Mortgage Indemnity Guarantee Product


Product Name

The overall cost for
comparison is:

Rate structure based on our Standard
Variable Rate

Availability

Flexibility

Fees

Early Repayment Charges

3 year Residential
2.2% Discount

RDD048

4.7% APRC

2.84% variable for 3 years followed by Standard Variable
Rate (SVR), currently
5.04%

Purchase up to 95% Loan To Value (LTV).
 

Overpayments up to 20% of the capital balance as at 1st January are allowed in each calendar year without penalty.
Portable.

  • Product Fee 0.4% of  advance (Minimum £599)

  • Administration Fee £125

  • Valuation Fee (scale)

  • Completion Fee £75.

3 % in years 1 & 2, 2% in year 3, plus a Closing Administration Fee (currently £100).

3 year Residential Fixed Rate 3.29% RDF001

4.8% APRC

3.29% fixed for 3 years followed by Standard Variable
Rate (SVR), currently
5.04%.

Purchase up to 95% Loan To Value (LTV).

Overpayments up to 20% of the capital balance as at 1 January are allowed in each calendar year with penalty.
Portable.

  • Product Fee 0.4% of  advance (Minimum £599)

  • Administration Fee £125

  • Valuation Fee (scale)

  • Completion Fee £75.

3% in years 1 & 2, 2% in year 3, plus a Closing Administration Fee (currently £100).

             

An example: A mortgage of £189,079 taken out for a period of 28 years on a repayment basis.

Monthly instalments: £863.46 per month for 35 months, followed by £1,037.90 per month for 300 months.

Total amount payable: £343,022.10.

Total amount of credit: £189,079.

The total amount payable includes product fee £756, valuation fee £225, administration fee £125, closing fee £100 and completion fee £75.

This example relates to Product Code RDF001, is based on a typical mortgage and assumes that fees are not added to the mortgage. Please ask for a personalised illustration for your own particular requirements.

Lending Criteria and Information

Loan:

Size: Minimum £50,000.
Term: Minimum 5 years, Maximum 40 years.

New Build Houses: Maximum  90% Loan To Value

New Build Flats: Maximum 85% Loan To Value.

Property:

Minimum Value: £100,000.

 

Location:

Must be in England or Wales.

Applicant:

Age: Minimum 21, Maximum is age 85, subject to income in retirement.

The amount we will lend will depend on the value of the property and a calculation based on income and expenditure. As a guide, we will take gross annual income and then apply a deduction for the annual amount paid towards any existing debts or other financial commitments. We apply the following multipliers to the amount remaining:

 

Income After Deductions

Sole Borrower

Joint Borrowers

£20,000-£50,000

4.25x

4.25x

Over £50,0000

4.5x

4.5x

These multiples are for guidance only and do not guarantee that we will lend the amount indicated. We will carry out a full assessment of your clients income and expenditure to ensure that they can afford the mortgage both now and in the future.

Underwriting:

We take a flexible approach to underwriting and will consider each case on its merits. We do not credit score. The actual rate and APRC for the case will depend on the circumstances of the case and our assessment of the risk.

Loans above 80% Loan to Value:

We will purchase additional security in the form of an insurance policy which protects us and not your client in the event that we suffer a loss on the possession and sale of the property. The premium for this policy is included in the rate we charge for the mortgage. Please see our leaflet ‘Mortgage Insurance – How it works’ for details.

Valuation Fee Scale

Property Value

Mortgage Valuation Fee Homebuyers Report Fee

up to £100,000

£125 £310

£100,001 -£150,000

£190 £365

£150,001 - £200,000

£225 £415

£200,001 - £250,000

£265 £455

£250,001 - £300,000

£300 £495

£300,001 - £400,000

£340 £550

£400,001 - £500,000

£400 £600

£500,001 - £600,000

£475 £700

£600,001 - £700,000

£525 £800

£700,001 - £800,000

£600 £900

£800,001 - £900,000

£700 £1,000

£900,001 - £1,000,000

£800 £1,100

0ver £1m

By negotiation.

Fees Include VAT.

Please contact the Mortgage Sales team to discuss your requirements by calling us on 01225 475702 or by email at intermediaries@bibs.co.uk