Friday, 23 December 2016

Skipton Update Adult Occupier Requirements

Amongst the recent changes to their CML Handbook Part 2 requirements Skipton Building Society have made a change to Section 7.3.

That section deals with the question: Does the lender require a consent to mortgage from all occupants aged 17 or over?

The old wording used to be: Yes, using our standard Form of Consent, where there is only one borrower.

That was straightforward and simple enough but the new wording reads:

Requirements apply where there is only one borrower.
See the mortgage offer for those requirements (and the documents to be used) on occupiers known to us.
You should report the existence of any other intended occupiers aged 17 or over not named in the mortgage offer to our Completions Team so that we may confirm our requirements.

What is meant by 'Requirements apply where there is only one borrower'? Is the lender here talking about both Part 1 and 2? One interpretation could be that if there is more than one borrower these requirements do not apply and one need not be concerned about adult occupiers. Can that be the intention of the lender? Perhaps my brain is numb after our Christmas party I can not fathom why Skipton would make reference to 'one borrower'

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