Employed   |: Latest 3 mths wage slips & latest P60 OR employers 
               || reference
               || Employed Min 3mths & Max 2 Employers in last 12mths 
               || Also been in continuous Employment over last 3 yrs, 
               || except in certain circumstances ie Graduates  
    Self Emp   |: Existing time in current employment for self 
               || employed 2 Years, 1 year for self cert mortgage
    FTB        |: As above
    All except |: Last 12 mths mtg statements or credit bureau record 
    BTL        || for last 12 mths OR tenancy reference (applies to all 
    All        || products except Buy to Let and lifetime)
    All        || Credit Scoring
    All        || Proof of Residency 
               || Last 3 mths bank statments (applies to 100%+, 100% 
               || Extra, 100%+5 and 100%+10 products only)
    BTL ONLY   |: Applicant must be employed, self employed or receiving
               || a pension. 3 year employment history required


  

   

     LOANS OVER 95% - Can only be considered for repayment of any 
     existing mortgage. The new Loan shouild not include any 
     element for costs( inc. Redemption Penalties), Home 
     Improvement or Equity buy out. 

     LTVs upto and including 85% - Remortgages & further loans are 
     available for any legal purpose, proof of the nature of any 
     debts to be repaid is only required when an underwriter thinks 
     that such references will influence a decision to lend 

     LTVs between 85% and 95% -  Remortgages and further loans may 
     be considered for: 

     DEBT CONSOLIDATION with the following exceptions:
     Credit card, store card, or previous credit/store card debt, 
     overdraft, liquidity injection, bankruptcy commitments, 
     capital raising, Tax Bills and repaying gambling debts 

     PERSONAL LOANS / 2nd CHARGES Proof that the debt is for the stated reason and the 
     performance of related Loans will be required

     HOME IMPROVEMENTS - for works upto 5000 one estimate will be 
     required, for works exceeding 5,000 two estimates will be required
  
     CONSOLIDATION OF BUSINESS LOANS FOR AN EXISTING TRADING 
     BUSINESS - A Reference will be required from the Loan Company
     at start of process            
     
     BUSINESS EXPANSION - Additional comments from the accountant 
     on the viability of the proposal will be required at the start 
     of the process 
     
     SCHOOL FEES - if the funds are being used as part of a school 
     fees investment strategy full details of the investment 
     vehicle will be requested 
     
     HOLIDAY HOMES ABROAD - the solicitor will be requested to confirm 
     exchange of contracts or proof of purchase before release of 
     funds 
     
     PAST HOME IMPROVEMENTS - No reimbursement unless by way of 
     repaying a home improvement loan taken from a recognised lender
     
     PURCHASE OF FURTHER PROPERTY - BTL properties, holiday home in the
     UK, properties for family to reside in and second homes acceptable.
     Our security must be the applicant's main residence. The address
     of the property to be purchased must be verified.

     LAND PURCHASE (adjoining property)

     EQUITY BUY OUT to purchase further share in the property following
     divorce settlement or separation.

     STAIRCASING for shared ownership cases. To repay another lender's
     existing mortgage and lend an additional amount for the applicant
     to purchase the final share.

Minimum Term is 10 years for all Except Buy to Let & High LTV Range
(100%+, 100% Extra, 100%+5 and 100%+10) which is 5 years NB Lifetime
has no min or max term.

All products except Lifetime, 100%+, 100% Extra, 100%+5 and 100%+10
Maximum Repayment is 25 years
Maximum Endowment is 35 years
Maximum pension/PEP/ISA is 45 years
Interest only is allowed on buy to let products only, It is not allowed 
on other products.
Max term of 40 years for all repayment options for 100%+, 100% Extra, 
100%+5 and 100%+10


  

   

    NON UK Tax Payers i.e. non British citizens living in the UK     
                          ||: Apps must have been resident & 
                          ||| liable to pay tax in the UK for at 
                          ||| least 3 years. They must have at least
                          ||| 2 years left on their VISA.

Expats and overseas applicants can only apply for Buy to Let and on a
non status basis.

    Arrears Outstanding   ||: No more than one month in the last 12
                          ||| months for mortgages.
    Arrears Settled       ||: Subject to Credit Score
    CCJ's Outstanding     ||: No
    CCJ's Settled         ||: 1 satisfied for over 1 yr
    Past Bankruptcy       ||: Registered 6 yrs or more, now discharged.
                          ||| Max LTV 60% (except Lifetime)
    Ex Patriates          ||: BTL non status only - cannot reside in 
                          ||| Myanmar or Nigeria. Refer to Broker 
                          ||| desk 0500 050020    
    Interview Required    ||: No
    Guarantors            ||: No
    Multiple applications ||: Max 4 applicants, 2 incomes 
                          ||| considered

    Max age PAYE 65 or 70 years (if proof of income available after 
    retirement age). Self Employed 75 years. 85 years for "Buy to Lets"
    PAYE & self employed. Lifetime has no max age.

LIFE COVER REQUIREMENTS

    We do not assign life cover or repayment vehicles. However, there 
    is a duty of care to borrowers that lenders, brokers and solicitors
    make them aware of the need to repay their capital debt and that the
    borrower will have the ability to do so.


  

   
     
Buildings Insurance

MX does not offer it's own buildings insurance

Lender must be jointly named on the policy

    Minimum Value outside M25 30,000 inside 70,000
 
    PURCHASE & REMORTGAGE (except BTL)
    Main residence
      
    TENURE
    Freehold House
    Leasehold House / Flat
    Minimum lease remaining 25 years on maturity of loan (80 years at
    start of mortgage for Lifetime)
    Feuhold Propeties Flat / House
    Commonhold Flat/House

    CONSTRUCTION
    Conventional Brick / Tile
    Concrete - Refer to lender
    Brick on wood  Flat/ House
    Timber framed - See below then refer
    Thatched Roof
    
    PROPERTY
    No limit on number of storeys for Flats. Subject to valuer's comments.

    OTHER
    No inside WC - refer
    No bathroom  - Decline
    
    UNACCEPTABLE PROPERTIES

    Freehold Flats
    Commercial
    Flying Freeholds NB up to 25% normally acceptable
    Ongoing Structural Movement
    High Alumina cement
    Excluded from all Building Ins
    Defective under 1984 Housing Act
    Affected by Local Planning issues e.g. Roads/Clearence etc.
    Multi tenented on more than one AST
    Multi Kitchen (exceptions may be made for self contained flats where
    we are lending on the freehold)
    Subject to 3rd Party interest -
    Caravans static caravans or houseboats
    Low Value Flats - Within M25 70,000 Minimum: 30,000 Minimum 
    Timber-Framed inner & outer leaf  
    Retirement Flats/Warden Assisted Dwellings
     
LOCATION
    Throughout the UK i.e. England, Isle of Wight, Wales including 
    Anglesey, Scotland including all Scottish Isles and Northern Ireland.


  

   
~     Valuation        Fee (Inc VAT)

  The valuation fee includes an administration charge. The administration      
  Charge is retained by MX if the application does not proceed. 

  Third parties are allowed provided the valuer is on the panel

  The valuation fee charged is based on the estimated valuation at the 
  time of application.


  

   

|    None Charged


  

   

    Bridging Finance  ||: No
    Drawdown Facility ||: Yes - BTL & Lifetime only
    Equity Release    ||: Yes
    Premium Funder    ||: No
    Self Build        ||: No
    Shared Ownership  ||: No
    Top Ups           ||: No
    Further Advances  ||: Yes
    Minimum Term      ||: 10 years (5 years buy to let & the High LTV
                      ||| Range - 100+, 100% Extra, 100%+5, 100%+10)
    Maximum Term      ||: 25 years (capital & interest)
                      ||| 35 years (endowment investment)
                      ||| 45 years or retirement age (whichever is 
                      ||| the sooner) on PEPS, Investment & 
                      ||| Personal Pension & Buy to Let (Int only)
Max term of 40 years for all repayment options for 100%+, 100% Extra,
100%+5 and 100%+10

    MULTIPLES FOR SELF CERT, FlexAbility AND STANDARD PRODUCTS
      Income        Single      Joint
    upto 15k        3.5         2.75
         30k        3.75        3.00
         40k        4.00        3.25
         60k        4.25        3.5
         80k        4.50        3.75
         80k +      4.75        4.00


    MULTIPLES FOR THE HIGH LTV PRODUCTS
              Income             Single    Joint
100%+         Up to 15k         3.50      2.75
              Above 15,001      3.75      3.00

100% Extra    Up to 15k         3.50      2.75
              15,001 - 30,000  4.25      3.50
              Above 30,001      4.50      3.75

100%+5        Up to 15k         3.50      2.75
              Above 15,001      3.75      3.00

100%+10       All incomes        3.50      2.75


The applicable income multiple is determined by the applicants Gross
income.
The Income multiple is then applied to the applicants gross income
minus existing annual credit agreements.

(For Joint Income Multipliers, we do NOT apply 'Single income multiplier
+1 additional income' & only the appropriate 'Joint' multiplier is used)         

	
PLEASE NOTE THE MAX LOAN TO VALUE FOR FIRST TIME BUYERS IS 110% (depends
on which product is selected from the High LTV Range) 
    
RENTAL CALCULATION

   The Mortgage Express policy is for any Buy To Let Fixed Rates of 5 
   years and greater the rental income will be calculated at 120%. Any 
   fixed rate deal less than five years and any Buy To Let discounted 
   product the rental income is calculated at 125%.