Restricted Resale Price is where a property is sold at a percentage of open market value.
This will be considered by Nationwide where the property is sold at a defined percentage of the full unrestricted open market value. Any other means of assessing the property price isn't acceptable.
Your client should know what percentage price restriction applies. It is recommended your client seeks advice from their solicitor/conveyancer who can check our Low Cost Home Ownership requirements before submitting their application.
Applications for a property with a Restricted Resale Price can be submitted via NFI Online, the ownership type selected should be ‘Restricted Sale Price’.
- LTV percentage calculations for both product and credit scoring will be based on the restricted price/value, not the open market value.
- Restricted Resale Price properties aren't acceptable in connection with Equity Share Loan, Sheltered or Shared Ownership applications.
- Remortgages are also considered. LTV percentage is based on the restricted value, not the open market value.
Our offer will have conditions requiring the solicitor/conveyancer to check the scheme meets our requirements.