| Mortgage Code: |
LEEDS VARIABLE
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| Scheme Name: |
5.69% FIXED UNTIL 31-08-2015
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| Product Detail: |
FLAT FEE £1350 ADDED
RENTAL COVERAGE 130% @ PAY RATE
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| Initial Rate: |
5.69%
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|
| Reverting Rate: |
5.79%
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| APR Rate: |
6.30%
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| Max LTV: |
60%
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| Arrangement Fee: |
£1,350.00
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| Arrangement Fee Structure: |
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| Arrangement Fee Percentage: |
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| Further Information: |
£199 NON REFUNDABLE APPLICATION FEE
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| Minimum Loan Per Property: |
£1
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| Maximum Loan Per Property: |
£500000
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| Withdrawal Notice: |
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| Withdrawal Date: |
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| Income Requirements: |
Rental income min 130% of mortgage interest payments
For BTL mortgages of up to 65% lender will only seek confirmation of rental income (and not applicants income) where the application satisfies fully the BTL criteria in all other respects
Proof of rental income by way of letting agent's assessment accepted - valuer will not be asked to comment on rental value
Min income £20K (non-verified)
Minimum 6 months in current position
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| Age Limits: |
18 min, 85 MAXIMUM
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| Applicant Status: |
Borrowers must be UK resident with proof of accommodation address, be conversant with the letting market and have a professional letting management agent
Builder/Vendor deposit not accepted
Max 4 applicants
Contract workers accepted as long as contract has been renewed at least once with same employer, is for a minimum of 12 months and has at least 6 months left to run
3 year employment history required
Loans >£250k must be referred to Lender
Mortgage Statements: if ltv <70% latest annual mortgage statement sufficient on condition that it shows individual payments made as and when due. If the statement does not show individual payments then last 3 months bank statements showing recent payments should also be provided.
Applicants in probationary period not accepted
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| Interest Rate Structure: |
BBR
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| Early Repayment: |
Tapered charges of 5/5/4/3/2% DURING INITIAL PERIOD
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| Repayment Structure: |
INTEREST ONLY OR CAPITAL REPAYMENT
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| Loan Limits: |
MINIMUM LOAN £1
MAXIMUM LOAN £500000 @ 65%LTV
£1.25m (>3 properties considered for well-financed & experienced landlords only; portfolios >£1.25m referred to Commercial Lending )
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| Adverse Limits: |
NO ADVERSE 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: |
Max 3 properties to max total borrowing £1.25m (>3 properties considered for well-financed & experienced landlords only; portfolios >£1.25m referred to Commercial Lending )
Min valuation £50k (London £85k, South-East £70k)
Flat >6 floors accepted unless ex-LA or Housing Association
Converted flats, ex-LA property: refer to lender
New build property: valuation based on second-hand value
Holiday Let: single dwelling only; max 3 properties across all lenders, min income £40k, max 70% LTV, min Valuation £75k, max loan £250k
Let to Buy considered on BTL terms
Leasehold property: min 40 years unexpired at end of mortgage term
Freehold Flat: Refer To Lender
Purpose Built Flat:
Converted Flat:
Maisonette:
Thatched Roof:
Timber Framed:
No Garden:
Holiday Home:
Sitting Tennant:
Council Flat: Refer To Lender
Underpinning:
Holiday Lets:
Local Authority house: Refer To Lender
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| Unacceptable Properties: |
Studio Flat:
Flat Over Shop:
Agricultural Tie:
Prefabricated:
Shared Equity:
Shared Ownership:
Expatriate:
Second Home:
Flats over Four Storeys:
Flying Freehold:
More than 1 Kitchen:
Steel Framed:
Mundic Construction:
Duplex Foamed Slag Construction:
High Alumina Cement Construction:
Mobile Homes:
Houseboats:
|
| Acceptable Tenancies: |
ASSURED SHORTHOLD TENANCY - MAXIMUM OF 5 TENANTS NAMED ON AGREEMENT
DSS tenants acceptable
HMO acceptable provided there is a single tenancy agreement
Student lets accepted as long as all named on one AST
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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 CARD / DEBIT CAD ONLY. THE LENDER WILL CHARGE A ONE OFF FEE OF £25 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.
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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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