30 May 2017
The Society may consider lending propositions which include a proportion of debt consolidation. The proportion of the loan for debt consolidation purposes should not exceed 25% of the total loan and should be no more than 50% of the gross main income.
Where any portion of the loan is for debt consolidation purposes the maximum LTV is 75%.
The Society will include a special condition for the particular debt(s) to be cleared from the proceeds of the Mortgage Advance.
The consolidation of the debt should be for the joint and mutual benefit of all mortgage applicant(s) and in some cases the Society may require one or all parties to the mortgage to seek independent legal advice.