Properties must be located in the following postcode areas; AL, BA, BH, BN, BS, DT, EX, GL, GU, HA, HP, HR, KT, LU, MK, NN, OX, PO, RG, RH, SG, SL, SM, SN, SP, SO, TA, TW, UB, WD, WR. Products are available to those purchasing or remortgaging their residential home, through the Help to Buy scheme, subject to product terms.
The mortgage term must be between 5 and 35 years. The mortgage must be on a capital and interest repayment basis. Minimum property value of £125,000.
This product is also available for existing borrowers to transfer their existing mortgage into, subject to payment of any early repayment charges that apply on thier current mortgage.
£50,000 (Min) - £450,000 (Max)
Maximum property value
Legal work is required when buying your home. This is carried out by a solicitor and is payable by you. We can use the same solicitors as you, providing there is a minimum of four Approved Managers/License Holders and they are registered on The Law Society website (www.lawsociety.org.uk).
Licensed conveyancers are also acceptable for residential business only. The conveyancer must be registered with the Council of Licensed Conveyancers and be in a firm with at least four Approved Managers/License Holders.
- Overpayments allowed.
- Free Valuation.
We will carry out a standard mortgage valuation at our cost, providing the mortgage completes. If the mortgage does not complete and the valuation has been carried out, you are responsible for paying it. Where the valuation fee is payable, our normal scale of valuation fees apply. You can upgrade to a Home Buyers report if you wish and if you would prefer a full building survey, we can give you the names of some local surveyors who can organise this for you (see our Mortgages explained PDF for valuation and home buyer fees). Mortgage interest is charged on a daily basis.
If an existing borrower who is not moving house would like a revaluation carried out to assess which LTV tier they qualify for they will be required to pay a revaluation fee.
You need to be accepted by a local Help to Buy agent for the Help to Buy scheme.
Maximum loan to value
Loan to Value (LTV) is the proportion of the value or price of the property (whichever is the lower) that you borrow on a mortgage. For example, a £150,000 mortgage on a house valued at £200,000 would mean a LTV of 75%. All loans require a minimum 5% deposit from the applicant.
For existing borrowers transferring onto this product the LTV will be calculated on the current loan outstanding and the indexed valuation held on our records. If the borrower feels the indexed valuation is inaccurate it can be reviewed by contacting our Customer Services department.
Application fees can be added to the mortgage and are refundable if the mortgage does not take place. If you add the application fee to your mortgage, this increases the amount you borrow and will also increase your monthly payments.
A booking fee of £300 is payable on application and is non-refundable. Payment of the booking fee reserves the requested funding within the time scales given below.
A Mortgage Exit Administration Fee (MEAF) applies when you repay your mortgage. Please see our Tariff of charges leaflet and your Key Facts Illustration (KFI) for details.
House purchase applications must complete within three months of the date of the formal mortgage offer or within 6 months for a property currently under construction. Remortgages must complete within three months from the date the application is received.
For new build properties the mortgage offer is valid for up to 6 months. The application must be able to complete in the product timescales. Therefore, the new build property must be completed and available for occupation within 6 months of the mortgage offer.
Where existing borrowers transferring their mortgage are not in an early repayment charge period, the transfer must take place within two weeks of the mortgage offer.
All our mortgages are portable, which means that if you move house within an early repayment charge period the product can be transferred to your new mortgage, up to the value of the product outstanding at redemption, without charge. If the loan amount on your new mortgage is lower, there may be a charge based on the difference between the old and the new loan amount. A higher lending charge may be applicable for the new mortgage.
Charges applying to the ongoing administration of your mortgage are detailed in our Tariff of charges PDF, which you will be given before your mortgage completes.