Standard Residential - Variable Rate


3 year Residential
2.7% Discount

RDD046

4.5% APRC

2.34% variable for 3 years followed by Standard Variable
Rate (SVR), currently
5.04%.

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

4.6% APRC

2.64% Variable for 3 years followed by Standard Variable
Rate (SVR), currently
5.04%.

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).

An example: A mortgage of £206,138 taken out for a period of 25 years on a repayment basis.

Monthly instalments: £941.59 per month for 35 months, followed by £1,182.82 per month for 264 months.

Total amount payable: £346,759.68

Total amount of credit: £206,138

The total amount payable includes product fee £824.55, valuation fee £270, administration fee £125, closing fee £100 and completion fee £75.

This example relates to product code RDD047, 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 21, 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 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.

Valuation Fee Scale

Property Value

Mortgage Valuation Fee

Homebuyers Report Fee

up to £150,000

£220

£445

£150,001-£200,000

£245

£480

£200,001- £250,000

£270

£515

£250,001- £300,000

£310

£570

£300,001- £400,000

£365

£620

£400,001- £500,000

£420

£680

£500,001- £600,000

£480

£790

£600,001- £700,000

£535

£895

£700,001- £800,000

£595

£1,000

£800,001- £900,000

£655

£1,105

£900,001- £1,000,000

£725

£1,210

0ver £1m

By Negotiation

Fees Include VAT

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

Tariff of mortgage fees
Help if you can’t pay your mortgage
‘Lenders Handbook Part 2′ for solicitors
Mortgages Explained
Mortgage Conditions and Explanations
General Insurance
How to complain
Further Advance information
Changing the term of your mortgage
Changing the repayment vehicle on your mortgage