Related provisions for BIPRU 3.4.67

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MIPRU 4.2F.11RRP
(1) In exercising its judgment under MIPRU 4.2F.4 R to MIPRU 4.2F.9 R, a firm may be satisfied only if the conditions in (2) to (6) are met.(2) (a) The value of the property does not materially depend upon the credit quality of the borrower. (b) The condition in (a) does not preclude situations where purely macroeconomic factors affect both the value of the property and the performance of the borrower.(3) The minimum requirements about: (a) legal certainty in MIPRU 4.2F.12 R;
MIPRU 4.2F.14RRP
(1) The requirements about monitoring of property values referred to in MIPRU 4.2F.11R (3)(b) are as follows: (a) the value of the property must be monitored on a frequent basis and, at a minimum, once every three years;(b) more frequent monitoring must be carried out where the market is subject to significant changes in conditions; (c) statistical methods may be used to monitor the value of the property and to identify property that needs revaluation; (d) the property valuation
MIPRU 4.2F.15GRP
A property will need to be revalued over time to ensure that the original purchase price does not overstate the degree of security provided by the property. Ijara providers should undertake revaluations in the same way as providers of conventional mortgages.
MIPRU 4.2F.33RRP
If a firm has an exposure arising through a second-charge mortgage secured on the same property as a first-charge loan from a different firm, the exposure, taking into account the first-charge mortgage, must be split into the following components and risk weighted as follows, after taking into account the seniority of the first-charge loan:(1) the amount of the exposure or any part of the exposure, up to a limit of 80% of the value of the residential property, must be assigned
BIPRU 3.4.77RRP
The property must be valued by an independent valuer at or less than the market value. In the UK where10 rigorous criteria for the assessment of the mortgage lending value exist10 in statutory or regulatory provisions 10property may instead be valued by an independent valuer at or less than the mortgage lending value.[Note: BCD Annex VIII Part 3 point 62]
BIPRU 3.4.79RRP
Mortgage lending value means the value of the property as determined by a prudent assessment of the future marketability of the property taking into account long-term sustainable aspects of the property, the normal and local market conditions, the current use and alternative appropriate uses of the property. Speculative elements must not be taken into account in the assessment of the mortgage lending value. The mortgage lending value must be documented in a transparent and clear