| Mortgage Code: |
9300 C041
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| Scheme Name: |
5.34% TRACKER UNTIL 30-11-2012
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| Product Detail: |
RENTAL COVERAGE 100% @ 8% @ 75% LTV OR 100% @ 7.5% @ 65% LTV
LENDERS FEE 2.75% ADDED
FREE VALUATION & LEGALS
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| Initial Rate: |
5.34%
|
|
| Reverting Rate: |
4.84%
|
| APR Rate: |
5.50%
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| Max LTV: |
75%
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| Arrangement Fee: |
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| Arrangement Fee Structure: |
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| Arrangement Fee Percentage: |
2.75%
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| Further Information: |
75% ON NEW BUILD IF OCCUPIED FOR MINIMUM OF 6 MONTHS PRIOR TO APPLICATION
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| Minimum Loan Per Property: |
£5000
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| Maximum Loan Per Property: |
£350000
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| Withdrawal Notice: |
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| Withdrawal Date: |
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| Income Requirements: |
Minimum income £35K
The maximum loan amount can be calculated using earned income plus 50% of the expected rental income.
Alternatively the maximum loan can be calculated using solely the expected rental income, provided income (excluding rental income) before tax is at least £35k (sole or joint) If loan size exceeds £500k minimum income must be at least £50k.
Where all applicants are first time buyers – minimum income is £35k and maximum loan size is £500k.
Temporary contracts not accepted
Self employed <1 year refer to lender
For loans >70% LTV, C&G will assess affordability based on the lower of the figures provided by the applicant and the valuer
Mortgage statements required if existing mortgages are not found on credit search
If employers reference not available, must have last 3 payslips and latest P60
Probationary periods and Annual contracts - refer to lender
Applicants in probationary period not accepted
Self-employed MINIMUM TIME TRADING 3 YEARS
Max 4 applicants income multiple 2x aggregate income
Foreign nationals with permanent Right to Reside in UK accepted
Must have been in current job for a minimum of 6 months and have 36 months continuous employment
Maximum age at end of mortgage 75 subject to evidence of income beyond
retirement
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| Age Limits: |
25 min, 75 at end of mortgage term
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| Applicant Status: |
Conversions from repayment to interest only are not allowed at any LTV
Max 4 applicants
Temporary contracts not accepted
Self employed <1 year: refer to lender
C&G accept non UK citizens with a permanent Right to Reside in the UK issued by the Home Office
C&G do not consider commercial mortgages or applications from limited companies
Solicitors: sole practitioners accepted on loans up to £350k
Retirement lending: max 75% LTV if applicant 65+
Minimum time resident in the UK 12 months with 3 year remaining on visa
Applicant can be first time landlord
Deposit from builder - refer to lender
Applicants in probationary period not accepted
First time landlords accepted
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| Interest Rate Structure: |
BBR
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| Early Repayment: |
3% until 31/07/2011, 2% until 31/07/2012
|
| Repayment Structure: |
INTEREST ONLY OR CAPITAL REPAYMENT
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| Loan Limits: |
MINIMUM LOAN £5000
MAXIMUM LOAN £350000 @ 75% LTV
MAXIMUM AGREGATE BORROWING OF £3MILLION OR 9 PROPERTIES WITHIN THE LLOYDS GROUP
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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
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| Acceptable Properties: |
EX-LOCAL AUTHORITY HOUSES
EX LOCAL AUTHORITY FLATS
Maximum portfolio 9 BTL properties with LENDER
NHBC required for properties < 10 yrs old
Ex-Council flats: refer to lender
Flat over shop acceptable up to 80% LTV but cannot own both the flat and shop
Mundic (Iron/Arsenical Pyrite) Construction acceptable subject to report
Maximum LTV for all New Build properties (those which have been occupied for 6 months or less) of 65% Maximum
STUDIO APARTMENTS
MINIMUM REMAINING TERM ON LEASE IS 60 YEARS AT THE END OF THE MORTGAGE TERM
HMO, Student/Company Lets considered on individual basis
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| Unacceptable Properties: |
Timber framed unacceptable if the cavity has been filled with an insulating material
BEDSITS
FREEHOLD FLATS
WON'T LEND ON ISLE OF MAN
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| Acceptable Tenancies: |
ASSURED SHORTHOLD TENANCY - MAXIMUM OF 5 TENANTS NAMED ON AGREEMENT
NO STUDENT LETS, ASYLUM SEEKERS, HOUSING ASSOCIATIONS, DSS TENANTS ALLOWED - NO PROOF REQUIRED
|
| 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 CARD / DEBIT CAD 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. EXPATS MUST BE EMPLOYED BY A MULTI-NATIONAL COMPANY OR GOVERMENT AGENCIES, 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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