Contact Details
1st Source Direct
STROUD + SWINDON BUILDING SOCIETY
Rowcroft
Stroud
Gloucestershire
GL5 3BG
Tel : 01453 757011
Fax : 01453 756585
ACCEPTABLE INTRODUCERS
1st Source only
SERVICE/PROC PAYMENTS
Refer to Lender
BROKER PACKAGING REQUIREMENTS
Lender requires valuation fee to accompany the application fee and
reservation fee for fixed rates
SOLICITORS
Refer
Employed |: Employers Reference. Previous Employers Ref
|| if in current job less than 12 mths
Self Emp |: 3 yrs audited accounts or 2 yrs audited
|| accounts + projection. If audited accounts
|| are not available 3 yrs tax assessments
FTB |: As above plus 6 mths Bank Statements and
|| proof of deposit
RTB |: As above plus details of sale / purchase
|| from council showing DPP
All |: Existing Lenders Reference / 1 yrs statements
|| Landlords Reference / Copy of Rent Book
|| 3 mths bank statements
|| Proof of Identity
|| Other Lenders Reference
|| Credit Reference (Equifax)
|| Proof of residency
|| Valuation Report
For Special Status Proof of income is required plus all other
references
Acceptable forms of identification
Passport / Driving License
Acceptable Purposes
Home Improvements
Re-Finance (replace existing loan - Home Improvements)
Marital Settlement (Home Improvements)
Funds for consolidation or capital raising must not exceed 10%
of total advance.
UK Tax Payers ||: Compulsory
Arrears Outstanding ||: No
Arrears Settled ||: 12 months clear account
CCJ's Outstanding ||: No
CCJ's Satisfied ||: Settled in full more than 2 yrs
||| prior to application
Bankruptcy ||: No
Ex-Patriates ||: UK Nationals abroad if in HM Forces
||| Foreign nationals in UK - Max 50%
||| LTV
DSS Payments ||: No
Diplomatic Immunity ||: No
Debt History ||: No
Guarantors ||: Refer
Max age on application||: 55 unless on special age related
||| scheme
Interview Required ||: Preferred but not compulsory
Multiple Applications ||: No
Secondary Income ||: 50% of secondary income considered
||| to a max of 10% of basic income
Minimum Salary - 10000 single (An Income and Expendidture
form to be filled in if salary
12000 joint is below minimum)
Leasehold flats / maisonettes (purpose built) 90%
Converted flats 90%. No local authority flats
Flats may only be considered where purchase price or valuation
exceeds 50,000
PURCHASE
Council RTB House
RTB - Max 100% DPP 75% OMV
TENURE
Freehold House
Leasehold House
Minimum lease required on redemption is 30 years
CONSTRUCTION
Conventional Brick / Tile
OTHER
Ex Council House
Thatched Roof
Studio House
LOCATION
England (inc Isle of Wight) and Wales
~ Property Value Fee
~ (not exceeding) Inc Vat
~
| House Purchase
| 0 - 75% NIL
| 75% - 95% 4.2% /1000
| Remortgage
| 0 - 75% NIL
| 75% - 90% 3.42% /1000
| The above fees include IPT charged at 5.00%
|
Bridging Finance ||: No
Drawdown Facility ||: Refer
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 ||: Existing Borrowers only
ERP Refund / Waiver ||: No
Legal Fees Package ||: No
Secured Loans ||: Yes
Semi / Full Commercial ||: No
Second Charges ||: No
Minimum Term ||: 5 years
Maximum Term ||: 25 years at present. Could increase to
||| 30 years
Reference Fee ||: Refer
Lenders Questionnaire Fee||: Refer
Telegraphic Transfer ||: N/A
Lenders Life Tie ||: Norwich Union
FLATS :
Leasehold flats / maisonettes (purpose built) 90%
Converted flats 90%
Flats may only be considered where purchase price or valuation
exceeds 50,000
INCOME MULTIPLES
Upto 95% LTV - 3.5 + 1 or 2.75 x joint
Upto 75% LTV - 4.0 + 1 or 3.00 x joint (min main income 20,000)
