General Mortgage Criteria

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To supplement our product criteria below is our general mortgage criteria

Incentives

  • Valuation

Where applicable there will be one free standard valuation per customer for properties up to £250,000.

  • 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. The remortgage scheme is not available for properties in Scotland. The Society will provide a cashback of £250 on completion of the mortgage.

  • Cashback

A £250 cashback on completion of the mortgage will be given on House Purchase mortgages where applicable and paid to your solicitor on completion.

Methods of Repayment

Capital and Interest

Age Restrictions

  • Minimum Age

18 years

  • Maximum Age

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 75% 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, timeshare debts/purchase, deposit on property and any business purposes.

  • Home Improvements up to 80% LTV

Limited to home improvements only with a minimum loan amount of £10,000

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)

Property Price

  • Above 80% LTV

Outside M25 a minimum purchase price £50,000

Properties inside the M25 are subject to a minimum purchase price £125,000

Property location

Only available for loans on properties located in England, Wales & Scotland (Islands by referral, Buy-to-let, Shared Ownership and Credit Impaired are excluded in Scotland)

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