RESIDENTIAL. improved.
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First-time buyer HIGHLIGHTS AND FEATURES
Simpler approach to adverse
Same criteria applies to all customers:
Defaults - up to 5 in 24 months
CCJs - up to 3 in 24 months
Secured arrears - up to 3 in 36 months (1 in 12 months)
DMPs satisfied > 36 months can be considered up to 95% LTV
All subject to our internal credit scoring
Product options to suit every customer
Rates from 5.44%
2yr, 3yr and 5yr fix options
AVMs available and confirmed on AIP
£49 assessment fee
£0 product fee options and Free Valuations for lower upfront costs
Fairer Pricing – tailored to each customer based on credit score
Strong affordability toolkit
Higher LTVs of up to 97% (with fees added, 95% max with no fees added)
40-year terms
Up to 6x income
90% Max LTV on New Builds
Loans up to £5m
Lower upfront costs with £0 product fees, free vals and £49 assessment fee
Family Supported Deposits
First Time Buyers who may have a thin file or adverse credit
Self-Employed customers with 1 year’s accounts who are purchasing their first home
Customers with a small deposit
Product Fees
Assessment fee: £49
Redemption administration fee: £21
All fees include VAT (where applicable).
AVM valuation fee: £15
Desktop valuation fees
Purchase price/estimated value | Fee (exc. VAT) |
|---|---|
Up to and including £200,000 | £150 |
£200,001 - £450,000 | £200 |
£450,001 - £1,000,000 | £250 |
Short-form valuation fees
Purchase price/estimated value up to | Valuation fee (inc. VAT) |
|---|---|
£100,000 | £175 |
£150,000 | £200 |
£200,000 | £225 |
£250,000 | £250 |
£300,000 | £275 |
£350,000 | £300 |
£400,000 | £325 |
£450,000 | £350 |
£500,000 | £375 |
£600,000 | £485 |
£700,000 | £585 |
£800,000 | £650 |
£900,000 | £710 |
£1,000,000 | £825 |
£1,500,000 | £1,225 |
£2,000,000 | £1,625 |
£2,500,000 | £1,925 |
£3,000,000 | £2,225 |
£3,500,000 | £2,725 |
£4,000,000 | £3,125 |
£4,500,000 | £3,425 |
£5,000,000 | £3,725 |
Reinspection fee £72 (depending on your valuation this could be variable.)
Long-form valuation fees (£5m+)
For properties with a purchase price/estimated value greater than £5,000,000, individual quotes are obtained from valuers on the OSB VAS panel.
Other fees:
The valuation fee payable will depend on the product selected, the type of valuation and the value of the property. These fees will be confirmed as part of the AIP decision.
All fees include VAT (where applicable).
Loan amounts and LTV limits.
Min loan size: £25,001 (unless otherwise specified)
Max loan size (unless otherwise specified):
£5m up to 85% LTV
£3m up to 90% LTV
£2m up to 95% LTV
Additional LTV restrictions:
Remortgages with Debt Consolidation: max 90% LTV.
New Build – Purchase and Remortgage: max 90% LTV.
Builder’s incentive included in deposit: max 85% LTV.
Active DMP: max 85% LTV.
Studio Flats: max 70% LTV.
Nine Elms area: max 55% LTV.
Minimum property value: £75,000
Automated valuations (AVMs)
Some cases may be eligible for an Automated Valuation Model (AVM), which means a physical inspection of the property may not be needed.
AVM criteria
Maximum property value: £750,000
Maximum LTV:
Confidence Level A/B: up to 80% LTV
Confidence Level A/B/C: up to 75% LTV
Not available for:
Flats or leasehold properties
New build or recently converted properties
Commercial or semi-commercial properties
Listed buildings
Properties built before 1850
Properties with non-standard features or complex valuations
If a property doesn’t meet AVM criteria, a full physical valuation will be required.
AVM eligibility also depends on property type, value, LTV and our internal confidence level.
Retrospective quality checks are carried out on a sample of AVMs alongside ongoing model monitoring by the AVM provider.
Applicant.
Min age: 18 years.
Max age: 75 at end of term subject to intended retirement age.
Max number of applicants: 2.
Min income: £10,000 (primary applicant).
Repayment methods.
Capital repayment only.
Term.
Min: 5 years
Max: 40 years
Adverse Criteria.
All products have the same maximum adverse permitted, as outlined below.
Any defaults, CCJs or secured arrears in the 3 months before application will result in a decline.
Outer limits (beyond these = decline):
Defaults: up to 5 in last 24 months
CCJs: up to 3 in last 24 months
Secured arrears: up to 1 in last 12 months; up to 3 in last 36 months
Unsecured arrears: not counted but may affect the credit score.
Debt Management Plans (DMPs):
Satisfied up to 95% LTV.
Active up to 85% LTV.
Active DMPs must have been running for at least 12 months with no missed payments.
If a DMP is to remain post completion, the payments will be included within the affordability calculation.
Debt Arrangement Schemes (DAS) are treated the same way.
All applications are subject to internal credit scoring.
OFFER VALIDITY.
Agreement in Principle (AIP): Valid for 30 days from the date of credit search.
Mortgage offer:
Standard property: 3 months from offer date, plus up to 1 month extension.
New Build: 6 months from offer date, plus up to 1 month extension.
A new valuation will be needed if the existing one expires before completion.
First-Time Buyer (FTB).
A first-time buyer is an applicant/applicants who have never owned a residential property, and is purchasing a property to live in as their main residence.
Home Mover.
A home mover is an applicant who currently owns, or has previously owned, a residential property and is purchasing a new property to live in as their main residence. This may include applicants selling their existing property or retaining it, subject to lending criteria.
Remortgage.
A remortgager is an applicant who already owns the property being mortgaged and is switching their existing mortgage to a new lender or product, with or without raising additional funds, without moving home.
Bank of England base rate (BBR) reversion rate.
BBR reversion rates are variable and linked to the Bank of England base rate.
BBR reversion rates have a floor. This means that if BBR were to fall to 0.00% or less the rate payable will be 0.00% plus the agreed set percentage above BBR.
This means that the rate payable will never go below 0.00% plus the additional percentage rate.