Lender Handbook Changes
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First Direct Part-Exchange Purchases: What Conveyancers Must Report
First Direct changed its developer incentive reporting requirements on 30 September 2026. For a purchase involving part-exchange of the buyer’s existing property, the financial incentive reporting threshold is now 3% of the purchase price. Where there is no part-exchange, the threshold remains 5%. The change appears in First Direct’s England and Wales Part 2 answer…