General Mortgage Criteria
To supplement our product criteria below is our general mortgage criteria
Where applicable there will be one free standard valuation per customer for properties up to £250,000. If your property is worth more than £250,000 then we will contribute £260 towards your valuation
Re-mortgage Legal Fees
Where applicable there will be no legal fees payable where the Society’s re-mortgage scheme is used up to a maximum of £250, subject to there being no additional legal work involved, for example, the postponement of a second mortgage, transfer of equity or additional leasehold work. Where the loan exceeds £250,000 then you will be responsible for any additional legal fees incurred. Applicants may choose to use their own solicitors, but will be responsible for all costs
A £250 cashback on completion of the mortgage will be given on House Purchase mortgages where applicable
Methods of Repayment
Capital and Interest
18 years for Standard Residential mortgages
21 years for Shared Ownership mortgages
25 years for Buy-to-Let and Self-Build mortgages
80 years. The maximum entry age and end date of a mortgage will depend on individual circumstances.
Evidence of pension income is required to enable the underwriter to take into account the likely impact of retirement on affordability when the borrower/s age is greater than 70 at the end of the mortgage term.
The applicant will be required to sign a declaration stating the age at which they intend to retire.
The applicant’s plans should be discussed in view of their occupation and reasonability of working beyond state pension age and should be documented.
Loan to Value Restrictions (LTV)
Capital Raising up to 85% LTV
Limited to a maximum 85% LTV
Additional lending restricted to 5% of the existing mortgage borrowing and to a maximum amount of £15,000
The following are excluded for capital raising, any illegal purposes, any gambling debts, any tax liability, timshare debts/purchase, deposit on property and any business purposes.
Home Improvements up to 90% LTV
Limited to home improvements only with a maximum loan amount of £30,000
Proposed home improvements must be structural enhancements or renewal/addition of permanent fixtures and fittings
Additional funds could be used for purchase of freehold / extension of lease (of subject property), purchase of land (adjacent to subject property)
Above 80% LTV
Outside M25 a minimum purchase price £70,000
Properties inside the M25 are subject to a minimum purchase price £125,000
Only available for loans on properties located in England & Wales
Higher Lending Charge
If a Higher Lending Charge (HLC) is applicable it will normally be paid by the Society
Terms and Conditions
Loans only available to applicants who meet the Society’s lending criteria
All loan subject to status and valuation
The APRC will depend on your circumstances