| Mortgage Code: |
472 B02199
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| Scheme Name: |
4.49% FIXED UNTIL 30-11-2011
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| Product Detail: |
RENTAL COVERAGE 125% @ 4.99%
LENDERS FEE 2.5% ADDED
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| Initial Rate: |
4.49%
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|
| Reverting Rate: |
4.99%
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| APR Rate: |
5.40%
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| Max LTV: |
70%
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| Arrangement Fee: |
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| Arrangement Fee Structure: |
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| Arrangement Fee Percentage: |
2.50%
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| Further Information: |
WILL LEND ON NEW BUILD HOUSES ONLY NOT NEW BUILD FLATS, PROPERTY WILL BE VALUED AS A RE-SALE PROPERTY AND NOT A NEW BUILD PROPERTY, USUALLY 20% DOWN VALUE WILL ALSO REQUEST PROOF OF DEPOSIT ON NEW BUILD PROPERTIES
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| Minimum Loan Per Property: |
£25001
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| Maximum Loan Per Property: |
MAXIMUM LOAN £350000 @ 70% LTV, £1000000 @ 65% LTV, £1500000 @ 50% LTV
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| Withdrawal Notice: |
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| Withdrawal Date: |
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| Income Requirements: |
NO MINIMUM INCOME REQUIRED, First time buyers not allowed
Must have been in current job for a minimum of 24 months and have 24 months continuous employment
Self employed status Must have been trading for at least 2 years
Self certification Yes -
Applicant can be first time buyer NO
Applicant can be a foreign national No
Applicant can be an ex-pat NO
Minimum time resident in the UK 24 months with permanent rights to reside on visa
Limited company NOT acceptable
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| Age Limits: |
21 MIN, MAX 90 AT END OF MORTGAGE TERM
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| Applicant Status: |
NO MINIMUM INCOME REQUIRED, First time buyers not allowed
Must have been in current job for a minimum of 24 months and have 24 months continuous employment
Self employed status Must have been trading for at least 2 years
Self certification Yes -
Applicant can be first time buyer NO
Applicant can be a foreign national No
Applicant can be an ex-pat NO
Minimum time resident in the UK 24 months with permanent rights to reside on visa
Limited company NOT acceptable
AVAILABLE FOR UP TO 2 APPLICANTS ONLY, Applications from property developers (a person who owns 25% or more of a business whose principal activity is property development) are not accepted. First time landlords are not accepted.
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| Interest Rate Structure: |
BBR
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| Early Repayment: |
5% of outstanding loan for scheme period
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| Repayment Structure: |
INTEREST ONLY OR CAPITAL REPAYMENT
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| Loan Limits: |
MINIMUM LOAN £25001
MAXIMUM LOAN £350000 @ 70% LTV, £1000000 @ 65% LTV, £1500000 @ 50% LTV
MINIMUM PROPERTY VALUE IS £50000
TOTAL AGGREGATE BORROWING: 70% LTV up to £1.5 million, 65% LTV up to £5 million – LOANS IN EXCESS OF THIS WILL BE ASSESSED ON A CASE BY CASE BASIS
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| Adverse Limits: |
NO ADVERSE CREDIT ALLOWED
ALL APPLICATIONS SUBJECT TO CREDIT SCORE
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| Remortgages: |
RE-MORTGAGE ALLOWED FOR ANY LEGAL PURPOSE SUBJECT TO LTV LIMITS AND CRITERIA.
MUST HAVE OWNED PROPERTY FOR MINIMUM OF 6 MONTHS
WILL NOT ALLOW CAPITAL RAISING ON PROPERTIES OWNED LESS THAN 6 MONTHS
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| Acceptable Properties: |
EX-LOCAL AUTHORITY HOUSES
Maximum LTV 70% on NEW BUILD Houses NOT FLATS
FLATS MUST BE MINIMUM 1 YEAR OLD / OCCUPIED
% OF FLATS ALLOWED IN 1 BLOCK TO BE MORTAGGED WITH THIS LENDER: 1-3 units = 1 unit, 4-50 units = 25%, 51-80 = 12 units, More than 80 units = 15%
PLEASE CALL WITH DETAILS OF DEVELOPMENT SO THAT WE CAN CHECK EXPOSURE LIMITS WITH LENDER'S VALUER
STUDIO APARTMENTS - Studio flats must be more than 32.5 square metres and have a separate Bathroom & Kitchen.
MINIMUM VALUE £60,000
Leasehold properties must have minimum 35 years at end of mortgage term.
MAXIMUM NUMBER OF FLOORS IN BLOCK IS UNLIMITED UNLESS EX-LOCAL AUTHORITY FLATS, THEN RESTRICTED TO 4 FLOORS
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| Unacceptable Properties: |
BEDSITS
FREEHOLD FLATS
WON'T LEND ON ISLE OF MAN OR NORTHERN IRELAND
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| Acceptable Tenancies: |
ASSURED SHORTHOLD TENANCY - MAXIMUM OF 5 TENANTS NAMED ON AGREEMENT
LOCAL AUTHORITY & HOUSING ASSOCIATIONS MAXIMUM 6 MONTHS
CORPORATE LETS SUBJECT TO MAXIMUM OF 6 MONTHS
STUDENT LETS - HMO properties are only acceptable providing: property is not occupied by 5 + people, comprising of 3 or more households, is not subject to HMO licensing, no more than 4 habitable storeys, no more than 1 kitchen. Rental is calculated on a family let basis
NO ASYLUM SEEKERS, DSS TENANTS ALLOWED - NO PROOF REQUIRED
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| Information Requirements: |
APPLICATIONS SUBMITTED ONLINE WITH INSTANT DECISION UNLESS APPLICATION IS REFERRED, WHERE CLIENT'S DO HAVE ADVERSE CREDIT, THIS IS NOT ALWAYS PICKED UP BY LENDERS AND ALL APPLICATIONS ARE SUBJECT TO CREDIT SCORE
VALUATION FEES MUST BE PAID VIA CREDIT / DEBIT CARD ONLY. THE LENDER WILL CHARGE A ONE OFF FEE OF £50 IF YOU DO NOT TAKE BUILDIMNG INSURANCE THROUGH THEIR NOMINATED INSURER, WE WILL REFUND THIS CHARGE IF YOU TAKE OUT BUILDING INSURANCE VIA WWW.BTL247.COM. PLEASE CALL US IF YOU ARE UNSURE.
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| Time Scale AIP: |
WITHIN 24 HOURS UNLESS APPLICATION GOES ON REFER
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| Time Scale To Offer: |
48 HOURS FROM RECEIPT OF ALL OUSTANDING INFORMATION
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| Free Valuation: |
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| Free Legal: |
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| Free Completion: |
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