BSA Mortgage Instructions
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Lenders Start to Change Ground Rules on Ground Rent
Historical ground-rent article This article records changes to mortgage-lender requirements in 2017. It should not be relied upon as a statement of current lender policy. For an explanation of why a lease accepted previously may cause difficulties today, read Ground Rent Mortgage Requirements: The Lease Has Not Changed, but the Market Has. If a ground-rent…
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Are Lenders Looking to Shut the Door on Leasehold Property?
Leek United Building Society became the latest lender to to change their requirements concerning the unexpired term of a lease offered as security. The change to the lender’s BSA mortgage instructions took place yesterday. The significant adjustment is as follows : Former requirement : ‘50 years plus mortgage term’ New requirement : ’75 years plus mortgage…