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Contact Details
1st Source Direct
PORTMAN BUILDING SOCIETY
Portman House
Richmond Hill
Bournemouth
BH2 6EP
Tel : 01202 563502
Fax : 01202 563723
ACCEPTABLE INTRODUCERS
1st Source Only
SERVICE/PROC PAYMENTS
Refer to Lender
BROKER PACKAGING REQUIREMENTS
Introducer to submit Application/Valuation Fee Bank Statements
Payslips/P60 (if required) and Lenders reference fee
SOLICITORS
Will accept borrowers solicitors as long as they are on
lenders panel. They require a minimum of 2 partners and all
the partners must hold a current practising certificate and be
in practise. All solicitors must be listed in the Waterlows
directory. Licensed conveyancers are acceptable
Employed |: Employers Ref + P60 (max 95% / 150,000) &
|| last 3 payslips (min duration 3 months)
Self Emp |: 3 years signed accounts (2 yrs considered)
|| ACA/FCA ACCA/FCCA CIPFA CIMA & AAPA are
|| acceptable accountants
|| Will take average of last 2 yrs accounts
|| net income and will then deduct any
|| regular payments made as a result of any
|| other loan
FTB |: Landlords Reference
|| Reference on any existing commitments
RTB |: Landlords Reference
All |: Previous Lenders Ref
|| Landlord / Tenancy Ref OR Rent Book
|| Bank Ref or 2/3 bank statements
|| Credit Reference (covering 2 years
|| addresses) (Infolink)
|| Proof of Identity / Residency (only if not on
|| voters roll covering 2 years)
|| Valuation
Fastrack - Employed applicants with existing mortgage
-----------------------------------------------------
If borrowing 80% LTV or less and no more than 500,000
references are last P60 last 3 mths payslips latest lenders
statement and last 3 mths bank statements but reserves the
right to take references where it considers them necessary
Acceptable forms of Identification
Current full Passport / Current full Driving Licence /
Employers I.D. card (major UK employers) / National Insurance
card
Or two of
Bank/Building Society cheque card
Personal bank or building society cheque book
Bank/Building Society credit/debit card
Bank/Building Society/National Savings Pass book
UK visitors passport
Proof is required of what the money is being used for by means
of estimates etc
No lending for business purposes
Minimum loan for Home Improvements is 500
Capital Raising - Loadings are discretionary - Refer
Acceptable purposes
Home Improvements
Re-Finance (replace existing loan)
Debt Consolidation - depends on circumstances
Self Build
Education Fees
Family Holiday - depends on circumstances
Holiday Home (UK/Overseas) - depends on circumstances
Investment Opportunity - depends on circumstances
Marital Settlement
Medical Fees
Property to Let (Owner Occupied) - Refer
Purchase Car Boat Caravan etc - Refer
Second Residence (UK Owner Occupation) - Refer
Second Residence (UK Dependent Occupation) - Refer
Second Residence (Overseas)
Timeshare (UK/Overseas) - Refer
Unencumbered Property - In certain circumstances
A Gift of deposit acceptable
UK Tax Payers ||: Yes
Arrears Outstanding ||: No
Arrears Settled ||: No
CCJ's Outstanding ||: No
CCJ's Satisfied ||: Yes but must be satisfied 1yr
Bankruptcy ||: No
Ex Patriates ||: UK Nationals abroad & Foreign
||| Nationals in UK
DSS Payments ||: Yes - existing borrowers only
Diplomatic Immunity ||: No
Debt History ||: No
Guarantors ||: Yes - related to applicants
Max age on application||: Age + term = less than normal
||| retirement age
Interview Required ||: Yes - under certain circumstances
Multiple Applications ||: Yes - Max 4 persons max 2.5 times
||| the aggregate higher incomes
Secondary Income ||: Yes
LIFE COVER REQUIREMENTS
Endowment|: No Compulsory requirement
Repayment|: No compulsory requirement
Int Only |: No compulsory requirement
PEPS |: Not accepted
Pension |: Personal - 100% tax free cash at 11% growth rate
|| 80% tax free cash at 13% growth rate
|| Company - Not accepted
|| Executive - Not accepted
Most major Life Co's acceptable
25 charged if lenders Buildings Insurance not taken. Copy
policy with the societies interest noted. As joint insured
is required
PURCHASE
Council RTB - House
Holiday Home (UK/Overseas) - Refer
Property to Let (Owner Use/Investment) - Refer
Second Property (Owners use/Dependents use/Overseas) - Refer -
Max 75%
Self Build
SHARED OWNERSHIP & RIGHT TO BUY are for DIRECT BUSINESS ONLY
TENURE
Freehold House
Flying Freehold - Refer
Leasehold Flat
Minimum lease required on application - 60 years
Minimum lease required on redemption - 35 years
CONSTRUCTION
Conventional Brick/Tile
Concrete (Precast/Prefabricated) - Refer
Steel Framed (Brick Cladding)
Steel framed (Other Cladding) - Refer
Timber Framed (Brick Cladding)
Timber Framed (Other Cladding) - Refer
Wholly Timbered - Refer
Non Standard Construction - Refer
PROPERTY
Flat upto 4th floor (with/without lift)
Flat upto 7th floor (with lift)
OTHER
Back to Back - Refer
Ex Council House
No NHBC or other certificate (props less than 10 yrs) - Refer
Part Commercial (Doctors Dentists etc)
Part Commercial (Shop etc)
Single Bedroom
Studio apartment
Thatched Roof
Converted Flats-Minimum Purchase Price 100000,maximum LTV 90%
LOCATION
England (inc Isle of Wight), Scotland and Wales
~ Property Value Fee Inc VAT
Homebuyer's Report
Purchase Price/value Valuation Report (Inc VAT + Admin fee)
Upto 50,000 295
50,001 - 100,000 370
100,001 - 150,000 425
150,001 - 200,000 485
200,001 - 250,000 535
250,001 - 300,000 610
300,001 - 350,000 655
350,001 - 400,000 695
400,001 - 500,000 755
500,001 - 600,000 860
600,001 - 700,000 920
700,001 - 800,000 980
800,001 - 900,000 1040
900,001 - 1,000,000 1100
300,001 + By Negotiation
Re-Inspection Fee 55
The fee quoted for the Home Buyers Report includes the
Valuation Report
| (known as Domestic Mortgage Indemnity Risk Fee)
| The maximum allowance percentages only apply for Standard
| Variable and Discount Schemes. Fixed rates follow their
| own structure. MIGP's still apply.
| Premiums - Upto 75% ||5.00% / 1000
| 75.01 - 80% ||5.50% / 1000
| 80.01 - 85% ||6.50% / 1000
| 85.01 - 90% ||7.50% / 1000
| 90.01 - 95% ||8.50% / 1000
| MIGP may be added to the advance over 95% LTV
| The indemnity insurers are Eagle Star Royal & Legal & General
Bridging Finance ||: No
Drawdown Facility ||: To/For certain introducers
Equity Release ||: Yes - Max 75% LTV
Premium Funder ||: No
Self Build ||: Refer
Group Build ||: No
Shared Ownership ||: Yes
Top Ups ||: No
Further Advances ||: Yes
Split Loans ||: Yes
Negative Equity ||: Yes
ERP Refund/Waiver ||: Yes
Legal Fees Package ||: No
Secured Loans ||: Yes
Semi/Full Commercial ||: Semi-Commercial
Second Charges ||: No
Minimum Term ||: 5 years
Maximum Term ||: 35 years
Reference Fee ||: 23.50
Questionnaire Fee ||: 64.63
Telegraphic Transfer ||: None
Lenders Life Tie ||: Norwich Union
Funds Release Fee ||: 25 will be deducted from loan
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