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, currently 4.9% (variable), after the initial rate period. 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.
|Discount from SVR||Overall cost for |
|Max % |
|1.99%||2.91%||4.2% APRC||80%||Interest only and repayment options available|
Representative example: A mortgage of £193,000 taken out for a period of 21 years on a repayment basis.
Monthly instalments: £940.65 per month for 35 months, followed by £1,192.74 per month for 216 months.
Total amount payable: £291,911.59
Total amount of credit: £193,000
The total amount payable includes administration fee £125, valuation fee £285, product fee £772, completion fee £75 and closing fee £100.
The overall cost for comparison is 4.2% representative APRC.
This example is based on a typical mortgage and assumes that fees are not added to the mortgage. Please ask for a personal illustration for your own particular requirements.
- 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.
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, 2% in year 3, plus a Closing Administration Fee (currently £100).
For overpayments, you will pay 3% on any amount exceeding your 20% limit in years 1 & 2, and 2% in year 3.
- Administration fee £125.
- Valuation fee (scale).
- Product fee 0.4% of advance (minimum £599).
- Completion fee £75.
Residential Lending Criteria and Information
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.
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.
How to apply
This section is for use by professional Intermediaries only. If you are a customer please visit our Mortgage section.Also in this section
- Browse mortgages by product type
- Buy to Let mortgages
- HMO mortgages
- Holiday Let mortgages
- Retirement mortgages
- Rent a room mortgages
- Standard Residential mortgages
- Shared ownership mortgages
- Buy for Uni / student mortgages
- Browse General Information
- Residential lending criteria
- Buy to Let lending criteria
- Joint Borrower Sole Proprietor
- Download our mortgage application form
- Download our mortgage application direct debit form
- Download our mortgage application declaration
- ID verification
- Download our Mortgage Deed - England & Wales
- Download our Standard Security - Scotland
- Guidance - cladding on flats
- Mortgage valuation fees