Newly converted properties, completed by a professional and reputable development company, will be treated as New Builds. Examples include offices converted into flats or a professional barn conversion.

Stage payments on New Build properties are not accepted.

We will normally restrict the LTV for this property type to 85%, however we can also lend up to 90% LTV on new build houses where the application meets the following criteria:

Applicants

Clean Credit history (0 missed payments in the last 3 years)
As with all lending above 85% LTV, the maximum LTI is <4.5x income
Income: At least 50% of the Homeowner's total income must be derived from Employed income (Employed income received from an Owners LTD company must be excluded from the 50%). We will not consider applications where the owners total income is solely from self-employment.

Example 1 > Employed owner receiving £50,000pa & a Self-employed owner receiving £40,000 dividends pa and a salary of £10,000pa. All income can be included.

Example 2 > Employed owner receiving £50,000pa & a Self-employed owner receiving £55,000pa. Only £50,000 of the Self-employed income should be keyed on the application.

Applications where the home owners have no employed income are not eligible for 95% LTV borrowing.

Loan

Maximum loan is limited to £500k

Property

Available on new build houses
Not available on new build flats (Limited to 85%)

New Build Certificates

For any property built or converted within the last 10 years one of the following certifications will be required:

National House-Building Council Buildmark Scheme (NHBC)
Zurich Municipal Newbuild Scheme
Zurich Municipal Rebuild Scheme
Premier Guarantee for Private and Completed Housing
Build Assure (FMB)
Building Life Plans Scheme
Buildzone
LABC Warranty
LABC Warranty Scheme
ICW Warranty Scheme
One Guarantee Warranty Scheme
Castle Ten / checkmate
Global Home Warranties
Protek
Q Assure
Advantage HCI
Architect’s Certificate1, The Professional Consultants used must have one or more of the qualifications listed in the CML Handbook 6.7.4 National

New Build Valuations

Valuations can be assessed using the floor-plan provided by the Builder and also the plot map. The market value is derived from that plus comparable property information. A re-inspection may be required where;

there are significant changes from the floor plan reviewed by the valuer
the valuation is more than 180 days old and therefore expired or
it has been specified by the valuer within the original valuation report

The re-inspection fee is £75.