We will consider freehold flats – up to 75% LTV (Cumbria only).
Leasehold flats must have an unexpired lease with a minimum remaining term of 60 years at the expiry of the mortgage term (subject to a minimum unexpired term of 85 years upon application).
For flats (subject to the above) over commercial premises (Cumbria only), refer.
We will consider lending on part residential/part business properties where the proportion of the property for the borrower(s) personal use is at least 40% of the floor area (e.g. “Tyneside” or similar flats, etc.). For properties with a business element, valuations must be on a “bricks and mortar” basis and valuer must confirm the percentage of own usage.
Lending on flats will be restricted to those that are in blocks of six storeys or less. For properties in “prestigious” blocks over six storeys, refer.
The Society will not consider lending on flats, which have been converted from former office buildings/warehouses, where the conversion has taken place post 2020.