We do not apply a debt to income ratio, it is more common for residential mortgages. Related words: Outgoing, expenses, salary
Credit scoring
We carry out a credit search which will provide a score which indicates if we require further documents and would make up the overall risk band for an applicant. Related words: DIP, evidence, footprint, history
Large Panel System construction
Large Panel System construction methods are unacceptable to CHL Mortgages. Related words: prefab, build, tower block, flat, apartment
Where are the Refurbishment Products?
Refurbishment products are not currently available. Related words: Renovate, renovation, enhance, extension, convert, planning permission, building regs, green, eco, environment, energy performance, insulation, windows, doors, heating, loft, garage, rewire, roof, EPC, Cosmetic, Light refurb
Capital Raising
Permitted for any legal reason other than: consolidation of debts that have not been maintained satisfactorily Tax liabilities (excluding Capital Gains and Inheritance tax) Gambling debts Any business purpose that is not property investment. Related words: Loan terms, conditions, portfolio landlord
Offer Validity
Mortgage offers are valid for up to 4 months from the date of issue, or expiry of the most recent valuation, whichever is sooner. Related words: Expire, expiry, period, validity, application
Porting
CHL mortgages are not portable. Related words: Moving house, move, purchase
Remortgage within 6 months
Permitted. Lending is based on the market value where uplift explained by works/changes to the property/title, otherwise value limited to original Purchase Price/pre-works value. Where the remortgage application is to repay an existing bridging loan, the bridging loan provider must be an FCA registered firm. We also require: Related words: day one, period, refurb, renovation, …