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New Build; Incentives & Part Exchange
We will not lend against New Build developments where incentives paid to the purchaser are more than 5% of the purchase price.
- Where incentives are less than £2,000 the incentive is allowed with no change to lending.
- Where incentives are greater than £2,000 but no more than 5% of the purchase price of the property, the value of the incentive will be deducted from the property value when calculating the LTV.
Generation Home classes any items supplemented by the developer/seller as incentives.
Where the builder or developer is purchasing the customer’s existing residential property, part-exchange transactions are acceptable. The value of the property should be reflective of market value.