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Contact Details
1st Source Direct
BuildStore Limited - Skipton
Unit 1
Kingsthorne Park
Nettlehill Road
Houston Industrial Estate
Livingston
EH54 5DB
Tel : 0870 870 9991
Fax : 0870 870 9498
ACCEPTABLE INTRODUCERS
1st Source only
SERVICE/PROC PAYMENTS
Refer to lender
BROKER PACKAGING REQUIREMENTS
Applications will be processed immediately on receipt of the
following|:
1. Application form
2. Valuation/admin fee
3. MIRAS forms need to be completed prior to completion
(not available from 5/4/2000)
4. Current lenders annual statement
5. Latest P60
6. 1 mths most recent payslip
7. Last 2 years finalised accounts (for the self employed only)
8. Latest 3 mths consecutive bank statements (showing employer
credits and debits to lenders)
When Offer of Advance is issued a copy will be sent to the
introducer normally within 4 to 5 days
Please note that the system must set to specify Level Net Payments
when issuing quotes.
SOLICITORS
Panel used, sole practitioners not acceptable
Employed |: Latest P60 & latest 1 mths payslip
Self Emp |: 2 yrs chartered / certified accounts
FTB |: As above
RTB |: As above plus RTB details
All |: Existing lenders statements covering
|| 1 year.Latest Bank Statements,showing
|| salary credit and lender debit.
|| Proof of identity
|| Credit Reference (CCN)
|| Valuation report
Acceptable Purposes
Home Improvements
Refinance
Refer to lender for all other purposes
No Bridging Loans
UK Tax Payers ||: Not compulsory
Arrears Outstanding ||: No
Arrears Settled ||: No
CCJ's Outstanding ||: No
CCJ's Satisfied ||: Subject to approval - Refer
||| No CCJ's/Defaults.
Bankruptcy ||: Must be discharged for 4 years or
||| more.All cases referred to Lender.
Ex-Patriates ||: No
DSS Payments ||: Existing borrowers. Letter from DSS
||| before offer is issued (Providing
||| lower LTV & reduced advance) Refer
Self Employed ||: Self Employed must have a minimum
||| Trading of 2 years.Contract Workers
||| Contracts must be for a minimum of
||| 6 months,and must have been renewed
||| at least once to fit criteria.
Diplomatic Immunity ||: No
Debt History ||: Dependent on case - Refer
Guarantors ||: Family members who can cover own
||| outgoings and new mortgage - Refer
Interview Required ||: If possible
Multiple Applications ||: For Standard
||| For loans of 75% LTV and under
||| 4x single + 1 or 3.25x Joint
||| For loans over75% LTV
||| 3.5% + 1 or 2.75% Joint.
Secondary Income ||: Yes - 50% of part time earnings
||| acceptable if permanent basis
||| is in excess of 4 months.
||| 50% of rental & investment
||| income. Pension Income acceptable
LIFE COVER REQUIREMENTS
Repayment|: No mandatory requirements
Pension |: Term assurance
|| Personal - 80% Tax Free Cash 12% Growth Rate or
|| 100% Tax Free Cash at 6% Growth Rate
|| (illustration required)
|| Executive - 35% assumed fund. App must have been
|| employed in a senior managerial
|| position for a minimum of 5 years
|| Company - Unacceptable
Endowment|: Policy deposited
PEP |: 100% of fund at 6% growth 80% of fund at 12% ,
|| Term Assurance deposited (Illustration required)
Upto 95% of Building Cost
Most Clients will be able to build their new home without
First of all having to release equity tied up in their current
House.
Upto 95% of Land Purchase
Clients only require a minimal deposit to buy their land.
Upto 95% of Final Value
Clients more likely to be able to build the house they want.
PURCHASE
Self Build - Refer
Second Property/Holiday Home - max 95%
TENURE
Freehold House
Feuhold House / Flat (Scotland)
Flying Freehold / Freehold Flat (Limited Criteria - RTL)
Agriculturally Restricted (Free / Leasehold - Max 50% + other
restrictions - Refer)
Leasehold House / Flat
Minimum lease required on application is 50 years + mtg term
CONSTRUCTION
Conventional Brick / Tile
Concrete (Precast/Prefabricated - Subject to Policy)
Timber Framed (Brick Cladding)
Timber Framed (Other Cladding) - Refer to Lender
Non Standard Construction - Refer to Lender
OTHER
Back to Back (Min valuation 25000)
Converted Flat
Ex Council House / Flat
Single Bedroom
Studio Apartment - Refer to Lender
Thatched Roof - Refer to Lender
LOCATION
England (inc Isle of Wight) Wales and Scotland
~ Valuation Fee (inc VAT)
Minimum valuation must be 25000 or more
Up to date valuation fee 60
Re-inspection fee 40
Above Fees include 45 Admin Fee (On App & is Non-Refundable),
not payable for valuations in Scotland only if the
valuation if arranged by the applicant
Structural Survey & Home Buyer Report Fees on request
Valuations by panel valuer (min indemnity 500000)
| (known to the lender as Higher Percentage Advance Fee)
| 0 - 75% ||Nil
| 75.01% - 90% ||Nil
| 90.01% - 95% ||8.95% / 1000
| No Min
| MIG can be added at 95%, where the purchase price or valuation
| is 25,000 or more
| Indemnity Insurance provided by Commercial Union
Bridging Finance ||: No
Drawdown Facility ||: No
Equity Release ||: Yes
Premium Funder ||: No
Self Build ||: Refer
Group Build ||: No
Shared Ownership ||: No
Top Ups ||: No
Further Advances ||: Yes
Split Loans (End/Rep) ||: Yes
Negative Equity ||: Yes - Refer
ERP Refund / Waiver ||: No
Legal Fees Package ||: No
Secured Loans ||: No
Semi / Full Commercial ||: No
Minimum Term ||: 5 years
Maximum Term ||: 25 years (Pensions - max 35 yrs
||| upto age 75 yrs)
Mge Reference Fee ||: 45 (inc VAT)
Questionnaire Fee ||: 47 (inc VAT)
Telegraphic Transfer ||: 25
Lenders Life Tie ||: CGU Life
Valuation/Purchase Price Maximum LTV
Up to 200,000 95%
200,001-300,000 90%
300,001-350,000 85%
350,001-355,000 84% MAX LOAN 300000
355,001-360,000 83% MAX LOAN 300000
360,001-365,000 82% MAX LOAN 300000
365,001-370,000 81% MAX LOAN 300000
370,001-375,000 80% MAX LOAN 300000
375,001-380,000 78% MAX LOAN 300000
380,001-385,000 77% MAX LOAN 300000
385,001-390,000 76% MAX LOAN 300000
390,001-395,000 75% MAX LOAN 300000
395,001-400,000 75% MAX LOAN 300000
400,001 and above 75%
Discounted legal fees offer available for customers
remortgaging on any of the current products. ONLY available in
England & Wales
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