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Contact Details
1st Source Direct
NATIONAL WESTMINSTER MORTGAGE SERVICES
PO Box 156
Priory House
38 Colmore Circus Queensway
Birmingham
B4 6AL
Tel : 0845 3020192
Fax : 0121 234 3068
ACCEPTABLE INTRODUCERS
1st Source only
SERVICE/PROC PAYMENTS
Refer
BROKER PACKAGING REQUIREMENTS
Broker to submit fully completed and signed application form,
ID, 3 mths bank statements, valuation cheque (and arrangement fee where applicable)
SOLICITORS
Will use apps solicitor all partners to hold a current
practising cert. Licensed Conveyancers & Sole Practitioners
accepted. NatWest will appoint own solicitor on fees-assisted cases
Employed|: Last 3 mths bank statements & Employers reference letter
|| if required
Self Emp|: 2 years accounts (Accountants statement - Refer)
|| Calculation based on average of last 2 years accounts +
|| 3 months personal bank statements + 6 months Business -
|| bank statements.
FTB |: As above
RTB |: As above & details of discount
All || Proof of Identity
|| valuation Report
|| Credit Ref (Equifax)
Home Improvements (Max 100% up to 150K)
Re-Finance (Max 95%)
Marital Settlement (Max 90%)
Education Fees (Max 95%)
Holiday (UK/Overseas - Max 95% on existing main property)
Investment (Max 95% on existing main property)
Property to Let (Refer to lender for Buy to Let Scheme)
Purchase Car Boat Caravan etc (Max 95%)
Second Home (UK Owner Occupation/Overseas - Max 95%)
Medical Fees (Max 95%)
Refer to Lender for further details and lending criteria for
the Re-Mortgage package
UK Tax Payers ||: Not compulsory
Arrears Outstanding ||: No
Arrears Settled ||: Yes
CCJ'S Outstanding ||: No
CCJ'S Settled ||: Refer to lender
Retired Applicants ||: Dependent on circumstances -
||| age/income etc. Refer to Lender
Bankruptcy ||: Refer to lender
Ex-Patriates ||: Refer to lender
Foreign Nationals ||: Yes - Max 80% (If permanent right to reside consider 100%)
DSS Payments ||: No
Diplomatic Immunity ||: No
Debt History ||: No
Guarantors ||: Yes
Max Age on application ||: 80 (70 for Buy to Let)
Interview Required ||: Yes
Multiple Applications ||: Max 4 Applicants - Income Multiples
||| 3.75 x Main + 1 x Others as a
||| guide.3.25% x Main for 100% LTV
Guaranteed Overtime ||: Calculated on a 1 x basis (included in full multiple if proof of last 2 yrs provided)
Regular Overtime ||: Calculated on a 1 x basis (included in full multiple if proof of last 2 yrs provided)
||: subject to regular payment for
||: last 6 mths
Commission ||| Calculated on 1 x basis if paid
||: monthly for last 6 months (or included in full multiple if proof of last 2 yrs provided)
Rent Allowance ||: Not considered
Second Job ||: Calculated on 1 x basis if paid
||| monthly for last 6 months (or included in full multiple if proof of last 2 yrs provided)
Large Town Allownace ||: Added to basic salary as long
||| as confirmed as guaranteed
Investment Income ||: Refer to Lender
Professionals ||: Aimed at young professionals
(consider upto 100%) ||| with realistic possibility of
||| salary increases in short term.
||| Minimum salary £20,000 pa
||| As a guide applicants should be
||| Doctor, Dentist, Solicitor, Vet,
||| Accountant, Barrister, Optician
||| Actuaries, Optometrist, Pharmacist
LIFE COVER REQUIREMENTS
Endowment|: Suitable policy required
Repayment|: Decreasing Term Assurance
Pension |: Suitable policy required
Int Only |: Suitable policy required
PEP |: Refer - Maximum LTV's : NatWest PEP & some others
|| will consider 95%, else reduced to 75% - Refer to
|| lender
Most major Life Co's accepted
Maximum Age normally we would expect mortagage to be repaid by the time
applicant(s) retires. In exceptional circumstances we may consent to
Lend beyond retirement age.
Minimum property value 15k
PURCHASE
Council RTB - House/Flat
Main Residence House/Flat
Second Home House/Flat
Home for Dependent House/Flat
Holiday Home House/Flat
TENURE
Freehold House
Freehold Flat - Maximum LTV 95%
Leasehold House/Flat
Feuhold House/Flat (Scotland)
Minimum Lease required on application 30 yrs + term required
Minimum Lease required on redemption 30 yrs
Flying Freehold
CONSTRUCTION
*Conventional Brick / Tile
*Brick on Wood - Refer to Lender
*Concrete - Refer to Lender
*Steel Frame - Refer to Lender
*Timber Frame - Refer to Lender
*Wholly Timber - Refer to Lender
New Build - No Valuation required with a national builder who is NHBC
registered for purchase price under £400,000
* Refer to lender
PROPERTY
Flat upto 5th floor (with/without lift)(may consider higher - refer to lender)
OTHER
Ex Council - House/Flat
Studio Apartment - (Maximum refer to Lender)
Thatched Roof
*House with no inside WC
*House with no bathroom
* Subject to retentions
LOCATION
England (inc Isle of Wight), Wales, Scotland, Northern Ireland
~ Valuation Fee
Refer to Marketing for confirmation
Fees include a £75 set up fee
Further Advance Fee £115
Structural Survey & HouseBuyer's Report Fees on request
Valuations by panel valuer
| known to lender as MAP fee
| No MIGP charged on loans upto 90%
| 0% - 75% || Nil
| 90.01% - 95% || £ 7.30% / 1000
| 95.01% -100% || £10.30% / 1000
| Premium can be deducted from the advance or added to the mortgage
Bridging Finance ||: No
Drawdown Facility ||: No
Equity Release ||: By way of "Extra Borrowing for
||| Home Owners"
Premium Funder ||: No
Self Build ||: No
Group Build ||: No
Shared Ownership ||: No
Top Ups ||: No
Further Advances ||: Existing Borrowers
Split Loans ||: Refer
Negative Equity ||: Existing NWMS Borrowers and NWB
||: Customers
ERP Refund / Waiver ||: No
Legal Fees Package ||: Refer
Secured Loans ||: Refer
Semi / Full Commercial ||: Semi considered - Refer
Second Charges ||: No
Minimum Term ||: 3 yrs
Maximum Term ||: 35 yrs
Reference Fee ||: £58.75
Lenders Questionnaire Fee||: £58.75
Telegraphic Transfer ||: £30 (£25 for Offset a/c)
Lenders Life tie ||: Natwest Life
Professionals
Income multilpe ||: 5x + 1, 5x single or 2.75 joint
Enhance Income multipliers are available for loans upto 100% LTV
Minimum Salary £20K
Theses guidelines are aimed at young recently fully qualified professionals
typically aged between 25 and 35, who are currently proactising in the following
selected professions
Medical Doctors
Pharmacists
Opticians
Dentists
Vets
Solicitors
Accountants
Minimum gross annual salary for professional applicants - £20k
Minimum age for professional applicants - 23 years
Max loan amount upto 85% - unlimited
85.01% - 90% - 400k
90.01 - 95% - 300K
95.01 - 100% - 250k
Income Multipliers
Loans up to 95% LTV
3.75 x the customer's basic gross annual income plus, if relevant, 1 x any joint applicant's income
or
2.75 x the joint basic gross annual incomes
Loans in excess of 95% LTV
3.25 x this income, plus, if relevant, 1 x any joint applicant's basic gross annual income
or
2.75 x the joint basic gross annual incomes.
We can offer further enhanced income multipliers to our customers, subject to credit score
and gross annual income, to a maximum of 95% LTV…
95% LTV…
Gross Income Band Maximum Credit Score Enhanced Credit Score Standard Credit Score
Single /Joint income Single /Joint income Single / Joint income
Over £100,000 3.75 2.75 4 3 3.75 2.75
£30,001 - £100,000 4 3 3 .9 2.9 3.75 2.75
£15,001 - £30,000 3.75 2.75 3.75 2.75 3.75 2.75
£0 - £15,000 3.75 2.75 3.75 2.75 3.5 2.5
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