Standard Residential


Our Standard Residential Product is for applicants that have a 15% 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."

Product Name The overall cost for
comparison is:
Rate structure based on
our Standard Variable
Rate
Availability Flexibility Fees Early Repayment Charges

3 year Residential
2.7% Discount

RDD046

4.9% APRC

2.74% variable for 3 years followed by Standard Variable
Rate (SVR), currently
5.44%.

Purchase &
Remortgage
up to 80% Loan To Value (LTV). Minimum Deposit of 20% required.

Overpayments up to 20% of the capital balance as at 1st January are allowed in each calendar year without penalty. Portable.

  • Product Fee 0.4% of advance (Minimum £599)

  • Administration Fee £125

  • Valuation Fee (scale)

  • Completion Fee £75.

3 %  in years 1 & 2, 2% in year 3, plus a Closing Administration Fee (currently £100).

3 year Residential 
2.4% 
Discount

RDD047

5.0% APRC

3.04% Variable for 3 years followed by Standard Variable
Rate (SVR), currently
5.44%.

Purchase &
Remortgage
up to 85% Loan To Value (LTV). Minimum deposit of 15% required.

Overpayments up to 20% of the capital balance as at 1st January are allowed in each calendar year without penalty.
Portable.

  • Product Fee 0.4% of advance (Minimum £599)

  • Administration Fee £125

  • Valuation Fee (scale)

  • Completion Fee £75.

3 % in years 1 & 2, 2 % in year 3, plus a Closing Administration Fee (currently £100).

5 year Residential 
3.19% 
Fixed
RDF016

4.6% APRC

3.19% Fixed for 5 years followed by Standard Variable
Rate (SVR), currently
5.44%.

Purchase &
Remortgage
up to 80% Loan To Value (LTV). Minimum deposit of 20% required.

Overpayments up to 20% of the capital balance as at 1st January are allowed in each calendar year without penalty.
Portable.

  • Product Fee 0.4% of advance (Minimum £599)

  • Administration Fee £125

  • Valuation Fee (scale)

  • Completion Fee £75.

3% in years 1 2, 3, and 4 then 2% in year 5, plus a Closing Administration Fee (currently £100).

An example: A mortgage of £173,729 taken out for a period of 21 years on a repayment basis.

Monthly instalments: £949.44 per month for 59 months, followed by £1,117.18 per month for 192 months.

Total amount payable: £271,945.43

Total amount of credit: £173,729

The total amount payable includes administration fee £125, valuation fee £285, product fee £694.91, completion fee £75 and closing fee £100.

This example relates to product code RDF016, 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.

 

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 or Wales.

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.

Please contact the Mortgage Sales team to discuss your requirements by calling us on 01225 475737 or by email at mortgages@bibs.co.uk

Related Information

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Help if you can’t pay your mortgage
Mortgages Explained
Mortgage Conditions and Explanations
Further Advance information
Changing the term of your mortgage
Changing the repayment vehicle on your mortgage
External stamp duty calculator