Overview

• Up to a maximum 80% of the value of the property can be borrowed on a Capital and Interest repayment basis and up to a maximum of 70% loan to value can be borrowed on an interest only basis.
• Interest is calculated on a monthly basis.
• Available from age 25. The maximum age at the end of the mortgage term is 70 years.
• Minimum term of 5 years and a maximum term of 30 years.
• This product is available for remortgages only and not for purchases.

Fees

• An Early Repayment charge of 3% of the amount repaid will apply if you repay all or part of your mortgage within the first 2 years. Up to 10% can be paid off each year penalty free.
• An Arrangement fee of £695 can be added to the mortgage up to a maximum of 80% loan to value. If you add this fee to your account it will incur interest in line with the rest of your mortgage balance.
• One free standard valuation.
• One free standard remortgage service (using The Manchester Building Society's solicitors).
• Please select this link for full details of the Tariff and Charges: Tariff of Charges
• There is no higher lending charge on this product.

Income Criteria

• The product is available for mortgages between £50,000 - £350,000.
• A minimum income of £17,500 is required for single applicants.
• Income multiples are 3.25 x + 1 for single applicants or 2.50 x for joint applications.
• Satisfactory evidence of income is required for all mortgages.
• Borrowers must have a good credit history as no adverse criteria is accepted.
• A minimum employment period of 6 months is required for employed applicants.
• 2 years full and finalised accounts are required as proof of income for self-employed applicants and 3 months most recent and consecutive wage slips are required for employed applicants.

Property Details

• Minimum Property Value £125,000.
• Minimum period of property ownership 1 year before remortgage permitted.
• Properties must be located within mainland England & Wales.
• Studio flats or flats above commercial premises or above 4 storeys are not accepted.
• All Newly Built or Newly Converted Properties are excluded. Residential houses must have been completed at least 36 months (3 years) ago, and flats/apartments must have been completed at least 84 months (7 years) ago.