Here are the details of the product you are interested in:
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Key Product Facts |
Standard Variable Rate (SVR) for the term of the mortgage (currently 5.49%). The rate will depend on any changes to the SVR. The overall cost of comparison is 5.7% APR.
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Overview
- Up to 75% of the value of the property can be borrowed for re-mortgage applications and up to 80% of the value of the property can be borrowed for purchase applications on a capital and interest repayment basis. Up to a maximum 70% loan to value can be borrowed on an Interest Only basis.
- Available from age 21. 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.
- Interest is calculated on a monthly basis.
Fees
- An Early Repayment Fee of 3% of the amount repaid will apply if you repay all or part of your mortgage within the first 3 years. Up to 10% can be paid off each year penalty free.
- An Arrangement fee of £595 can be added to the mortgage up to a maximum of 75% remortgage / 80% purchase loan to value. If you add this fee to your account it will incur interest in line with the rest of your mortgage balance.
- A Valuation Fee will apply, please select this link for full details: Valuation Fee Scale
- Please select this link for full details of the Tariff and Charges: Tariff of Charges
- There is no higher lending fee on this product.
Income Criteria
- The product is available for loans between £50,000 - £350,000. Above £350,000 by negotiation.
- A minimum income of £17,500 is required for single applicants.
- Income multiples are 3.5x + 1 for single applicants or 3x 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.
- Properties must be located within mainland England & Wales.
- Studio flats or flats above commercial premises or above 4 storeys are not accepted.
- Minimum period of property ownership 1 year before remortgage permitted.
- 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.
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