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 for applicants that have a 20% deposit or more. This deposit can be gifted by family. If you have this 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, 5.45% (variable), after the initial rate period. Our standard variable rate is changing to 5.60% on 1st June 2022.
| Initial rate i | Overall cost for comparison i | Max % LTV i | Payment type i | ||
|---|---|---|---|---|---|
| 3.04% | 4.5% APRC | 80% | Interest only and repayment options available | ||
| See example | |||||
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Representative example: A mortgage of £150,000.00 taken out for a period of 19 years on a repayment basis. Please ask for a personalised illustration for your own particular requirements. | |||||
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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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 years 1, 2, 3 & 4; 2% in year 5, plus a Closing Administration Fee (currently £100).
For overpayments, you will pay 3% on any amount exceeding your 20% limit in year 1, 2, 3 & 4, 2% in year 5.
| Loan: | Size: Minimum £50,000 Maximum £250,000.00. Term: Minimum 5 years, Maximum 40 years. |
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| Property: | 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: | 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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