Friday, 31 March 2017

Will your Borrower Client's Lease Term Accord with CML Handbook Requirements?

Accord Buy to Let is the latest of a number of lenders who have changed their CML Handbook requirement relating to minimum unexpired lease terms (section 5.14.1).

The new requirement reads :

"85 years from the date of completion of the mortgage".

This replaces the old wording:

"60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term".

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