100% Buy For University variable for 2 years

Students can enjoy the security of owning their own home and rent rooms to contribute to the mortgage while they study. When assessing an application, we use the expected rental income as well as the parental income, which means we can lend more than with a typical mortgage. The mortgage itself will be on a Joint Borrower Sole Proprietor basis, which allows the student to add a parent to the application without including them on the property deeds. Take advantage of a discounted rate on this two year student mortgage, no deposit required.

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
4.20%	0.70%	5.0% APRC	100%	Interest only and repayment options available
See example
Representative example: A mortgage of £152,000 taken out for a period of 14 years on an interest only basis. Monthly instalments: £532.00 per month for 23 months, followed by £622.93 per month for 144 months. Total amount payable: £255,100.92 Total amount of credit: £152,000 The total amount payable includes administration fee £125, valuation fee £255, product fee £608, completion fee £75 and closing fee £100. The overall cost for comparison is 5.0% representative APRC. This example is based on a typical mortgage and assumes that fees are not added to the mortgage. Please ask for a personalised illustration for your own particular requirements.

Key features
- Availability – Purchase up to 100% Loan To Value (LTV). No deposit required (subject to conditions).
- 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 and 0% 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 0% in year 2.
Product fees
- Administration fee £125.
- Valuation fee (scale).
- Product fee 0.4% of advance (minimum £599).
- Completion fee £75.

Lending criteria

Buy For Uni Mortgage Lending Criteria and Information

Loan size	Size: Minimum £50,000 Maximum £300,000. Term: Minimum 5 years, Maximum 40 years.
Property	Minimum Value: £100,000. Must be in England, Wales or mainland Scotland and within a ten mile radius of the university attended.
Applicant	Age: Minimum 18, no maximum, subject to income in retirement.

Underwriting	The mortgage will be in joint names of the student and parent(s) but the property can be owned solely by the student, to avoid additional stamp duty liability for the parents. Where the loan exceeds 80% of the property value, additional security can be taken against the parents home providing the total charges over the parents house do not exceed 70%. This means that your parents may find it more difficult to raise capital against the equity in their home and in the event of default their home may be at risk. Evidence of a university place will be required.
Collateral Valuation:	All collateral valuations will be carried out by the way of desktop valuation (automated valuation model) at no cost to the customer. Where a desktop valuation is not possible, a full valuation will be carried out and normal fee scale would be charged to the customer (see product fees).

Underwriting

The mortgage will be in joint names of the student and parent(s) but the property can be owned solely by the student, to avoid additional stamp duty liability for the parents. Where the loan exceeds 80% of the property value, additional security can be taken against the parents home providing the total charges over the parents house do not exceed 70%. This means that your parents may find it more difficult to raise capital against the equity in their home and in the event of default their home may be at risk. Evidence of a university place will be required.

Collateral Valuation:

All collateral valuations will be carried out by the way of desktop valuation (automated valuation model) at no cost to the customer. Where a desktop valuation is not possible, a full valuation will be carried out and normal fee scale would be charged to the customer (see product fees).

Tenancies must be on an assured shorthold or licence basis for no more than 12 months (renewable) and no more than 4 occupants in total.