This product is available to first time buyers only. The property 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. Product available to those purchasing their residential home subject to product terms. The mortgage term must be between 5 and 35 years. Minimum property value of £125,000.
£50,000 (Min) - £300,000 (Max)
Legal work is required when buying your home and is carried out by a solicitor, 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.
- No higher lending charge
- Free valuation
- Overpayments allowed
No higher lending charge applies, we will take out an insurance policy to cover the associated risk of lending more than 75% of the purchase price/valuation of your property but we will not charge you for it.
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 booklet for valuation and home buyer fees). Mortgage interest is charged on a daily basis.
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 an LTV of 75%.
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.
Completion must be within three months of the date of the formal mortgage offer.
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.
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.
PLEASE NOTE - You should be aware that for the period you are paying interest only you are not reducing the capital borrowed.
When your mortgage converts to a capital and interest repayment method, the monthly payments will increase substantially as the term of the mortgage remaining will have reduced. The affordability of this mortgage will be calculated on a capital and interest repayment basis.
Please see your Key Facts Illustration (KFI) for details.