Residential policy
Allowable purposes
We allow additional borrowing as part of a remortgage application for most reasons other than business purposes, stocks and shares, currency speculation, time-shares, ASU premiums and tax bills.
Maximum LTV
- The maximum LTV for additional borrowing is 90%
- This includes for the deposit on a new property, home improvements, paying off a Help to Buy equity loan in full, fully staircasing shared ownership and any other allowable purpose other than debt consolidation
- The maximum LTV where additional borrowing includes any unsecured debt consolidation is 80%
Debt consolidation
- Maximum LTV 80% for debt consolidation
- We include the monthly payments of any debts being repaid (other than Help to Buy Equity Loans) in our affordability assessment as if they were not being paid off
- Debt consolidation is not allowed on interest only. The amount being consolidated must be on capital and interest