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Mortgage Lending Criteria - Abbey

Notes: The following information is general and may not apply to your mortgage. We have not verified this information with the lender. Ask your broker to confirm any aspects that are important to you. The main features of this mortgage will be confirmed in the Key facts Illustration. Please ask your broker for a Key facts Illustration

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Up to �1,000,000 75% LTV (Rmg 75%)NotesMortgage is Portable, Mortgage is Flexible, Overpayments allowed.If you move house you may be able to transfer this mortgage to another property as long as you meet the conditions set out in the mortgage conditions booklet under 'Transferring your loan to a new mortgage'.Shared OwnershipMinimum Share 25% LTVMaximum Share 90% LTVMaximum 90% of Share (subject to maximum LTV of product).Fast Track Options - refer to Lender for detailsFamily Business: 3 months bank statements showing the salary required and an accountant's letter.We will undertake a review of sample cases (pre and post completion) where we may request evidence of income to confirm that this matches the information supplied to us when submitted.The customer may transfer their mortgage to another property subject to the following conditions:These offers are subject to availability and may be withdrawn at any time.All offers meet Lender's normal lending policy.Lender reserves the right to withdraw the Fixed/Variable Tracker/Capped / Rate and reclaim the Cashback if the property is no longer owner occupied or the customer does not comply with the conditions of their mortgage.The mortgage must remain with the Lender until the charge end date or a charge will apply.If the benefit end date is before the charge end date, the mortgage must remain at the appropriate Tracker rate until the charge end date. For products with Standard Variable Rate collars, customers will be required to stay on the Standard Variable Rate or the collar rate, whichever is the higher, until the charge end date.We accept gifted deposits provided no interest in the property is registered by a third party. Please refer to Lender's website for full details.You may make lump or regular overpayment at any time. Please refer to section 10 for details of any early repayment charges that may apply.If there is an early repayment charge referred to in section 10, you may, without having to pay an early repayment charge, make additional capital repayments of up to 10% of the loan for each year.Overpayments in excess of 10% each year will attract an early repayment charge on the amount of the excess.If the overpayment is used to reduce the amount you owe then the interest you pay will be recalculated immediately.This mortgage includes a facility for additional borrowing without further approval. You may borrow additional money up to �750 to be able to complete your mortgage. Your conveyancer will tell you that additional money is required and request your written agreement to this.Alternatively, you should confirm this in writing to your conveyancer so that they may request it on your behalf. This would increase the total amount borrowed. Your monthly payment would increase based on the product rate in section 4 charged on the additional money. The same early repayment charge would apply as section 10 on the additional amount borrowed. This will be in addition to the early repayment charge payable on the money already borrowed. All money borrowed will need to be paid back in full by the end of the mortgage term. The total loan must not be above 90% LTV. If you wish to use this feature please contact Abbey for a revised KFI.THIS WILL INCREASE THE AMOUNT OF BORROWING SECURED ON YOUR HOME.For interest-only applications the maximum LTV is 50%, however we can consider part and part applications up to 75% LTV provided the interest-only amount is not greater than 50% and the remainder is on a capital and interest basis.For interest only applications with a repayment vehicle, Abbey will assess affordability on a capital and interest basis.Let to Buy : AcceptedCapital Rest Period : DailyRepayment TypesRepayment YesEndowment 50% LTVPEP 50% LTVPension NoInterest only (no RV) NoWith Profits 50% LTVUnit Linked 50% LTVISA 50% LTVSplit Repayment 75% LTVArrangement : variesBooking : � variesEarly Repayment ChargesvariesHigher Lending NoneValuation Basic:upto �50,000 - �185upto �100,000 - �220upto �150,000 - �260upto �200,000 - �295upto �250,000 - �330upto �300,000 - �365upto �400,000 - �430upto �500,000 - �490upto �600,000 - �550upto �700,000 - �615upto �800,000 - �680upto �900,000 - �740upto �1,000,000 - �805upto �1,500,000 - �940upto �2,000,000 - �1065upto �2,500,000 - �1190Homebuyers:upto �50,000 - �350upto �100,000 - �400upto �150,000 - �450upto �200,000 - �500upto �250,000 - �550upto �300,000 - �600upto �400,000 - �700upto �500,000 - �800upto �600,000 - �875upto �700,000 - �950upto �800,000 - �1000upto �900,000 - �1050upto �1,000,000 - �1100upto �1,500,000 - �1385upto �2,000,000 - �1700upto �2,500,000 - �2025The Mortgage Account Fee can be paid on completion or deferred until the end of the mortgage.All properties valued over �1 million must be referred to Abbey prior to submission.The arrangement / booking fees are not refundable.There is a Reinspection of �55 if one of the Lenders surveyors has to make an additional visit to a property before the lender releases any retained funds.Borrowers to pay by direct debit.For the valuation fee scale for SCOTLAND, please refer to Lenders websiteA product change fee of �199 is payable by the customer if they want to change to another product after their mortgage application has been transmitted and prior to the product expiry/completion deadline.If the customer has already paid a booking fee upfront for the original product and wants to change to another product, the new product booking fee would be payable as well.Higher Lending Charges are calculated on the difference between 75% of the value of your home and the amount you wish to borrow. Added fees will not be included in this calculation.Lenders Conveyancing Fee - �126.00 Payable on completion. A non-refundable legal fee must be paid to your conveyancer before the mortgage starts. The amount shown here is an estimate and covers the work carried out by the conveyancer for Santander for looking into the legal title.Telegraphic Transfer - �35.00 Payable on completion. Mortgage Account Fee - �225.00 Payable on redemption. A Mortgage Account Fee for the provision and general administration of your mortgage. This fee can be paid on completion or deferred until the end of your mortgage. If you defer the payment,

this fee will not increaseFreehold Flat NoPurpose Built Flat YesConverted Flat YesFlat Over Shop ReferMaisonette YesStudio Flat YesFlying Freehold ReferThatched YesTimber Framed ReferConcrete ReferAgricultural Tie NoFlat Over 4 Storeys ReferListed Building YesMax Discount% 100Max Market Value% New Build acceptable. All properties may be considered subject to survey.Please contact Lender for unusual or non-standard construction.Leasehold properties must have 55 years minimum in England & Wales or 99 years minimum in Northern Ireland. There must be 30 years remaining at the expiry of the mortgage term.We ONLY accepts Builder Deposits and DO NOT accept Vendor Deposits.Sitting Tenants are accepted on RTB cases.New Builds: where construction completed within the last 12 months or:- where property not previously occupied (for converted properties - that is since the conversion has been undertaken); or- where property being sold/marketed by the builder or developer; or- where the property is within a development that was once used for commercial or other use, i.e. not previously used for residential purposes- Product specific LTVs apply- Builders may offer sales incentives to prospective buyers to encourage them to purchase their properties. An incentive is anything the builder gives or provides to the buyer in cash or goods. We will accept up to 5% cash back towards the purchase price (no financial limit) and builder's payment of legal fees and stamp duty only. Any reasonable non-cash incentives, e.g. white goods, carpets, curtains etc. will be ignored.Maximum LTV for New Build flats is 75% and 85% for houses.Flats above the 6th storey subject to survey. Suitability of the property must be establishedThe maximum LTV for Flats is 85%Second Homes/Holiday Homes for owner occupation only max LTV 80%.Property occupied by a dependant relative maximum 80% LTV.Accepted Locations : England, Scotland, Wales, N IrelandShared ownership : AcceptedBank Statements NoAt Least 3 Months Pay Slips NoP60 NoProof Of Residency NoLife Policy To Be Assigned NoPrevious Lender References NoInsurance Buildings Conditional Conditions Min Loan �25,000/Rmg �25,000Max Loan �1,000,000/Rmg �1,000,000Max Portfolio of BTL Loans �5,000,000Min Age 18 yearsMax Age 75 yearsMin Term 5 yearsMax Term 35 yearsFor interest-only applications the maximum LTV is 50%, however we can consider part and part applications up to 75% LTV provided the interest-only amount is not greater than 50% and the remainder is on a capital and interest basis.3 years address history required.Maximum number of applicants is 2.Maximum age limit of 75 years at the end of mortgage term.Where commission, overtime or bonuses are to be included, a cumulative Year to Date figure must be available on the payslip, or you must provide the latest P60For large loans, payslips will often not provide sufficient information, for example where bonuses form a large proportion of income, where bonuses are not paid wholly in cash or where income is derived from more than one source. If this is the case submit available evidence of income.Family Business: 3 months bank statements showing the salary required and an accountant's letter.Lender reserves the right to ask for additional information if necessary to approve an application.Full Status Employed applicants latest monthly payslip required.Self-employed applicants less than 90% LTV must provide latest 2 years signed accounts or self-assessment and tax calculation forms or an accountant’s letter.Self-employed applicants for 90% LTV or over must provide latest 2 years signed accounts or self-assessment and tax calculation forms.Arrears of more than 1 month in the previous 12 months are not acceptableWhere there are two applicants both guaranteed incomes can be used together with 50% of any other regular income.If 20% or more shareholding in a company treat the applicant as Self-employed. For family business employment, we requirethree months’ bank statements showing the salary and an Accountant’s letter.We will not accept applications from customers who have been self-employed or owned their business for less than two years.Minimum term is 5 years unless the product term exceeds this.We do not accept applications from customers with five or more existing secured commitments and a total balanceexceeding �150,000.Let to BuyThe maximum LTV on the let property if remaining mortgaged with Santander UK plc is:Houses - 75%Flats - 75%We also require the following evidence:Rental Income Calculator output Proof of depositForeign Citizens ReferEx-Patriates Not AcceptedBased on Income > 13.8 + 0 or 3.8 jointBased on Income > 200004 + 0 or 4 jointBased on Income > 250004.3 + 0 or 4.3 jointBased on Income > 350004.8 + 0 or 4.8 jointBased on Income > 800005 + 0 or 5 jointMin months in current position noneMin months in continuous service noneMin no. of years accounts 2Average years taken to calculate income 3Will consider declining profit YesOutgoingsStandard income multiples: they are a guide only.Where the existing property is being retained and let out, please refer to lender for policyLender will consider applicants on non-permanent employment contracts. Income will be treated as guaranteed, subject to evidence of the following:Regular monthly incomeContinuous employment for the last 12 monthsConfirmation from employer of long term employment arrangement, orConfirmation from reputable agency of secure further positionsOther Regular Income types considered:Carers AllowanceChild Tax Credits and Child Benefit.* Where you are using Child Benefit and/or Child Tax Credit as Other Guaranteed income, you need to ensure that the mortgage will remain affordable when the benefits end. You must record this fact in the Notes section on Introducer Internet.Where there are two applicantsBoth guaranteed incomes can be used together with 50% of any other regular income.Online payslips are acceptable with a copy of the latest bank statement showing the salary credit.Accounts marked with 'going concern' are not acceptableMortgages into retirement - please refer to lender with regards income evidence required.With regards 'Guaranteed/Regular/Irregular' income, please refer to the Abbey for Intermediaries Lending Guide for confirmation of acceptable income types and amounts.Hire Purchase Taken into accountPersonal Loans Taken into accountOverdraft Taken into accountCredit/Store Cards Taken into accountChild Maintenance Taken into accountChild Education Taken into accountExtra Income:- Other Income - Guaranteed Add 100% to income before multiplyOther Income - Regular Add 100% to income before multiplyOther Income - Irregular Add 50% to income before multiplyInvestment Income Add 50% to income before multiplyMortgage Subsidy Add 50% to income before multiplyLarge Town Allowance Add 100% to income before multiplyMaintenance Payments Add 50% to income before multiplyNon Contributory Pension NoCar Allowance Add 100% to income before multiplyCapital Raising 75% Home Improvements Acceptable Debt Consolidation 75% School Fees 75% Holidays/Cars 75% Buy Other Property 75% Business Purposes Not accepted Divorce Settlement 75% Unencumbered 75% Debt Consolidation limit - �35,000 or 35% of the total LTV.CCJs : Refer to lender Defaults : Refer to lender Arrears : Refer to lender Bankrupt : Not AcceptableCurrent IVA : Not AcceptableRepossession : Refer to lender Refer all adverse credit to Lender for initial assessment.Any applicant who has ever been bankrupt will be declined. If there is a Notice of Correction on the bureau data the case will be referred.November 2013

Category: Mortgage interest

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