Residential lending criteria
LOAN VALUE
Maximum Loan: £1 million - loans over £500,000 subject to negotiation.
Minimum Loan: £50,000
RETIRED AND INTEREST ONLY LOANS
For a grid detailing the retired and interest only criteria please click here.
LOAN PURPOSE
Purchase or re-mortgage of:
Private residential owner-occupied property to maximum 85% LTV.
Remortgage for home improvements to maximum 85% LTV.
Capital raising to maximum 85% LTV.
All flats variable LTV.
This is also dependent on the Maximum Percentage Loan - LTV as detailed below.
N.B. The Society does not consider bridging finance applications.
MORTGAGE TERM
Up to 40 years on a Repayment based mortgage, or 30 years on an Interest Only or Part and Part loan. Conditions apply to extended term mortgages (i.e. those exceeding the normal 25 years) being taken past the applicants retirement date.
Min term 5 years.
AGE OF APPLICANTS
Minimum age: 18 years
Maximum age:
80 years at the end of the mortgage term for repayment mortgages,
70 years at the end of the mortgage term for interest only and part and part mortgages
NOTE: any applicant who will reach the age of 60 during the mortgage term must demonstrate an ability to sustain payments after retirement.
MAXIMUM PERCENTAGE LOAN (LTV)
The maximum percentage loan for house purchase and
remortgages depends on the purchase price or
valuation for mortgage purposes (whichever is the lower).
The percentage is as follows:
£500,000: Maximum loan 85%
£500,001- £1,000,000: Maximum loan 75%
Flats: Maximum loan 80%
MINIMUM ADVANCE
The standard minimum advance is £50,000 (unless stated otherwise). In exceptional circumstances, please contact your Regional Business Manager or contact the Intermediary Services Team on 0845 3003444.
MINIMUM VALUATION OF PROPERTY
Within our core operating area* there is no minimum. Outside our core operating area the minimum valuation of a property is £75,000.
*Core operating area means within 25 miles of one of our branches.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE