Newcastle improves residential criteria to include Section 106 loans

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“In response to broker feedback, we are pleased to enhance our lending criteria to include properties with a Section 106 agreement in place”

A Section 106 agreement is a planning requirement imposed on a property by the local authority, to ensure that the property meets certain local housing requirements, such as affordable housing.

To support brokers and their clients – especially those trying to get on the property ladder – Newcastle Intermediaries has improved its criteria for licensing S106 properties. The updates are applicable across its entire range of standard mortgage products, in line with its standard new build policy for a maximum LTV and loan amount.

Franco Di Pietro, Head of Intermediate Mortgages at the Newcastle Building Society, said: “Clients looking to borrow against a Section 106 property have limited options. We are absolutely committed to helping people get on the real estate ladder and continually reviewing our underwriting approach in all areas to meet client needs.

“In response to broker feedback, we are pleased to enhance our lending criteria to include properties with a Section 106 agreement in place and believe this will make a real difference to brokers and their clients, particularly those who are looking to take that first big step into home ownership.”

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