Standard Residential


Residential Mortgages

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

4.5% APRC

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

Purchase &
Remortgage
up to 80% Loan To Value (LTV).

Overpayments up to 20% of the capital
balance as at 1st January 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, currently
5.04%.

Purchase &
Remortgage
up to 85% Loan To Value (LTV). Maximum loan £500,000.

Overpayments up to 20% of the capital
balance as at 1st January 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, including fees: £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.

The 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.

We have no current plans to withdraw these products but they may be withdrawn without notice. Ask for a personalised illustration for your client.

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 £50,0001

4.5

4.5

These multiples are for guidance only and do not guarantee that we will lend the amount indicated to your client. We will carry out a full assessment of your clients income and expenditure to ensure that they can afford the 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 the case will depend on your clients circumstances and our assessment of the risk.

Procuration Fees:

We will pay an uncapped procuration fee of 0.35% of the amount borrowed to directly authorised and regulated intermediaries on completion of the mortgage. Where the intermediary is an Appointed Representative, the fee will be paid to the Principal. In the event of a change of Principal for any reason, the fee will be paid to the firm responsible for the information or advice at the time the sale was made.

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

Over £1m

By negotiation.

Fees Include VAT.

For further information, please contact the Mortgage Sales team on 01225 475702 or via email intermediaries@bibs.co.uk