‘Out of area’ is defined as where the mortgaged property is outside of the Society’s operating postcode areas, which are: DL, TS, DH, YO, SR & HG.
The standard minimum loan size (£25,000) will continue to apply to these postcode areas and all shared ownership products.
The Society says the decision has been made due to the unprecedented level of demand it is currently experiencing for mortgages.
Mortgage applications where a DIP was undertaken before 5pm Friday 18 September 2020 will continue to be accepted.
The minimum loan size applies only to new mortgage applications and does not impact existing members seeking additional borrowing, product transfers or any other servicing based requests.
