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No Deposit Mortgages - Lender Requirements
According to the CML Mortgage Handbook a conveyancer must report to the mortgage company if you will not have control over the payment of all of the purchase -including the deposit- money (for example, if it is proposed that the borrower pays money or a deposit to the seller direct) other than a deposit held by an estate agent or a reservation fee of not more than £1,000 paid to a builder or developer.
Different mortgage companies have different contact points if the conveyancer will does have control over the deposit or payment of all the purchase or mone. Here are a few examples:
| Bank of Scotland | Bank of Scotland Plc, Mortgage Operations, Pentland House, 8 Lochside Avenue, Edinburgh, EH12 9DJ. Tel: 0345 603 1136 Fax: 0131 339 2366 |
|---|---|
| Buckinghamshire Building Society | Buckinghamshire Building Society, High Street, Chalfont St Giles, Bucks, HP8 4QB e-mail mortgages@bucksbs.co.uk Tel: 01494 879517 Fax: 01494 877259 |
| JPMorgan | Refer to office issuing Mortgage Instructions. |
| Kensington Mortgage | Kensington Mortgages, New Business Operations Centre, Ascot House, Maidenhead Office Park, Maidenhead, SL6 3QQ. Tel: 03444 990011 Fax: 03444 990022. |
| Leeds Building Society | Mortgage Lending Department (as per 1.11a) providing full details. |
| Santander | Refer to Mortgage Operations office instructing you. |
| St James Place | Mortgage Administration, St James's Place Bank, Administration Centre, PO Box 1869, Livingston EH54 7XS |
| Yorkshire Bank | The team at Yorkshire Bank Sunderland SR43 4JF Tel – 0800 121 4203 |
- a cashback to the buyer; or
- part of the price is being satisfied by a non-cash incentive to the buyer or
- any indirect incentive (cash or non cash) or rental guarantee.
Any such arrangement may lead to the mortgage offer being withdrawn or amended.