Sunday 20 December 2015

A Precise Approach to Builders' Deposits

Precise Mortgages have a made an important change to their Part 2 CML Handbook requirements relating to incentives.

In an amendment to Paragraph 6.4.4 Precise clarify that an an unacceptable incentives includes  “' deposits (with the exception of up to a maximum of 5% of the purchase price of residential purchases which are not for buy-to-let), vendor's deposit, discounted purchase price, purchase from family at discounted purchase price and purchase from a company in which the customer(s) has an interest.”

Other than the above change Paragraph 6.4.4 remains the same. Two other sections were however changed relating to minimum unexpired lease term (5.14.1) and the requirement for a CH2 application (14.1.4). Lawyers on the Precise Mortgages Conveyancing Panel should take note.

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