Prime borrowing conditions

Lending Locations

• Properties located in England, Wales and mainland Scotland

Applicant Status

• Purchasers, existing owners and first time buyers. Maximum loan where main applicant is a first time buyer or has not held a mortgage for the last 12 months is £300,000 except for Self-cert applicants where the maximum loan amount is £250,000.

Applicant Exclusions

• Applicant exclusions apply for Disqualified Company Directors.

Loan Purpose

• Most loan purposes, including capital raising. Purpose(s) must be stated, evidence may not be required.

Loan Term

• The minimum loan term is 5 years and the maximum loan term is 30 years.

Minimum Loan Amount

• Minimum loan amount on all products is £25,001.

Repayment Method

• Capital and Interest. Interest only. Part & Part. No compulsory repayment vehicle.

Flexible Mortgages

• Overpayments up to 10% per anniversary year during the early repayment period. Borrow back overpayments at any time. Payment holidays for as long as the overpayment will fund. Underpayments up to the value overpaid.

Minimum and Maximum Applicant Age

• The minimum age is 21 years and the maximum age is 75 years at the end of the mortgage term.

Income

• Income multiples 4 (single) or 4+1/3.3 (joint). The minimum level of income for a single applicant is £10,000 p.a. If making a joint application and the principal applicant's income is less than £10,000 p.a., a minimum joint income of £16,000 p.a. is required. 100% of net profit figure or basic salary and 100% of all bonuses, overtime dividends, share of profits, unearned income, directors fees and other declarable income for tax purposes. Pensions and investment income can be considered.

Buy to Let

• Gross rental income must be 125% of the pay rate for 3 year fixed products or 120% of the payrate for 5 year fixed products. Valuer to confirm rental income.

Self Certification

• An applicant's own declaration of income, usually with no further formal check taking place. No minimum employment or trading period applies when self certifying.

Full Status

• Employed applicants must have been in their current job for a minimum period of 3 months. If self-employed, a minimum 12 months trading period applies. If employed, a minimum of two months payslips and a P60 is required. If a P60 is not available, then an employer's reference is required.
• If self-employed, an Accountant's Certificate of income or the most recent Inland Revenue tax return or assessment is required, no accounts necessary. Income multiples are applied to last year's share of net profit/income. In addition to Sole Traders, those holding 25% or more of the issued share capital of a company will be deemed to be self-employed
• The figure to which the income multiples will be applied will be the last year's net profit figures as certified by a qualified accountant. In the case of directors of limited company, the applicant's salary plus his share of net profit, dividends and pension figure will be used.

Referencing

• Credit search and proof of identification is required.
• Proof of income is required if verifying income.
• Valuation report from lenders panel.
• 12 months secured lender's history if applicable, confirmed by credit bureau report, annual statement(s), or lender's reference proving payments to date.
• 12 months rental history if renting through a professional letting agent, confirmed by rental reference
• Rental will be confirmed by valuer on the valuation report.

Credit History

• No CCJs in last 3 years.
• No Arrears in the last 12 months.
• No defaults in last 3 years (Credit status of 8 will be treated as a default).

Credit Report Criteria

• A full credit bureau search is conducted on all applicants. We will accept a maximum credit report status of 2 in last 12 months, providing applicant is now up to date. We will accept the following credit reports: SHARE, CAIS or INSIGHT.

Property Exclusions

• Loans will not be considered on shared ownership properties, Right to Buy within pre emption, freehold flats and maisonettes, ex-local authority flats and maisonettes, flats above commercial property, most properties of concrete construction*, properties deemed defective under the Housing Defects Acts 1984 and Housing Act 1985, properties containing mundic block materials, properties with Agricultural Restrictions, high rise flats, studio flats, and leasehold properties with less than 35 years remaining at the end of the mortgage term. *Please note: we will accept Wimpey No Fines and Laing Easiform houses built after 1945 (not flats) up to a maximum LTV of 80%.

New Builds
The following restrictions apply for over 75% LTV for new builds:

• Properties which have never before been owned by an individual (new build) are not acceptable.
• Non new build properties must have had at least one previous owner for a period greater than six months.