the proposal. |
| The Royal Bank of Scotland plc Natwest one Account |
We do not lend on shared ownership properties other than in circumstances where the transaction in question will result in the borrower owning 100% of the property at completion. For shared equity and affordable housing you need to notify us (as detailed above in 1.11a) giving details of the proposal. |
| The Royal Bank of Scotland plc One Account |
We do not lend on shared ownership properties other than in circumstances where the transaction in question will result in the borrower owning 100% of the property at completion. For shared equity and affordable housing you need to notify us (as detailed above in 1.11a) giving details of the proposal. |
| The Royal Bank of Scotland plc Virgin One |
We do not lend on shared ownership properties other than in circumstances where the transaction in question will result in the borrower owning 100% of the property at completion. For shared equity and affordable housing you need to notify us (as detailed above in 1.11a) giving details of the proposal. |
| Topaz Finance Ltd | |
| TSB Bank plc | Mortgage Processing. Please se 1.11a. |
| UCB Home Loans Corporation Ltd | |
| Ulster Bank | You need to notify us(as detailed above in 1.11a) giving details of the proposal. |
| Vida Homeloans | Vida Homeloans does not lend in these circumstances |
| Virgin Money | We don't lend in these circumstances. |
| Whistletree (a trading name of TSB Bank plc) | Details as 1.11a |
| Yorkshire Bank Home Loans Ltd |
The team at Yorkshire Bank Sunderland SR43 4JF Tel – 0800 121 4203 |
| Yorkshire Building Society | We do not lend where the transaction involves either a shared equity scheme or shared ownership of the property. |