Houses that are built using certain modern methods of construction will be accepted as security for a mortgage. The property must meet specific requirements, for example, have accreditation from the Buildoffsite Property Assurance Scheme (BOPAS) and have housing warranty insurance from either BLP or another provider approved by the society.
Earl Shilton Building Society (ESBS) will now consider leasehold flats and maisonettes that were once owned by local authorities using its existing criteria for these property types.
It has also increased its standard maximum amount for a mortgage to £750,000 from its current limit of £550,000.
This higher limit applies to self-build projects of standard construction and to properties that carry a Section 106 restriction or an agricultural tie. Previously the maximum limit was £450,000.
Meanwhile the minimum income for interest-only applications has been reduced from £35,000 to £15,000.
Paul Tilley, chief executive of ESBS, said: “Those who have historically found it more difficult to apply for a mortgage due to the perceived constraints placed on their existing property are set to benefit from these changes.
“I would urge these people to get in touch with us right away to find out how we could help to make their dreams a reality.”
