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 suitable for applicants who have a 20% deposit or more. This deposit can be gifted by family. If you have a 20% 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 mortgages listed below move on to our Standard Variable Rate, 5.60% (variable), after the initial rate period. Our SVR is increasing to 5.75% (variable) from 1st July 2022.
There may be a limit on how low your interest rate can fall. This is called an ‘interest rate floor’. The interest rate floor applicable to your loan will be specified in your loan documentation.
| Initial rate i | Discount from SVR i | Overall cost for comparison i | Max % LTV i | Payment type i | |
|---|---|---|---|---|---|
| 2.69% | 2.91% | 5.2% APRC | 80% | Interest only and repayment options available | |
| See example | |||||
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Representative example: A mortgage of £210,000.00 taken out for a period of 18 years on a repayment basis. Please ask for a personalised illustration for your own particular requirements. | |||||
Monthly payments calculator
Use the calculator to find out what your monthly payments might be based on the mortgage product and the type and term of your borrowing.
Mortgage details
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Please scroll down for monthly payments by product.
This is the maximum amount based on the information you provided. Your mortgage adviser will take you through the application process and will calculate the amount you can afford to borrow based on your income after the deduction of those expenses and commitments. Further restrictions may apply for specialist products.
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 year 1, 2% in year 2, plus a Closing Administration Fee (currently £100).
For overpayments, you will pay 3% on any amount exceeding your 20% limit in year 1, and 2% in year 2.
| Loan: | Size: Minimum £50,000. Term: Minimum 5 years, Maximum 40 years. |
|---|---|
| Property: | Minimum Value: £100,000. 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: | Household income must be at least £20,000. 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 Deductions | Sole Borrower | Joint Borrowers |
|---|---|---|
| £20,000-£50,000 | 4.25x | 4.25x |
| Over £50,001 | 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 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. |
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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.
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This section is for use by professional Intermediaries only. If you are a customer please visit our Mortgage section.
