Thursday, 18 August 2016

New Life Mortgages - A New Approach to Unexpired Lease Term

New Life Mortgages is the latest of a number of lenders who have changed their CML Handbook requirement relating to unexpired lease terms (section 5.14.1).

The new requirement reads :

"Leasehold remaining term plus the age of the youngest borrower at completion must be at least 185 years".

A novel approach. Interested to see if others follow the same logic.

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