| Mortgage Code: |
COVENTRY 2 YR FIX
|
| Scheme Name: |
4.89% FIXED UNTIL 30-09-2012
|
| Product Detail: |
FREE VAL & LEGALS FOR RE-MORTGAGE APPLICATION ONLY
RENTAL 125% @ PAY RATE
FLAT FEE £1499
|
| Initial Rate: |
4.89%
|
|
| Reverting Rate: |
4.74%
|
| APR Rate: |
5.10%
|
| Max LTV: |
60%
|
| Arrangement Fee: |
£1,499.00
|
| Arrangement Fee Structure: |
FLAT
|
| Arrangement Fee Percentage: |
|
| Further Information: |
£250 BOOKING FEE PAYABLE UP FRONT WITH APPLICATION UPON ACCEPTANCE
ABLE TO REPAY 5% OF OUTSTANDING BALANCE EACH YEAR WITH NO PENALTIES
|
| Minimum Loan Per Property: |
£25001
|
| Maximum Loan Per Property: |
£1000000
|
| Withdrawal Notice: |
|
| Withdrawal Date: |
|
| Income Requirements: |
Rental income must be a minimum of 125% of mortgage interest
Applicants must be employed or self employed with a minimum total income of £25k after all exisitng liabilities have been deducted, i.e £25k pa net disposalble income
|
| Age Limits: |
21min maximum 85 age limit provided that regular income can be demonstrated
|
| Applicant Status: |
6 MONTHS CURRENT EMPLOYMENT
12 MONTHS CONTINOUS EMPLOYMENT
Employed applicants - if <6 months in current job then 1 year's employment history required
Self Employed applicants must have been trading for 2+ years
Foreign nationals with indefinite leave to remain in the UK accepted subject to 2 years employment and residency history
Foreign nationals with at least 2 years remaining on their visa can borrow up to 65% LTV subject to 2 years employment and residency history
Max 2 applicants
Annual contracts accepted subject to min 2 years continuous employment
Let to Buy not available
Portability: movers can borrow up to an extra £5k when porting the scheme to their new property. If extra borrowing >£5k a new mortgage scheme must be taken for the extra amount. If new loan is smaller, no ERCs payable on amount paid back. ERCs will be charged on redemption and refunded on completion. To port a mortgage scheme and receive a full refund of ERCs, the new mortgage must have completed within six months to the date of the existing mortgage redeeming.
|
| Interest Rate Structure: |
LENDER SVR
|
| Early Repayment: |
4.00% DURING INITIAL PERIOD
|
| Repayment Structure: |
INTEREST ONLY OR CAPITAL
|
| Loan Limits: |
MINIMUM LOAN £25001
MAXIMUM LOAN £1000000 @ 60% LTV
MAXIMUM NUMBER OF PROPERTIES WITH LENDER IS 3 AND 10 IN TOTAL PORTFOLIO
|
| Adverse Limits: |
Will accept cases with CCJ if max £250 satisfied or not. None registered in the last 6 months
No outstanding/settled arrears
Bankruptcy, or discharged bankrupt, cases are not acceptable
ALL APPLICATIONS SUBJECT TO CREDIT SCORE
|
| Remortgages: |
RE-MORTGAGE ALLOWED FOR ANY LEGAL PURPOSE SUBJECT TO LTV LIMITS AND CRITERIA.
MUST HAVE OWNED PROPERTY FOR MINIMUM OF 6 MONTHS
|
| Acceptable Properties: |
Scottish lending restricted to mainland only
Flats up to 5 stories accepted; refer if >5 storeys
Flat over shop: refer to lender, max 75% LTV
Ex-LA house/flat max 70% LTV
New Build flat/apartment (built <36 months): max 50% LTV
Leasehold: min 70 years remaining at application
Timber-framed properties accepted provided brick- or stone-clad
Purpose Built Flat:
Converted Flat:
Flat Over Shop:
Maisonette:
Thatched Roof:
Timber Framed: Refer To Lender
No Garden:
Council Flat:
Flats over Four Storeys:
Flying Freehold: Refer To Lender
Local Authority house:
|
| Unacceptable Properties: |
Freehold Flat:
Studio Flat:
Agricultural Tie:
Prefabricated:
Shared Equity:
Shared Ownership:
Expatriate:
Holiday Home:
Second Home:
Sitting Tennant:
Underpinning:
More than 1 Kitchen:
Steel Framed:
Holiday Lets:
Mundic Construction:
Duplex Foamed Slag Construction:
High Alumina Cement Construction:
Mobile Homes:
Houseboats:
WON'T LEND ON ISLE OF MAN
|
| 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 ALAYS 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.
|
| Time Scale AIP: |
WITHIN 24 HOURS UNLESS APPLICATION GOES ON REFER
|
| Time Scale To Offer: |
48 HOURS FROM RECEIPT OF ALL OUSTANDING INFORMATION
|
| Free Valuation: |
|
| Free Legal: |
|
| Free Completion: |
|