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Contact Details
1st Source Direct
Bank of Ireland Mortgages
Bridge Street Plaza West
Bridge Street
Reading
Berks
RG1 2LZ
Tel : 01189 684333
Fax: 0118 9684352
ACCEPTABLE INTRODUCERS
1st Source only
SERVICE/PROC PAYMENTS
Refer to Lender
BROKER PACKAGING REQUIREMENTS
Broker to submit fully completed and signed application form,
Intermediaries Box on application form must be completed,
relevant valuation and arrangement fee
SOLICITORS
Lender will appoint their own solicitor for any advance where
the applicants chosen solicitor is not on the lenders
solicitors panel. In either case the applicants will bear the
cost of this. For advances over 1,000,000 there will be
additional requirements
Employed |: Employers Ref & P60 & last 3 payslips
|| Previous Employers Reference
Self Emp |: 2 years accounts (3 years audited accounts for
|| the Rent to Move scheme)SEE BELOW DETAILS
|| Accounts Free - Accountant Statement stating
|| last years level of UK taxable income
FTB |: As above
RTB |: As above
All |: Existing Lenders Reference / 12 mths statements
|| Bank Reference / 3 mths Statements (only if
|| advance exceeds 75% LTV)
|| Proof of Identity if not on voters roll
|| Other Lenders Reference
|| Credit Reference (CCN)
|| Valuation Report
SELF EMPLOYED CRITERIA CHANGES
Accounts Free Terms to 75% - remain Unchanged
Accounts Free Terms over 75% - 85% - require an Accountants
letter to confirm the clients level of UK taxable income over
last 2 years plus confirmation :
1. How long have they acted for the client
2. Whether the Clients business is solvent
3. Whether they have qualified the accounts in the last 2 yrs
and if so details to be provided.
4. To confirm that to the best of their knowledge, the
financial position of the business has not declined from
the figure shown above.
5. Confirm the extent they are involved and client's tax
affairs are not overdue.
6. To confirm that from their experience they have no reason
to suppose the client would enter into commitment such as
that proposed which he/she did not expect to be able to
fulfill.
Acceptable forms of Identification
Community Charge Book, Bank Statements, Utility Bills
Up to 95% LTV plus Fees for
Home Improvement
Marital Settlement (Refer if advance over 75%)
Re-Finance
Dependents Home
Education Fees
Holiday
Holiday Home
Investment
Property to Let (max 95%)
Purchase car, boat, caravan etc
Second Residence
Medical Expenses (Contact Lender)
Working Capital (Contact Lender)
Debt Consolidation (For one of the above purposes -)
Below 75%
Remortgage will be considered for any purpose as long at it is
not of a speculative nature
UK Tax Payers ||: Yes
Arrears Outstanding ||: No
Arrears Settled ||: Settlement 3 yrs previously
CCJ's Outstanding ||: No
CCJ's Satisfied ||: Settlement 3 yrs previously
Retired Applicants ||: Considered providing sufficient
||| income, individual basis - Max 75%
Bankruptcy ||: No
Ex-Patriates ||: No
Foreign Nationals ||: Yes
DSS Payments ||: No
Diplomatic Immunity ||: No
Debt History ||: No
Guarantors ||: No
Max age on application ||: Mortgage has to expire before
||| retirement age
Interview Required ||: No
Multiple Applications ||: Max 4 applicants
Guaranteed Overtime ||: 100% considered upto max of 25% of
||| guaranteed salary
Regular Overtime ||: 50% considered upto max of 25% of
||| guaranteed salary
Commission ||: 50% considered upto max of 25% of
||| guaranteed salary
Rent Allowance ||: 100% considered
Second Job ||: N/A
Large Town Allowance ||: 100% considered
Investment Income ||: N/A
INCOME MULTIPLES
Single: 4.5x subject to a clean credit record, in addition to
meeting all our other standard criteria.
Joint: 4x or 4.5 + 1
Self Cert
Single: 4.5x subject to a clean credit record, in addition to
meeting all our other standard criteria.
Joint: 4x or 4.5 + 1x or 4 + 1
BTL
For loans upto 75% LTV the income minimum is 10,000.
For loans from 75% - 85% LTV the income minimum is 15,000.
LIFE COVER REQUIREMENTS
Endowment|: Assignment of Life Assurance policy
For unacceptable flats and maisonettes please refer to MISC
25 charge if lenders Buildings Insurance is not taken.
Original policy is required for retention with title deeds.
PURCHASE
Main Residence
TENURE
Freehold House
Feuhold House / Flat (Scotland)
Flying Freehold (Exceptional cases - Refer)
Agriculturally Restricted (Free / Leasehold - Refer)
Leasehold House / Flat
Minimum lease required on redemption is 40 years
CONSTRUCTION
Conventional Brick / Tile
Concrete (Precast / Prefabricated)
Steel Framed (Brick / Other Cladding)
Timber Framed (Brick / Other Cladding)
Wholly Timbered (Refer)
Non Standard Construction (Refer)
PROPERTY
Flat upto 7th floor (with / without a lift - Refer)
OTHER
Back to Back (Refer)
Converted Flat
Ex Council House / Flat (Refer)
No indoor WC (Refer)
House with 2 kitchens
Single Bedroom
Studio Apartment
Thatched Roof
LOCATION
England (inc Isle of Wight), Wales, Scotland & Scottish Isles
Flexible products, Buy to Let and Rapids Remortgage are not
available in Scotland and Northern Ireland
~ Purchase Price Fee
~ (not exceeding) (inc VAT)
Homebuyer Reports & Structural Survey Fees negotiable
between Applicant and Valuer
Refer to lender for panel of valuers
Re-Inspection Fee : 50
Further Advance Fee : 205
| Known by Lender as Additional Security Fees
| LTV Premium Charged
| 0 - 85% ||Nil
| 85.01 - 90% ||7.20% / 100
| 90.01 - 95% ||8.95% / 100
| Minimum premium of 350
| Premium automatically added to advance
| Indemnity Insurance provided by Bank of Ireland Insrance
| Services
Bridging Finance ||: No
Drawdown Facility ||: No
Equity Release ||: No
Premium Funder ||: No
Self Build ||: No
Group Build ||: No
Shared Ownership ||: No
Top Ups ||: No
Further Advances ||: Existing Mortgage Customers
Split Loans (End / Rep) ||: Yes
Negative Equity ||: No
ERP Refund / Waiver ||: No
Legal Fees Package ||: No
Secured Loans ||: No
Semi / Full Commercial ||: No
Second Charges ||: No
Minimum Term ||: 10 years
Maximum Term ||: 35 years
Reference Fee ||: 60 (require authority
||| of 1 of the borrowers)
Questionnaire Fee ||: 65
Telegraphic Transfer ||: 30
Lenders Life Tie ||: Refer to lender for list
ADDITIONAL SECURITY FEE PREMIUMS
75.01% to 90.00% = 10 per 100
90.01% to 95.00% = 12 per 100
UNACCEPTABLE FLATS AND MAISONETTES
PRC or Prefabricated Building (Precast Reinforced Concrete)
Large Panel System
Building known to contain HAC (High Alumina Cement)
Non-self-contained units
Building containing some non-self-contained units even if
subject unit is self-contained
New conversion not complying with Building Regulations
Newly built without benefit of NHBC Architects Certificate or
Zurich Insurance/Foundation 15
Units with less than 40 yrs unexpired term beyond the mortgage
term (Outside London)
Inside Postal Area of London each case should be looked at on
its merits if above criteria not met
Freehold Flat. Except in the case of a freehold house being
divided/converted into two flats/maisonette units where the
owner of one is also the freeholder (The interest in that unit
becomes a Freehold)
Units within Local Authority or Ex Local Authority blocks
A unit within a block of eight or more storeys
Units over the following uses||:
Take Away Food Outlets
Fishmongers
Vehicle repair/respraying works
Restaurant/Cafe
Service Charge exceeds 3% of OMV
There is no evidence of effective management of the block
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