CDBS

Criteria

Q  Are there any types of property the Society will not lend on?
A  The Society cannot offer a mortgage on some properties of non-standard construction. In addition these properties are not acceptable: Multi-storey flats over 7 floors, Maisonettes, 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 then 50 years after the mortgage ends, Shared ownership properties, Mobile homes or House boats. Please contact the Society if you have any queries.

Q  Do I need to take insurances?
A  Borrowers should consider whether they have adequate protection in the event their circumstances change.

Building Insurance on the property to be mortgaged is 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 insurance should they be unable to work and have insufficient funds to meet their financial obligations. 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.

Q  Will the Society lend me money to repay my outstanding financial commitments?
A  This may be possible to a maximum of 75% loan to value. Please discuss your requirements with your mortgage advisor.

Q  I wish to take a re-mortgage and understand that I need to appoint a Solicitor, how can the Society help?
A  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.

Mortgage Schemes

Q  Is there any incentives available?
A  Yes. The Society has various schemes currently available to either customers who are looking to Re-Mortgage or Purchase a property. Please refer to the Society's website or contact on of the mortgage advisors for further details.

Q  If I move house would I have to pay the Early Repayment Charge?
A  No. Where a scheme is for a number of years this can be transferred to another property without incurring an early repayment charge. This assumes your new mortgage with the Society is for the same amount or more than your current mortgage. If you sell and buy on the same day we will authorise your solicitor to waive the early repayment charge.

Q  What happens if I sell my house but there is a delay before I can move into my new house?
A  The early repayment charge will apply but the Society will refund this fee once your new mortgage with us has completed.

Q  Is there a maximum delay you will allow for the new mortgage to complete?
A  The Society will refund the early repayment charge up to 6 months from the date your previous mortgage was repaid. Any delays outside of this time will be at the Society's discretion.

Q  Will overpayments to my mortgage incur an early repayment charge?
A  10% overpayment is allowed each year on all mortgage schemes without incurring a penalty. On some of the Society's schemes you are able to make overpayments without charge. Please refer to the individual mortgage schemes sheets for guidance or discuss with your Mortgage Advisor.

Q  Can I have more than one mortgage scheme on my mortgage?
A  Yes. You can have more then one scheme. The Society's mortgage advisor will be happy to discuss the advantages and disadvantages with you.

Q  When my scheme ends does the Society offer me other schemes?
A  Once your scheme ends the Society will be happy to offer you another option, assuming you meet the qualifying conditions A scheme fee may be required. If you do not wish to change to another scheme the Society's Standard Variable Rate will apply.

Q  Where can I find the terms and conditions of a mortgage scheme?
A  The Society displays the terms and conditions of a mortgage scheme on this website. Additionally you may refer to the relevant scheme sheet and the Mortgage Key Facts Illustration - provided before you make a formal application. The details are duplicated later when you receive a Mortgage Offer.