|
Contact Details
1st SOURCE DIRECT
(Mortgage Trust)
Intermediary Number
Tel : 08457 743743
All Types of Mortgage
Tel : 01403 272625
Fax : 01403 272323
ACCEPTABLE INTRODUCERS
1st SOURCE Only
SERVICE/PROC PAYMENTS
Refer to Lender
BROKER PACKAGING REQUIREMENTS
Application Fee made payable to Britannic Money,
Application form & Direct Debit, P60 & last 3 mths payslips if
employed, Last 3 original calendar months bank statements,
Original water, gas, electricity bill or council tax demand
for current address, 2 yrs accounts verfified by an
Accountant's Certificate (if self employed) certified copies
acceptable
SOLICITORS
Will use applicants subject to approval. Lender will instrust
own if less than 2 practising partners, are not listed in the
Solictors Directory or is otherwise unacceptable. Licensed
Conveyancers acceptable for applicant only.
Employed |: P60 & 3 mths payslips may be requested as Lenders
|| Credit Scoring to assist in decision making process
Self Emp |: Minimum Trading period 2 years
|| Accountants declaration in lender's standard form
|| plus 2 years SA302 Tax Assessments
FTB |: As above
All |: Last Lender statement
|| Credit Reference (Experian)
|| Proof of residence at current address
|| Valuation
INVESTMENT REFERENCES
Employed |: P60 & last 3 mths payslips
Self Emp |: Accountants declaration in lender's standard form
Proof of residence
Last Lender's Statement (Residential Mortgage)
Valuation incorporating Rental Assessments and suitability
to let
Refer to MISC
Loans over 75% - Remortgage for repairs, Home Improvements,
extensions or to buy out an existing party
75% and under - All purposes considered
Clients can raise capital of up to 250K if the LTV is less
than 75%, for any purpose. Any Capital required over this
amount must only be for the purchase of additional investment
property
If their LTV is greater than 75% clients can raise capital of
up to 30,000 for any purpose. Any Capital required over this
amount must only be for the purchase of additional investment
properties
UK Tax Payers ||: Yes
Arrears Outstanding ||: Refer - dependant on credit score
Arrears Settled ||: Refer - dependant on credit score
CCJ's Outstanding ||: No - dependant on credit score
CCJ's Satisfied ||: Yes can be considered but - dependant
||: on credit score
Bankruptcy ||: Yes - dependant on credit score
Ex Patriates ||: Yes - Refer to lender. Must be
||| employed
DSS Payments ||: No
Diplomatic Immunity ||: No
Debt History ||: No
Guarantors ||: Refer to Lender
Max age on application ||: No maximum
Interview Required ||: No
Multiple Applications ||: Max 4 applicants. Only 2 incomes
||| considered
Secondary Income ||: Refer
If your client has not been a resident homeowner for a minimum
of 1 year, then they must have a minimum 20,000 income, and
must process their application on a full status basis
Professional landlords and limited companies (special purpose
vehicles registered in the UK with the sole purpose of
investing in residential property) may be considered
Limited Company applications, all the Directors of the Company
must sign Personal Guarantees for the loan
LIFE COVER REQUIREMENTS
Lender does not require the assignment of an Investment
vehicle.It is the responsibilty of the Borrower to make
sure adequate provision is made for investment payments to
be up todate and the proceeds are adequate to repay the Loan.
The Lender reserves the right to reschedule the loan to a
Repayment Mortgage if at any review date it is considered the
repayment of the Loan is inadequate
If lenders block policy insurance is not taken an admin charge
of 25 will be made.
Insurance to be available on normal terms with an excess not
exceeding 2,000 with an acceptable insurer and issued for an
amount not less than that recommended by the valuer
Investment Home Loan - Minimum valuation 40,000
PURCHASE
Main Residence
TENURE
Freehold House
Leasehold House / Flat
Minimum lease required on redemption is 30 years
Let to Buy - Change current residential property to Buy To Let
and raise money to purchase a new residential property if they
so wish
CONSTRUCTION
Conventional Brick / Tile
PROPERTY
Flat upto 7th floor (with / without lift)
OTHER
Converted Flat
Single Bedroom
Studio Apartment
Investment Home Loan properties listed are restricted to 80%
LTV: Studio flats, Flats over shops, Ex-Local authority
property, Basement flats
LOCATION
England,Wales & Scotland. Northern Ireland through Britannic
Money only see above for contact
Based on property value or purchase price whichever is the higher.
The application fee is made up of the valuation fee and an administration
fee. If the valuation has not been carried out, then we will refund the
application fee minus 50 to cover our administration costs. If the
valuation fee has been carried out no fees will be refunded.
Lender pays MIP if Loan is 85% or less.If Loan is above
85% LTV the total fee is paid by Borrower.
Percentage for an LTV of :
7% 85.01% to 90%
8% 90.01% to 95%
The Fee is calculated on the amount above 75% of the
Purchase price/Valuation
Bridging Finance ||: No
Drawdown Facility ||: Yes, check Product details
Equity Release ||: No
Premium Funder ||: No
Self Build ||: No
Group Build ||: No
Shared Ownership ||: No
Top Ups ||: No
Further Advances ||: Yes
Split Loans ||: Yes
Negative Equity ||: No
ERP Refund / Waiver ||: No
Legal Fees Package ||: YES
Secured Loans ||: No
Semi / Full Commercial ||: No
Second Charges ||: No
Minimum Term ||: 5 years
||| but can be paid off earlier
Maximum Term ||: 30 years (normal retirement age
||| if pension)
Lenders Questionnaire Fee ||: Refer
Lenders Tie ||: Independent
Copy MIRAS 5 ||: Post April 1991 - 25
||| Pre April 1991 - 40
Copy of Annual Statement ||: 10
Additional Account Info ||: 20
Lettings ||: Refer
Property Transfer Fee ||: 27.50
Arrears Administration ||: 25
Instruction to Solicitor ||: 75
No Direct Debit mandatory ||: 20
Unpaid Cheque ||: 30
Unpaid Direct Debit ||: 25
Possession Administration ||: 300
CHAPS Fee ||: 25
Property Reinspection ||: Refer
Previous Lenders Refernce ||: 38.19 Standard
||| 49.94 Non-standard
Change of Life Policy ||: Refer
Change of Scheme ||: 100
Product Switch ||: Refer
Deeds Query ||: 47.00
Deed Release ||: 35
Increase in Loan Limit ||: 75
Ground Rent/Service ||: 47
Release of Partial Security ||: 100
Second Mortgage Questionnaire ||: 50
Transfer of Equity ||: 100
Investment Home Loan Limits
The LTV for multiple property amounts is 85% for loans upto 1
million aggregate. Each Individual property amount must comply
with single LTV limits and restricted property criteria
HIGH EQUITY
This product is designed for Self-Employed applicants who are
borrowing 80% or less of property value or purchase price
(whichever is the lower). Self declaration of Taxable Income
Minimum valuation for this product is 30000 -
Minimum trading 2 years
|
|
List Of Banks.info
Here you can browse a selection of over 30,000 banks from all over the UK.
Please select a city to find local banks.
|
