Age restrictions for applicants:
◊ The minimum age we will lend to is 21 years (BTL minimum age is 25 years).
◊ The maximum age at the end of the mortgage term is 70 years.
Applicants we won’t lend to:
◊ We do not credit score applicants, each case is assessed individually.
In general however, we don’t accept:
◊ Applicants who have been with their current employer for less than 6 months,
◊ Applicants who don’t have 6 months continuous employment in the same profession.
Where we lend:
◊ We lend across England, Scotland, Wales, and Northern Ireland.
Repayment methods:
◊ Mortgages can be repaid on a capital and interest basis, interest only and part capital repayment and part interest only basis.
Acceptable repayment vehicles include:
◊ Full endowment policy
◊ Full pension
◊ Individual savings account (ISA)
◊ Future Property Sale
Higher Lending Charge:
◊ The Society charges a higher lending charge on all residential owner occupied mortgages above 80% loan to value.
◊ On commercial applications the higher lending charge is applicable from 70% loan to value.
◊
If the mortgage account does not exceed 90% Loan to value and the applicant fits the internal additional risk criteria, the Society will pay the higher lending charge.
Acceptable income:
We accept the following forms of income:
◊ 100% of salary as evidenced by 3 months payslips or employer references. Minimum income of £15000.
◊ 100% of all overtime measured over 3 months, as evidenced by payslips.
◊ 100% of all bonuses, commissions and allowances, as evidenced by payslips or employer references,
◊ 100% of car allowance as evidenced in payslips,
◊ 100% of long term disability allowance,
◊ 100% of pension payments on provision that they will be received for a minimum of 3 years,
◊ 100% of alimony (to be confirmed by legal documentation),
◊ 100% of Working Family Tax Credit,
◊ 100% of investment and trust income.
Purchase Price
|
Valuation |
Homebuyers &
Valuation
|
| £0 - £100,000 |
£205 |
£350 |
£100,001 - £150,000
|
£250 |
£400 |
£150,001 - £200,000
|
£290 |
£500 |
£200,001 - £250,000
|
£325 |
£550 |
£250,001 - £300,000
|
£350 |
£600 |
£300,001 - £400,000
|
£400 |
£700 |
£400,001 - £500,000
|
£450 |
£800 |
| £500,001 - £600,000 |
£505 |
£830 |
| £600,001 - £700,000 |
£555 |
£880 |
| £700,001 - £800,000 |
£605 |
£905 |
| £800,001 - £900,000 |
£680 |
£955 |
| £900,001 - £1,000,000 |
£780 |
£1005 |
£1,000,001 plus
|
By Neg.
|
By Neg.
|
| Others |
Further Advance - £75
Re-Inspection - £65
Drive-By - £80
|
The valuation fees include an administration fee of £80 which cannot be refunded.
|
Unpaid Direct Debit/ Cheque (Unpaid DD/ Chg) If a direct debit request is not met or a cheque is returned unpaid, we will charge on each occasion. |
£35
|
|
Duplicate Annual Mortgage Statement/ Additional Statement Request (Dup Statement) You will receive an annual mortgage statement free of charge in January each year; if you require a duplicate copy we will charge this fee.
|
£15 |
|
Provision of a Full Questionnaire (Questionnaire) If another lender requests details of your account and property title details, we charge the other lender a fee for completing the questionnaire that they send us. |
£80 |
|
Updating a Second Charge Holder (Update 3rd Party) If a second or subsequent charge holder requests up to date account information we charge a fee for providing the information. |
£30 |
|
Registration of a Subsequent Legal Charge (Legal Chg Req) If you apply to take out a second mortgage with another lender there is a fee for registering this on our records. |
£50 |
|
Dispatch of Deeds (Deeds Issue) A fee is charged for retrieving and posting the deeds to your acting solicitor. |
£70 |
|
Photocopying of Documents from Title Deeds Packet (Copy of Deeds) |
£10 per document |
|
Change of Ownership (Change of Owner) If you wish to apply to transfer legal ownership of the property from joint names into a single name (or vice versa), an administration fee is charged. This fee includes the release of Deeds. In addition solicitors fees will normally be payable.
|
£150 |
|
Release of Surrender of Life Policy (Life Policy Adj) Where we agree to release or surrender any life policy, which is held by the Society as security. |
£50 per policy |
|
Cancellation/ Lapse of Life Policy (Life Policy Adj) If you do not maintain the repayments on your endowment policy (or other financial investment) held by us as security and fail to provide us with an acceptable alternative, we may convert your mortgage to capital and interest.
|
£50 per policy |
|
Redemption Fee (Residential Owner Occupied) (Redemption Fee) This is the charge for releasing our legal interest in the property.
|
£120 |
|
Redemption Fee (Commercial/ Rented Residential) (Redemption Fee) This is the charge for releasing our interest in the property.
|
£195 |
|
Conversion of Repayment Method (Conversion Fee) If you request us to switch your mortgage repayment method, for example from an interest only to a capital and interest only basis, an administration fee is charged. |
£100 |
|
Release of Collateral/ Part Release of Security/ Release of Guarantor (Security Release) If you wish to sell/dispose of part of your property / release a guarantor we can charge an administration fee for attending to this. A revaluation of the property may also be necessary and the fee for this will be advised separately. This fee includes the Society's sealing fee. |
£125 |
|
Letting Your Property (Consent to let) The Society's prior written consent must always be obtained before creating any tenancy agreement. Where we agree, we will issue a letter confirming our consent. |
£100 |
|
Consideration of Creation of Lease (Lease Consent) Consideration of leases including assessment by our legal advisor and our administration costs. |
£250 |
|
Unpaid Ground Rent/ Service Charge (Ground Rent Pay) Where we make a payment of an outstanding sum to the freeholder/ head leaseholder we add this amount to your mortgage balance to maintain our security and we will charge a fee to offset our expenses incurred. |
£60 |
|
Owner Occupied Residential Mortgage - Building Insurance Arrangements (Res Ins Charge) If you do not arrange your buildings insurance through the Society, a fee is charged to offset the costs incurred. |
£25 |
|
Commercial/ Rented Residential- Buildings Insurance Arrangements (Comm Ins Charge) A charge for assessing a policy to ensure that the level and type of perils covered satisfactorily protect the property which is the Society's security under the mortgage. |
£25 |
|
Special Clearance of a Cheque (Special Cheque) If you require a cheque to be express cleared we charge on each occasion. |
£15 |
|
Data Protection Act You have the right to obtain a copy of your personal data held by us. This includes computer processed data as well as paper records that meet the Act's criteria. |
£10 per registration accessed |
|
Other Services Other charges may also be payable from time to time.
|
On Application |
|
ARREARS ADMINISTRATION: The following charges are applicable to mortgages where the Society incurs additional administration costs in monitoring or dealing with accounts that are in arrears at the end of the month. |
|
Standard Residential Mortgages (Arrears Fee) Owner occupied property and second home.
|
£45 each month |
|
Commercial Mortgage (Arrears Fee) Including buy to let, residential investment portfolios etc.
|
£65 each month |
|
Security Revaluation
(Revaluation) |
£75 |
|
Capitalisation of Arrears (Arr Capitalised) |
£50 |
|
LITIGATION |
|
Commencement (Litigation) |
£125 |
|
Re-commencement (Litigation) |
£125 |
|
Enforcement ( Litigation) |
£125 |
|
NOTE - Legal costs are normally in addition to the above |
|
Taking Possession of a Property and/or Managing its Disposal If it is necessary for the Society to employ the services of a solicitor or any other agent in connection with any mortgage arrears, the Society will have the right to recover costs from you. |
£500 |
