FAQ: Criteria
Are there any types of property the Society will not lend on?
The Society cannot offer a mortgage on some properties of non-standard construction. In addition these properties are not acceptable: Multi-storey flats over 4 floors, Maisonettes, freehold flats, Flying freeholds, Right to Buy properties outside of the Lancashire area, properties listed as defective, some Timber Framed properties, Leasehold properties with leases of less than 50 years remaining after the mortgage ends, Shared ownership properties, Mobile homes or House boats. This list is not exhaustive so please contact the Society if you have any queries.
Do I need to take insurances?
Borrowers should consider whether they have adequate insurance protection in the event their circumstances change.
Building Insurance on the property to be mortgaged is compulsory. Content insurance is recommended but not compulsory. We will be pleased to quote for Buildings and Contents Insurance. If you wish to use your own insurance a £25 Freedom of Agency fee will apply.
Mortgage Payment Protection Insurance is available for all qualifying applicants. The Society suggests that borrowers consider this type of insurance. Please ask the Society for further details.
If you are taking a mortgage in joint names, or have dependents, you may wish to consider taking a life insurance policy to cover you and your family.
Will the Society lend me money to raise capital or for debt consolidation?
This may be possible to a maximum of 75% loan to value. Please discuss your requirements with one of our mortgage advisers.
I wish to re-mortgage my property and understand that I need to appoint a Solicitor, how can the Society help?
If you wish to use the Society's Solicitor we will be pleased to make a referral. (Available in England and Wales only). You should note that if the mortgage does not complete and the Society's Solicitor has incurred legal expenses you will be liable for these costs.