|
Contact Details
ALLIANCE + LEICESTER PLC
Web address - www.al.intermediary.co.uk
ACCEPTABLE INTRODUCERS
All accepted via registration on A&L website
SERVICE/PROC PAYMENTS
Refer to Lender
PACKAGING REQUIREMENTS
PRIME PRODUCTS
LTV UPTO 75% and all Existing A & L mortgage borrowers
regardless of LTV, MINIMUM REQUIREMENT latest months payslips
or latest years accounts (if self employed)
LTV OVER 75% LTV, MINIMUM REQUIREMENT Last 3 months payslips or
latest 3 years account (if self employed).
Lenders can ask for further packaging on assesment if required
For BTL, Self Cert & Near Prime Products please refer to the scheme
reports or the Lenders website www.al.intermediary.co.uk (Specialist
Lending Section)
Applications that meet the following criteria are eligible for Fast Track
Service
Remortgage customers or Next time buyers
Applications upto 75% LTV
Maximum loan size up to 500,000
Employed Applicants
The fast track service is also subject to cases passing credit score and
satisfying all aspects of lending criteria. Alliance & Leicester carry
out reasonability checks on applications submitted under the fast track
service and reserve the right to contact you to confirm that any details
submitted are correct. Please note that fast track service is not
available for first-time buyers, self-employed applicants, buy-to-let and
non-conforming applications, or to remortgage customers borrowing over 75%
LTV. Please refer to lender for full details
SOLICITORS (PRIME APPLICATIONS)
Will use applicant's Solicitor upto 660,000 if on Lender's
panel. Over 660,000 minimum of two practising Solicitors per
Firm. All partners must hold a current practising certificate &
be in practice. Licensed Conveyancers and sole Practioners are
acceptable.
Lender will instruct their own Solicitor if not on Panel.
PRIME PRODUCTS
Employed |: Refer to Lender (depends on type of employment but
|| generally 3 mnths)
Self Emp |: More than 75% - 3 years accounts,
|| less than 75% LTV - 1 or 2 years accounts
RTB |: Pre-emption clause must fit Housing Act.
|| Form RTB111 required
All || Electoral Roll / Historic Proof of residency
|| may be required
|| International credit searches are not required
|| but proof of residency may be required for any overseas
|| address. Credit Score required in all cases for
|| all applicants.
|| Details of an applicant's alias or maiden name will
|| be required only if this is less than 6 years old.
|| Lender reserves the right to request additional info
|| and/or take additional references
For BTL, Self Cert & Near Prime Products please refer to the scheme
reports or the Lenders website www.al.intermediary.co.uk (Specialist
Lending Section)
PRIME PRODUCTS
Acceptable
Re-finance (to re-place existing loan - Max 95%)
Home Improvements (Max 95%)
Marital Settlement (Equity Buyout - Max 95%)
Dependents Home (Max 95%) See Notes
Self Build (Refer - 95% For construction only)
Education Fees (Max 95%*)
Holiday (95%*)
Holiday Home (Max 95%*) See Notes
Purchase Car, Boat, Caravan etc (Max 95%*)
Second Home (95%) See Notes
Medical Expenses (95%*)
Debt Consolidation (Max 95%*)
LTV's stated are if re-mortgage is on main residence, if mortgage is
to be secured on the second/holiday/dependants home - LTV is
restricted - refer to Lender
Any element of Capital Raising - Maximum LTV 95%*
95%*= Classed as capital raising - for employed applicants, standard
LTVs apply. For Self employed Capital Raising is restricted to 85%
(above 500k, 75%)
Upto 85% LTV for Self Employed applicants where there is an element of
capital raising
Scottish Valuations - Remortgage Applications
Valuations for remortgage applications in Scotland will be carried
out by Alliance & Leicester vaulers ONLY. We will no longer accept
a copy of the customer's own valuation for remortgages.
Second Homes or Holiday Homes can be considered if the property is
situated in the UK. Also lend to an applicant for the purchase of
a property to be lived in by a dependant (refer to lender). If
the applicant will have more than one mortgage on completion,
Aggregate Debt criteria may apply - refer to lender
Our Mortgage Transfer Service (MTS) is not available for mortgage
applications on Unencumbered properties or Purchases of second homes.
Clients will need to appoint their own solicitors in these cases.
For Transfer of Equity (T of E) cases, applicants may be able to select
MTS and pay an additional fee for the processing of a T of E.
Please refer to Lenders Website for full details
For BTL, Self Cert & Near Prime Products
Acceptable
Re-finance (to re-place existing loan - Max 90%*)
Home Improvements (Max 90%*)
Marital Settlement (Equity Buyout - Max 90%*)
Dependents Home (Max 90%*)
Self Build (NO)
Education Fees (Max 90%*)
Holiday Home (NO)
Purchase Car, Boat, Caravan etc (Max 90%*)
Second Home (Max 90%*)
Debt Consolidation (Max 90%*)
LTV limits are subject to limits on the product chosen
For full details of acceptable loan purposes on Specialist Lending
Products please refer to the scheme reports or the Lenders website
www.al.intermediary.co.uk (Specialist Lending Section)
PRIME PRODUCTS
UK Tax Payers ||: Refer
Arrears Outstanding ||: No
Arrears Settled ||: Yes, over 3 years
CCJ's Outstanding ||: No
CCJ's Settled ||: Over 3 years
Past Bankruptcy ||: Must have been discharged for over 3
||| years
Ex-Patriates ||: No
Foreign nationals ||: Refer
Multiple Applications ||: Refer - may fall under 'Aggregate Debt' Policy
DSS Payments ||: No
Diplomatic Immunity ||: No
Debt History ||: No
Guarantors ||: No
Professionals ||: Yes - Standard Criteria
Max age on application||: Must not be over 75 at end of term
||: if using income
Interview Required ||: Yes
Multiple Applications ||: Max 2 apps
Guaranteed Overtime ||: Consider 100%
Regular Overtime ||: Consider max 50%
Commission ||: Consider max 50%
Rent Allowance ||: Refer
Secondary Income ||: Refer
Large Town Allowance ||: Consider 100%
Investment Income ||: Consider max 50%
Contract Employed Applicants must have been in employment for the last
12 mths and been specifically employed on a contract basis for at least
the last 3 mths
For BTL, Self Cert & Near Prime Products
UK Tax Payers ||: Compulsory
Arrears Outstanding ||: No
Arrears Settled ||: Yes see scheme report for acceptable
levels of adverse
CCJ's Outstanding ||: No
CCJ's Satisfied ||: Yes see scheme report for acceptable
levels of adverse
Past Bankruptcy ||: Yes see scheme report for acceptable
levels of adverse
Ex-Patriates ||: No
DSS Payments ||: No
Diplomatic Immunity ||: No
Debt History ||: Yes see scheme report for acceptable
levels of adverse
Guarantors ||: No
Max age on application||: Must not be over 75 at end of term if using
income
Interview Required ||: Yes
Multiple Applications ||: Max 2 apps
Guaranteed Overtime ||: Consider 100%
Regular Overtime ||: Consider max 50%
Commission ||: Consider max 50%
Rent Allowance ||: Refer
Secondary Income ||: Refer
Large Town Allowance ||: Consider 100%
Investment Income ||: NO
Contract Employed Applicants must have been in employment for the last
12 mths with the same employer
LIFE COVER REQUIREMENTS
Pension |: Personal - 100% Tax Free Cash at 9% Growth Rate
|| Executive - Loan not to exceed 35% of total fund
|| Occupational - On individual merit
|| Max term 50 years
PEP || Lautro Guidelines
Int Only || Must have endowment, pension or PEP to support
Most major life companies acceptable
25 charged if Buildings & Contents Insurance not taken with
the lender. Policy must be in joint names with lender and
applicant.For PRIME applications this 25 fee is ADDED to the loan.
For SPECIALIST LENDING applications this 25 fee is DEDUCTED from the
loan.
PRIME PRODUCTS
PURCHASE
Council House / Flat (Max 100% DPP, standard criteria OMV)
Ex Council House (Refer for flats)
Home for dependent House / Flat
Self / Group Build House
Second Homes or Holiday Homes can be considered if the property is
situated in the UK. Also lend to an applicant for the purchase of
a property to be lived in by a dependant (refer to lender). If
the applicant will have more than one mortgage on completion,
Aggregate Debt criteria may apply - refer to lender
TENURE
Freehold House
Feuhold Flat / House (Scotland)
Leasehold Flat / House
Minimum lease required on application is 50 years
Minimum lease required on redemption is 35 years
CONSTRUCTION
Conventional Brick / Tile
Brick on Wood House / Flat - Refer
Concrete House / Flat (Precast / Prefabricated - Refer)
Steel Framed House / Flat (Brick Cladding - Refer)
Timber Frame House Brick Cladding (Other Cladding Refer)
Thatched House
Non Standard Construction (Refer)
PROPERTY
Flats over 4th floor (with / without a lift - Refer)
Flat over shop (Refer)
Ex Council Flats - Not acceptable over 5 floors
No Lift - Not acceptable over 3 floors
Converted Flats and Flats over shops - Considered for all floor levels
(if other flat criteria is met)
OTHER
Studio House / Flat
1 - 6 Bedrooms (7 + bedrooms - Refer)
2 kitchens - Refer
Back to Back - Refer
NHBC required on new properties (10 yrs old or less). New
properties where there is no NHBC they will accept architect
supervised provided architect is employed solely by the
applicant. Zurich Municipal Newbuild also accepted
LOCATION
England (inc Isle of Wight), Wales, Scotland, Scottish Isles &
Northern Ireland
SHARED OWNERSHIP
Only available with NICHA in Northern Ireland
NEW BUILD
The applicant must make a minimum 5% deposit,except for approved
builders deposit schemes (refer to lender for details of approved
builders).This means the lender can accept a builders deposit from
any builder not on their approved list of builders as long as
applicants are using at least 5% from their own funds.
Alliance and Leicester do not lend on builders schemes where the
applicant does not own 100% of the property,eg.where 25% of the
sale price is funded by the builder and is payable at some later
date.
Exposure to each new build development will be limited to 20% of
the total units at each development.
For BTL, Self Cert & Near Prime Products
PURCHASE
Council House / Flat (Max 100% DPP, standard criteria OMV) RTB NOT
ACCEPTABLE
Ex Council House (Refer for flats)
Home for dependent House / Flat
Self / Group Build House - NO
TENURE
Freehold House
Feuhold Flat / House (Scotland)
Leasehold Flat / House
Minimum lease required on application is 50 years
Minimum lease required on redemption is 35 years
CONSTRUCTION
Conventional Brick / Tile
Brick on Wood House / Flat
Concrete House / Flat (Precast / Prefabricated - Refer)
Steel Framed House / Flat (Brick Cladding - Refer)
Timber Frame House Brick Cladding (Other Cladding Refer)
Wholly Timbered (Refer)
Thatched House
Non Standard Construction (Refer)
PROPERTY
Flats over 4th floor (with / without a lift - Refer)
Flat over shop (NO)
Ex Council Flats - REFER
No Lift - Not acceptable over 3 floors
Converted Flats - Considered for all floor levels (if other flat
criteria is met)
Flats in a block of 7 storeys or more NOT acceptable
OTHER
Studio House / Flat
1 - 6 Bedrooms (7 + bedrooms - Refer)
2 kitchens - Refer
No inside WC - Refer
No bathroom - Refer
Back to Back - Refer
LOCATION
England (inc Isle of Wight), Wales, Scotland, Scottish Isles ONLY
NOT Northern Ireland
SHARED OWNERSHIP - NO
FOR FEES SEE PRODUCT DETAILS different fees for PRIME and SPECIALIST
LENDING
Option 1 - Limited inspection
~ Property OPTION 1
~ Value
~ (Upto)
Re-Inspection Fee 50 per visit inclusive of 5 admin fee
Option 2 - Homebuyers Report
Property OPTION 2 Property OPTION 2
Value Value
((Upto) 25000 425
50000 425
75000 425
100000 425
125000 460
150000 460
175000 510
200000 510
250000 575
300000 625
400000 725
500000 825
750000 950
1000000 1100
1500000 1570
Above Fees include 125 admin fee PRIME (155 Specialist Lending)
Lender requires Option 1 valuation only
Structural Survey Fees on request
(known to lender as Higher Lending Charge)
| No HLC charged on loans upto & including 90%
| 0 - 90% ||Nil
| 90.1 - 95% || 7.50% / 1000
| Minimum fee 125
| HLC Fee can be added to loan whereby total
| loan including HLC does not exceed 97%
| Re-inpection fee 50
HLC does NOT apply to any SPECIALIST LENDING product
Bridging Finance ||: No
Drawdown Facility ||: Yes - on flexible products only
Equity Release ||: No
Top Up Facility ||: Yes
Further Advances ||: Yes - On SVR - PRIME
Split Loans ||: Yes - Max 2 types of vehicle
||| allowed (ie Endowment/Repayment)
Negative Equity ||: No
ERP Refund / Waiver ||: Waived if new mortgage carried over to
||| new property. -PRIME
Legal Fees Package ||: Yes - Specific product options only
Secured Loans ||: No
Full / Semi Commercial ||: No
Second Charges ||: Yes, if we have full chg-no mts.
Minimum Term ||: 5 years
Maximum Term ||: Endowment / Repayment - 40 yrs
||| Pension - 50 yrs For Specialist Lending
||| max term 35 years
Reference Fee ||: 80 + VAT
Questionnaire Fee ||: 80
Telegraphic Transfer ||: 30
Adding Fees - if fees are added to the loan, this will be on a
Capital & Interest Basis in all cases. The illustration produced from
the system will NOT reflect this if the repayment type is any form of
interest only (ie. Pension,endowment etc) The Lenders offer will
illustrate this.
HLC,Products/switcher fees and Telegraphic Transfer feescan be
added to the loan provided LTV does not exceed 97%.
REMORTGAGE VALUATIONS
Instead of a Free Option 1 Valuation Alliance & Leicester will
undertake a free valuation to establish the value of the
property for their own purposes. The method inlcudes the use of
drive by valuations or the use of computer based data to
establish the value of the property being mortgaged. However,
in all instances where a remortgage customer receives a free/refund
of valuation, they will not receive a valuation report. If the
client requests a valuation they may do so, but at their own
cost
PORTABILITY (PRIME)
No cost incurred other than the normal for moving home.
Specialist Lending products are NOT Portable
ONLINE APPLICATIONS:
payment of the valuation fee can only be accepted
by credit or debit card.(Switch,Delta,Visa,Mastercard,Solo)
Cases will not be submitted until the correct credit card details are
entered. (with the exception of cases in Scotland where the valuation
Has already been carried out)
Scottish Valuations - Remortgage Applicantions
Valuations for remortgage applications in Scotland will be carried
out by Alliance & Leicester vaulers ONLY. We will no longer accept
a copy of the customer's own valuation for remortgages.
The income multiples stated are representative of what
Alliance & Leicester may lend up to. Please contact the
lender for confirmation
Affordability - Please refer to affordability calculator.
|
|
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.
|
