Mortgage-free property (unencumbered properties)
We currently lend up to 85% LTV on mortgage free properties, with the exception being for holidays which is up to 75% LTV.
We do not lend for the following purposes (at any LTV):
- Business capital raising (excluding Business Buy To Let purposes)
- Speculative purposes (includes stocks and shares, currency speculation and cryptocurrency)
Loans on mortgage-free properties are treated as remortgages. The applicant is only eligible for the Remortgage range of products and incentives. Free legal fees are available for these applications, a free valuation option is available.
The property must have been registered in the applicant's name (or at least one of the applicants' names) for a minimum of 6 months unless the property has been inherited and the applicant is a beneficiary.
Applications where the applicant is not a beneficiary of the inherited property, and the beneficiary has owned the property for less than 6 months, are not acceptable.