Our mortgage products may be withdrawn at any time. Therefore if you wish to take advantage of these product terms it is important that you apply (by completing the application form and paying the booking fee) as soon as possible.
If we have not made a mortgage offer within 3 months of your application it will lapse and the product you have applied for will no longer be available. If you then wish to reapply you will have to pay a further booking fee.
If you wish to amend your application to apply for a mortgage on a different property you may do so. If the product you originally applied for is no longer available for new mortgage applications the product will no longer be available to you and you will need to apply for a new product from the current mortgage range. In this situation you will not have to pay a further Booking Fee provided your new application is within 3 months of your original application. If the Booking Fee for the new product you are applying for is higher than the booking fee you have already paid then you only need to pay the difference.
Once you have applied for a mortgage you may switch to a different product at any time. You will not be able to switch the original booking fee, which means that you will have to pay the booking fee and application fee applicable for the new product you wish to switch to from the current mortgage range.
Maximum Total Lending:
£5 million
Maximum number of properties:
Unlimited
Maximum loan per property:
£500,000 up to 75% LTV, £300,000 up to 80% LTV
Minimum loan per property and for further advances (after deduction of fees):
£25,001
LTV and Rental Income Requirements:
Up to 75% LTV – 110% of the monthly interest*
Up to 80% LTV – 115% of the monthly interest*
New Build Flats:
Maximum 70% LTV - 110% the monthly interest* (125% within certain locations)
Other New Build Properties:
Maximum 70% LTV -110% of the monthly interest*
*Based on the rate payable
Your deposit is calculated as a percentage of the purchase price or valuation (for mortgage purposes) whichever is the lower. We will lend up to the difference between the deposit and the lower of the purchase price or valuation.
We may require a higher deposit depending on the purpose of the borrowing or amount you wish to borrow.
We do not charge a Higher Lending Charge. This is a one-off fee often charged by lenders when the loan is above a specified percentage of the value of the property.
If an application fee is payable the £150 initial booking fee is payable ‘up front’ and is non refundable.
You can pay the balance of the application fee before completion or we will deduct it from the mortgage advance before we send it to the solicitor provided you will still be contributing the minimum deposit.
If you want us to deduct it from the mortgage advance before we send it to the solicitor you should check with them whether the amount they will receive is sufficient to purchase your new property or, if you are remortgaging, to repay your existing mortgage(s).
The application fee will be deducted from the mortgage advance before we send it to you or your solicitor.
There will be a fee payable to us on redemption (total repayment) of your mortgage, in addition to any early repayment charge referred to in this leaflet. The fee is £125 and will be fixed for the life of the mortgage.
You will have to pay the cost of a Standard Mortgage Valuation when you apply for the loan. The cost of the valuation, which is non-refundable, will depend on the purchase price of the property. The scale of fees is shown in the table below.
Up to £100K - £195
£100,001-£150K- £235
£150,001-£200K - £275
£200,001-£250K - £315
£250,001-£300K - £350
£300,001-£350K - £380
£350,001-£400K - £405
Up to £1,000,000 - £25 for every £50,000 (or part)
£1,000,001-£1.5m - £850
£1,500,001-£2M - £995
The above scale includes a non-refundable administration charge of £45.
If you choose to have a Homebuyer Survey and Valuation, you will have to pay the fee to us on application. The cost of the valuation, which is non-refundable, will also depend on the purchase price of the property. The scale of fees is shown in the table below.
Up to £100K - £450
£100,001-£200K - £525
£200,001-£300K - £600
£300,001-£400K - £675
£400,001-£500K - £750
£500,001-£600K - £825
£600,001-£700K - £900
£700,001-£800K - £975
£800,001-£900K - £1050
£900,001-1m - £1125
£1,000,001 and above - by arrangement
The above scale includes a non-refundable administration charge of £75.
If you require a Building Survey, you must instruct the specialist surveyor direct and a Mortgage Valuation will still be required as the fee scale in the Mortgage Valuation table. The Surveyor/Valuer will send the Terms of Engagement and the report will be carried out once these have been signed and returned.
If within the fixed rate period, you repay the mortgage in full or make capital repayments of over 10% per year, we will make an early repayment charge, calculated as a percentage (shown in the tables below).
With these products you can make overpayments each year of up to 10% of the balance outstanding on the previous 1 April (or loan date if the loan had not been made on the previous 1 August) without having to pay an early repayment charge.
4% on or before 31 January 2010
3% before 31 January 2011
2% before 31 January 2012
These products are portable. If you take out a mortgage on these terms and later sell the property to purchase a new buy to let property you can take that mortgage with you to your new property. This is provided that you repay the old mortgage with us on the same day as taking out your new mortgage with us and the same people take out the new mortgage. You and the house you are purchasing must also meet our lending criteria.
In this situation you will only need to pay an early repayment charge on the mortgage being repaid if the amount you borrow to buy your new property is less than your old mortgage or if you don’t want to take the old mortgage terms with you.
If before 31.03.11 you wish to transfer this to any Buy to Let fixed rate terms (generally available at the time to new borrowers), we will agree to this, without you having to pay the early repayment charge, subject to you complying with the following conditions:
- your loan (including the property) must meet our lending criteria for the Buy to Let fixed rate terms to which you wish to transfer;
- you must pay all the fees which apply to the Buy to Let fixed rate terms you wish to transfer to, for example application fees;
- you must let us have the documents we require signed by you agreeing to the transfer of your discounted rate mortgage to the new fixed rate terms;
- there must have been no material changes in your circumstances since the original loan was made;
- you must have complied with the terms and conditions of the mortgage in the year preceding the application to transfer;
- you should be aware that we may not have a Buy to Let fixed rate mortgage generally available to new borrowers when you wish to transfer.