Residential variable for 3 years

Affordability calculator

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Gross annual income

Applicant 1 gross annual income i

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Applicant 2 gross annual income i

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Monthly committed expenditure i

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You could borrow up to: i

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Mortgage details

Property value i

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Mortgage amount required i

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Your loan to value is i

We’re sorry but the maximum LTV for this product is X%

Mortgage type i

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Mortgage term i

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Your estimated monthly payments: i

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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.

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 mortgage listed below moves on to our Standard Variable Rate, currently 4.9% (variable), after the initial rate period.

Initial rate i	Discount from SVR i	Overall cost for comparison i	Max % LTV i	Payment type i
1.99%	2.91%	4.2% APRC	80%	Interest only and repayment options available
See example
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.

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, 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.
Product fees
- Administration fee £125.
- Valuation fee (scale).
- Product fee 0.4% of advance (minimum £599).
- Completion fee £75.

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 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.