Maximum Loan to Value for a secondhand Flat or Maisonette
Relates to the maximum potential loan to value (LTV) a lender can accept where the property type is a flat or maisonette and it is NOT considered a new build. For example ABC Bank states that they are able to lend up to 90% LTV on secondhand flats or maisonettes. Jeff is looking to purchase a secondhand flat for £200,000 and he has a £30,000 deposit. He therefor needs to borrow £170,000 which equates to 85% LTV (170,000 / 200,000 * 100). As he is within the tolerance level set for this lender he could potentially obtain a mortgage with them subject to the rest of the application.
What is Criteria Brain?
Criteria Brain is an online research tool for UK based mortgage advisors. Authorized advisors are able to research mortgage lenders criteria in granular detail across many lenders. Without a system like this, the advisors research phase can often take many hours and for complex cases, days, which results in frustrating delays to customers. Criteria Brain fixes this problem by providing a platform which lenders can upload their rules to, in a format that allows advisors to extract the precise information they need in great detail and very quickly. The information contained within Criteria Brain is for advisor use only but by completing the simple form, you could be speaking to an advisor who can answer this question and many more.