Employed |: Employers Ref & P60 & 3 payslips
             || 3 years employment history required if not with 
             || current employer for a min of 12 mths 
    Self Emp |: 3 years accounts
    FTB      |: No specific requirement
    RTB      |: Landlords Ref / Leaseholders terms of sale
    All      |: 3 years mortgage Statements
             || Landlords Reference
             || 3 months Bank Statements
             || Other Lenders Reference
             || Credit Reference
             || Valuation Report


  

   

    Acceptable Purposes 
    Home Improvements
    Marital Settlement
    Re-Finance
    Education Fees (Capital Raising)
    Holiday (Capital Raising)
    Holiday Home (Capital Raising) Not Time Share
    Investment (Capital Raising)
    Property to Let (Capital Raising)
    Purchase car, boat, caravan (Capital Raising)
    Second Home (Capital Raising)
    Medical Expenses (Capital Raising)
    Debt Consolidation (Capital Raising)

    Home Improvements upto 95% LTV - Charged at base rate
    Capital Raising   upto 90% LTV, 95% for debt Consolidation 
    Proof of what the money is going to be used for is required
    Acceptable for most purposes - Each case is dealt with on its
    own merits taking account of LTV and status



  

   

   UK Tax Payers         ||: Compulsory
    Arrears Outstanding   ||: Yes - Prospect Only
    Arrears Settled       ||: Yes - Refer to Lender
    CCJ'S Outstanding     ||: Yes - Prospect Only. If <100 mainstream
    CCJ'S Satisfied       ||: Yes - Refer to Lender
    Bankruptcy            ||: Yes - Prospect Only 
                          ||| Discharge ONLY ON PROSPECT. If discharged
                          ||| 6 years plus mainstream
    Ex Patriates  - No    |||: Foreign Nationals in UK considered 
                          ||| if working for UK company and permanent right
                          ||| to reside
    DSS Payments          ||: No
    Diplomatic Immunity   ||: No
    Debt History          ||: As arrears and CCJ's 
                          ||: Yes - Refer to Lender
    Guarantors            ||: No
    Max age on application||: Max age 60 at application. Over retirement -
                          ||| refer to lender
    Interview Required    ||: No
    Multiple Applications ||: Yes - Max 4 persons. 3 highest incomes used
                          ||| incomes used - Multiples depend on LTV
    Secondary Income      ||: Yes - Min 12mths employment in both jobs

LIFE COVER REQUIREMENTS
    The Society expects the borrower to make suitable arrangements
    to ensure funds are available at the end of the agreed
    mortgage term to repay the capital. The Society does not
    require or take assignment of any Policies or Investment Plans
    taken

Applicants who have previously had properties repossessed by their lender 
will be eligible for Prospect. Repossessions over 6 years ago - Mainstream
Reposessions are considered at underwriters discretion, please refer to 
lender.


  

   

    PURCHASE
    Council RTB House / Flat - 100% DPP, 80% max LTV on open market val.
    MIGP Charged if borrowing over 90% OMV. Self Cert charged over 75%,
    Non-Conforming charged over 80%
    Property to Let (owner use inc / Investment)

    TENURE
    Freehold House
    Feuhold House / Flat (Scotland)
    Flying Freehold (May be considered - Refer)
    Leasehold House / Flat
    Minimum lease required on application is 55 years or mortgage
    term plus 30 years whichever is higher
    Minimum lease required on redemption is 30 years
    NHBC required if property was built less than 5 years ago

    CONSTRUCTION
    Conventional Brick / Tile
    Timber Framed (Brick / Other Cladding) Max 90%(refer to lender)

    PROPERTY
    Flat - More than 4 floors in the block - Refer to Lender

    OTHER
    Back to Back
    Converted Flat (Not basement or over shop)
    Ex Council House / Flat- Not prospect- Flat only)
    Thatched Roof (Subject to valuers comments)

    LOCATION
    England (inc Isle of Wight), Wales & Mainland Scotland, 
    Northern Ireland (not buy to let, IRE only)


  

   
      (Known as Application Fee)

~      Purchase Price      Fee
~                        inc VAT
~ 

    All products are subject to a 245 Application fee of which
    195 is payable with the application and the balance of 50
    can now be added to the advance 

    Structural Survey & House Buyers Report Fees on request
    Lender operates a panel of valuers
    Re-inspection Fee - 35
 



  

   

|    (known to lender as Lending Risk Fee)

|      *   0% - 90.00%     ||Nil
|      *  90.01% - 95%    || 8.25% / 1000

|   Min Premium - 150 premium deducted from advance

|   Premium can be deducted from advance OR added LTV

 PROSPECT MORTGAGE MIGP

         75.01% - 80%    || 4.50 / 1000  
         80.01% - 85%    || 5.75 / 1000
         85.01% - 90%    || 6.60 / 1000
         90.01% - 95%    || 8.25 / 1000 - Std lending only

  Please Note:-
 ** Prospect  -> MIG payable from 80%
    Self Cert -> MIG payable from 75%

** MIG is payable from 80% but calculated from 75% as per normal lending.
   - for prospect



  

   

    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      ||: Yes
    Split Loans (End/Rep) ||: Yes
    Negative Equity       ||: Exisiting Borrowers only
    ERP Refund / Waiver   ||: Must complete new loan with lender.
                          ||| Case by case basis. Refunded on
                          ||| completion
    Legal Fees Package    ||: No
    Secured Loans         ||: Class 1 and 2 only
    Semi / Full Commercial||: No
    Second Charges        ||: No
    Minimum Term          ||:  5 years
    Maximum Term          ||: 40 years
    Reference Fee         ||: 50
    Questionnaire Fee     ||: 60
    Telegraphic Transfer  ||: 25
    Lenders Life Tie      ||: N / A


    PORTABILITY
    No costs involved other than the normal incurred with a 
    purchase. 

    Maximum age for Buy to Let products is 80 years old,(If have
    additional Income to state pension such as Private Pension)

    Let to Buy
    In the situation where a client wishes to purchase a new main residence 
    but will retain their current property, Chelsea are able to assist 
    providing the rental income generated covers 100% of the mortgage payment, 
    Chelsea will in these circumstances offer any standard product on the 
    property to a maximum of 95% LTV

    Chelsea will accept Self certified applications from employed applicants
    on Self cert products.A reasonability check is made on all employed
    applications which is a phone call to the employer to confirm 
    applicants position,length of service(min 3 mths) and that they are not
    under notice of termination. No FTB's on Self Cert

    On standard lending any CCJ's satisfied over 1000 will need to be 
    referred to Non conforming products.For arrears any missed mortgage or
    rent payments in the last 12 months also has to be referred to Non 
    conforming.BTL and Self Cert need total clean credit history.