Newcastle Intermediaries has changed its residential lending criteria to help borrowers with property subject to a Section106 agreement.
A Section106 agreement is a planning obligation placed on a property by the local authority, to ensure it meets certain local housing requirements, such as affordable housing.
Newcastle stated that it has “enhanced” its criteria to permit Section106 properties, to support brokers and their clients, in particular those looking to get onto the property ladder.
The updates are applicable across Newcastle’s standard mortgage product range, following its standard new build policy for maximum LTV and loan size.
“Clients looking to borrow on a Section106 property have limited options,” said Newcastle Building Society head of intermediary mortgages, Franco Di Pietro.
“We’re absolutely committed to helping people onto the property ladder, and continually reviewing our underwriting approach across all areas, to meet customers’ needs.
“In response to broker feedback we’re pleased to enhance our lending criteria to include properties with a Section106 agreement in place and confident that it will make a real difference to brokers and their clients, especially those looking to make that first big step into home ownership.”
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