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Contact Details
Openwork - edeus
2 Charter Court
Wolverhampton Business Park
Wolverhampton
WV10 6TB
Tel : 0800 0838373
Fax : 01902 623441
ACCEPTABLE INTRODUCERS
Openwork Only
SERVICE/PROC PAYMENTS
Yes
BROKER PACKAGING REQUIREMENTS
All UK residents at a locatable address (and not UFPO) will undergo
an electronic ID check (Auth+) which will determine which (if any)
further documents are required
The Additional information required could range from accounts
certificates employment history, bank statements etc. Dependent on
the situation of the applicant. The broker will be advised during
the application process exactly what is required. Where documentation
is required, we would expect to see the following :-
PROOF OF RESIDENCY
Where the applicant cannot be traced (either VR or CAIS)
Evidence of occupancy should be sought to ensure the applicants has
lived at the stated addresses. Such evidence should be for the last
three years and should comprise of bank statements, credit card
statements/utility bills.
MORTGAGE CONDUCT
Twelve months satisfactory mortgage conduct may be required under
certain circumstances. This will normally apply to the applicants
main residence. Where such evidence does not appear on experian, a
combination of bank statements & or mortgage statements will suffice,
provided mortgage balance and approximate repayments can be evidenced.
BANK STATEMENTS
Three months consecutive bank statements may be required to assess an
applicants financial status. Authenticity shall also be checked.
EMPLOYMENT
Income for employed applicants can be verified by means of a reference
completed by the employer or by means of the last three months
payslips and most recent P60. On ex-pat cases a complete employment
reference is always asked for.
SELF EMPLOYMENT
Where accounts are required, two years accounting information should
be inspected and income derived, apart from self cert schemes where
only one year's accounting is needed. An accountants certificate
may also be acceptable depending on loan size. For loans over
150,000, we only accept accounts/accountants certificate prepared by
accountants with the following qualifications: ACA/FCA, CA, ACCA/FCCA,
AAPA/FAPA, CIMA, CIPFA. For loans over 1,000,000 only audited
accounts prepared by a suitably qualified accountant may be used.
Depending on the overall quality of the application, less than two
years accounts may be considered, provided turnover can be evidenced
through submission of business bank statements.
COMPANY DIRECTORS
Where a company director owns more than 25% of the company shares
they must be treated as self employed and accounts/an accountants
certificate obtained.
SOLICITORS
Borrowers can use their own solicitor. If they are registered with
the Law society/have registered to our panel and are not a sole
practitioner.
Employed |: P60 - Income for employed applicants can be verified
|| by means of a reference completed by the employer or
|| by means of the last three months payslips and most
|| recent P60
|| Employers Ref
Self Emp |: Mainstream and Adverse 2 years, SC, Income BTL and
|| Adverse SC - 1 year, Accountants Certificates
FTB |: As above
Min Employment Period
Mainstream, Adverse and Ex-pat: 6 months min with current employer.
With 12 mths continuous Self-cert, Income BTL and Adverse Self-cert:
3 months with current employer 12 mths continuous employment
Minimum trading period for self employed
Mainstream and Adverse: 2 Years Self-Cert, Income BTL and Adverse
Self-Cert: 1 Year
All purposes accepted, LTV as per individual product criteria.
UK Tax Payers ||: Customers should normally be registered for
||| UK tax and the source of income should be
||| within the UK. However, the following
||| exceptions apply:
||| Any customer who applies under the UK Expat
||| Abroad Scheme
||| Under the Self Certification scheme we will
||| accept income derived from abroad provided
||| that the country in question does not appear
||| in our Sanctions list and that the source
||| would not be deemed unlawful under UK law
Arrears Outstanding ||: Yes
Arrears Settled ||: Yes
CCJs Outstanding ||: Yes
CCJs Settled ||: Yes any CCJs satisfied over three years
||| ago will not be included in the aggregate
||| total
Bankruptcy ||: Yes but must be discharged
Foreign Nationals ||: Yes
Ex Patriates ||: Yes
Guarantors ||: No
49 fee if lenders buildings insurance not taken
PURCHASE
No Local Authority Private Flats, lend on any height but dependent
on valuers comments
Main Residence House or Flat as above
Second Home House or Flat as above
Home for Dependent House or Flat as above
Holiday Home House or Flat as above
TENURE
Freehold House acceptable. Flats/maisonettes are normally
unacceptable. However applications may be acceptable where the
applicant owns/will own the freehold and a long lease(s) is granted
to the other units - Refer
Leasehold House / Flat, No Local authority flats
Feuhold House / Flat (Scotland Only)
Flying Freehold - Provided the percentage thereof does not exceed 15%
of the total area. The valuer must comment and confirm total
percentages.
CONSTRUCTION
Any construction is considered on its merits. However, properties
designated as defective under Part XVI of the housing Act 1985 are
not considered
Conventional (See notes above)
Brick on wood (See notes above)
Concrete - (See notes above)
Steel frame - (See notes above)
Timber frame - (See notes above)
Thatched roof - (See notes above)
PROPERTY
Garden Floor Flat without lift - Must be self contained with private
facilities with direct access to the highway via covered common parts.
Flats over commercial premises may be excercised where the commercial
element could be deemed undesirable (resturants, takeaways, dry
cleaners etc). The residential element must have seperate access
from the commercial element.
High rise flats are acceptable unless the subject property is ex
local authority
Studio flats are acceptable security subject to valuers comments
Ground Floor Flat without lift
OTHER
NHBC required if property less than 10 years old, yes or similar cover
House with no inside WC - Subject to Valuers comments
House with no bathroom - Subject to Valuers comments
Back to Back House
Studio Flat
1 Bedroom Flat
2-6 bedroom flat
7+ bedroom flat
Converted Flat
Ex Council
LOCATION
England, Wales, Scotland and Northern Ireland
Re-inspection fee 99
Applicable to any loan exceeding 90%. Calculated on all debt
(excluding fees) exceeding 75%. Will be calculated at 7.95% for
adverse, 6.95 for non-adverse. Can be added to loan
Bridging Finance ||: No
Equity Release ||: Yes
Top Ups ||: No
Further Advances ||: Yes but only after a period of 6 months after
||| completion has passed
Negative Equity ||: No
Legal Package ||: Yes
Secured Loans ||: No
Second Charges ||: No
Split Loans ||: Yes
TT Fee ||: 49
Reference Fee ||: New lender 80, old lender 60
Deeds Release ||: 50
Maximum Term ||: 40 years
Minimum Term ||: 5 years
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