Residential policy
LTVs
- Flats in buildings with 4 storeys or fewer are acceptable to 95% LTV
- Flats in buildings with 5 or more storeys are acceptable to 85% LTV. We have no maximum storey height
- Ex local authority, housing association or MOD flats are acceptable to 85% LTV
- New build flats are acceptable to 80% LTV
Types of flats
- Studio flats with an internal floor area of at least 30m2 are acceptable
- Converted flats are defined as new build until the later of 2 years after conversion or the date of first occupation
- We treat maisonettes the same as flats
Multi-storey
We have no maximum storey height.
Flats on the 5th storey or higher must usually be serviced by a lift. Flats on the 5th storey or higher which are not serviced by a lift are only considered acceptable if there is demonstrable demand due to the location.
Where a flat is located on the 4th storey or below, there is no requirement for a lift to be provided irrespective of the number of floors to the block.
Ex local authority, housing association or MOD flats must not be in a building of over 7 storeys.
The number of storeys includes all floors and if there are multiple blocks in a development which share an entrance, we will use the storey height of the highest block.
Deck or balcony access is acceptable subject to valuer comment.
Commercial premises
Flats over or adjacent to commercial premises, including those immediately above or adjacent, are acceptable subject to valuer assessment.
Valuers will consider any impact on enjoyment of the property, marketability and demand when completing their valuation.
Our valuers can consider flats by any type of commercial unit. This includes flats above restaurants, pubs and bars if there is a ready demand for that type of property in the area. As such flats above this kind of commercial premises in high demand areas of Central London or prime Edinburgh are more likely to be acceptable to those in areas of lower demand.
The flat’s entrance must not be via the commercial premises.
Tenure
Flats must be leasehold (or in Scotland, heritable or leasehold). Share of freehold properties are acceptable but there must be an acceptable underlying lease upon which we can place our charge.
Freehold flats are only acceptable for a Tyneside flat where there are reciprocating lease/ freehold arrangements, with our security being the lease of the subject flat and the freehold of the other flat.