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Residential fixed for 5 years (maximum loan £250,000)

Our standard residential product is available for applicants who have a 20% deposit. We offer a flexible approach to mortgage criteria with manual underwriting. We also offer a Joint Borrower Sole Proprietor option, which may be useful if affordability is tight as we take into account the parent’s income when assessing the mortgage application, without them becoming a legal owner of the property.

Our Standard Residential product is for applicants that have a 20% deposit or more. This deposit can be gifted by family. If you have this deposit, we can provide you with the money you need, as long as you fit our criteria and pass our affordability checks. With our flexible approach, our underwriters are happy to look at the more unusual properties, previous credit issues, different income streams and other exceptions to “normal mortgage criteria”.

 

The mortgage listed below moves on to our Standard Variable Rate, 5.45% (variable), after the initial rate period. Our standard variable rate is changing to 5.60% on 1st June 2022.

Initial
rate i
Overall cost for
comparison i
Max %
LTV i
Payment
type i
3.04%4.5% APRC80%Interest only and repayment options available
See example

Representative example: A mortgage of £150,000.00 taken out for a period of 19 years on a repayment basis.
Monthly instalments: £869.72 per month for 59 months, followed by £1,016.47 per month for 168 months.
Total amount payable: £223,434.44.
Total amount of credit: £150,000.00.
The total amount payable includes valuation fee £255, product fee £999 and closing fee £100.
The overall cost for comparison is 4.5% representative APRC.
This example is based on the Residential Fixed for 5 years product (maximum loan £250,000). It is based on our current Standard Variable Rate of 5.45%, with no fees added to the mortgage. Our Standard Variable Rate is changing to 5.60% on 1st June 2022.

Please ask for a personalised illustration for your own particular requirements.

Affordability calculator

Find out how much your client can borrow with our affordability calculators.


  • Key features
    • Availability – Purchase & Remortgage – up to 80% Loan To Value (LTV). Minimum deposit of 20% required.
    • Flexibility – Overpayments up to 20% of the capital balance as at 1st January are allowed in each calendar year without penalty.
    • Portable.
  • Early repayment

    If you repay your mortgage early, or make an overpayment, you may have to pay an early repayment charge.

    For full repayment, you will pay 3% of the outstanding balance in years 1, 2, 3 & 4; 2% in year 5, plus a Closing Administration Fee (currently £100).

    For overpayments, you will pay 3% on any amount exceeding your 20% limit in year 1, 2, 3 & 4, 2% in year 5.

  • Product fees
    • Valuation fee (scale).
    • Product fee £999
  • Lending criteria

    Residential Lending Criteria and Information

    Loan:Size: Minimum £50,000 Maximum £250,000.00.
    Term: Minimum 5 years, Maximum 40 years.
    Property:Must be in England, Wales or mainland Scotland.  We are also unable to offer a Right To Buy mortgage in mainland Scotland.
    Applicant:Age: Minimum 18, maximum is 85, subject to income in retirement.
    Income:No minimum period of employment, but must have passed probation, or have 3 years self employment history.

    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 DeductionsSole BorrowerJoint Borrowers
    £20,000-£50,0004.25x4.25x
    Over £50,0014.5x4.5x

    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 income and expenditure to ensure that you can afford your 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 your case will depend on your circumstances and our assessment of the risk.
  • Proc fee

    We will pay a gross procuration fee of 0.35% on all introduced business. The fee is usually paid within five working days following completion. Procuration Fees may vary for our recognised Clubs & Packagers.

  • Useful stuff

    Tariff of Mortgage Fees

    Mortgage Conditions

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This section is for use by professional Intermediaries only. If you are a customer please visit our Mortgage section.