Properties must be located in the following post code 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 their residential home, through Society approved shared equity schemes (ask for details), 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.
£50,000 (Min) - £500,000 (Max)
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.
A valuation of the property will be required to assess the security offered for the loan. We offer the choice of either a basic mortgage valuation, which is for us to assess security only, or a Home Buyer’s Report that will give you a more comprehensive guide to the condition of the property. If you would like a full building survey, we will give you the names of some local surveyors who you can contact to give precise instructions and negotiate a price. See our Mortgages explained booklet for full details.
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 (see our ‘Mortgages explained’ booklet for full details and implications of this risk for you). Mortgage interest is charged on a daily basis.
Available for purchases with an approved housing developer.
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%. Maximum loan to value is 80%. Loans over 75% loan to value require a minimum 5% deposit from the applicant.
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 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 purchases must complete 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’ leaflet, which you will be given before your mortgage completes.