7th October 2019
A Leicestershire-based building society has announced a number of enhancements it is making to its mortgage criteria that will enable even more people to obtain a mortgage with its help.
The raft of changes that esbs, also known as Earl Shilton Building Society, is introducing will open up further possibilities for those who might otherwise have struggled to borrow to purchase a property or to simply refinance an existing one.
One of the primary improvements to the service is the acceptance of houses that are built using certain modern methods of construction as a legitimate form of security.
This is applicable to properties that meet the following criteria:
- Accreditation from the Buildoffsite Property Assurance Scheme (BOPAS)
- The property is a house rather than an apartment
- Housing warranty insurance from either BLP Insurance or another esbs-approved provider
- Comprehensive building insurance in place from inception
- A maximum loan sum of £250,000
- A maximum loan-to-value (LTV) ratio of 75%
- The mortgage is held on a capital and interest basis following completion of the build process
- The mortgage is held on a term not exceeding a period of 25 years
- The house is a genuine new build, or is a self-build project
esbs is also increasing its standard maximum amount for a mortgage to £750,000 from its current limit of £550,000. This new higher limit also applies to self-build projects (of standard construction) and to properties that carry a Section 106 restriction or an agricultural tie, where there has been a lower maximum limit of £450,000.
Furthermore, leasehold flats and maisonettes that were once owned by local authorities will now be considered, using the Society’s existing criteria for these property types, while the minimum income for interest-only applications has been reduced from £35,000 to £15,000.
Paul Tilley, Chief Executive of esbs, said: “We are proud to be setting ourselves further apart from a number of our competitors by unveiling a range of enhancements to the service we provide to our mortgage customers.
“Those who have historically found it more difficult to apply for a mortgage due to the perceived constraints placed on their existing property are set to benefit from these changes.
“Therefore, I would urge these people to get in touch with us right away to find out how we could help to make their dreams a reality.”
To apply for a mortgage you must be aged 18 or over. All applications will be subject to valuation, status and the Society’s Mortgage Conditions. We offer an advised sales process where we ask questions regarding your mortgage requirements/needs and your income and expenditure to ensure that we recommend the most suitable product for you. We will accept applications from applicants purchasing or remortgaging in England or Wales. For further information, or for a European Standardised Information Sheet (ESIS), please call on 01455 844422 and speak to one of our mortgage advisers, visit one of our branches, email email@example.com, or visit www.esbs.co.uk
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE