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Residential variable for 2 years

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 (SVR), 5.75% (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. The SVR is increasing to 5.99% (variable) from 1st September 2022.

rate i
Discount from SVR iOverall cost for
comparison i
Max %
type i
2.29%3.46%5.2% APRC80%Interest only and repayment options available
See example

Representative example: A mortgage of £210,000.00 taken out for a period of 18 years on a repayment basis.
Monthly instalments: £1,191.70 per month for 23 months, followed by £1,530.41 per month for 192 months.
Total amount payable: £322,686.82.
Total amount of credit: £210,000.00.
The total amount payable includes valuation fee £340, product fee £999 and closing fee £100.
The overall cost for comparison is 5.2% representative APRC.
This example is based on our Residential variable for two years product.  It is based on our current Standard Variable Rate of 5.75%, with no fees added to the mortgage.

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

The SVR is increasing to 5.99% (variable) from 1st September 2022.

Affordability calculator

Find out how much you can borrow with our affordability calculators.

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.

  • 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 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.

  • Product fees
  • Lending criteria

    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 Scotland.  We are also unable to offer a Right To Buy mortgage in 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 DeductionsSole BorrowerJoint Borrowers
    Over £50,0015.0x5.0x

    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.
  • Useful stuff

    Mortgage Conditions

    Mortgage Conditions Scotland

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