INCOME CONFIRMATION

Income Confirmation - Loans in excess of 85% LTV - Employed applicants 
(full status). We no longer require the latest P60 if an applicants basic 
pay only is to be used in the income calculation. Should additional income
be used the P60 will still be required.

Income Confirmation - Loans 85% LTV and below - Employed applicants (full 
status). We no longer require the latest P60 if an applicants basic pay 
only is to be used in the income calculation. Should additional income be 
used the P60 will still be required.

We do not require the latest months bank statements (unless required to 
prove latest mortgage payment). 

Self Certification/Near Prime/Self Cert Adverse - Loans in excess of 85% 
LTV:

A self employed self certification check may now be carried out over the 
telephone as long as the accountants telephone number can be verified by
an independent source ie yell.com and the accountants qualifications can 
be checked on the relevant website.  

Self Certification/Near Prime/Self Cert Adverse - Loans 85% LTV and below:

No self certification check is required. 

Proof of Mortgage Payments:

Super Heavy Adverse - no proof of mortgage or secured loan payments is 
required, however, the applicants must document on the application form
details of their mortgage history.

All other products - Statements are no longer required for secured loans 
with a balance below 25000. Should the secured loan payment history show 
on the credit search, this must be taken into account when selecting the 
product. The applicants must also declare their secured loan payment 
history.

Proof of mortgage payments is no longer required for background buy to let
mortgages. All buy to let property addresses must be obtained and credit
searched. Should buy to let mortgage histories show on the credit search, 
these must be taken into account when selecting the product.

If the application is a buy to let remortgage we will require the mortgage
history of the buy to let being remortgaged in addition to the applicants 
residential mortgage history


    All             |: Proof of identity
                    || Credit Reference (CCN) (packaged)
                    || Valuation report/Valuation fee
                    || Existing Lenders - Latest Mtg/loan 
                    || statement, latest 1 mths consecutive bank Statements
 
    Acceptable forms of Address identification
    Utility Bill / Bank Statement / Community Charge Bill
    
    Acceptable forms of Identification
    Full Driving License, Passport,

    Amber will no longer accept any DSS or Working
    Families Tax Credit payments to be included in the income multiple.


  

   

    95% maximum for remortgages - Where borrowers seek to raise 
    extra finance on a remortgage, then 95% maximum will ONLY 
    apply to those cases where the reason for extra finance is 
    related to home improvements 

    Home Improvements (max 95%)
    Debt Consolidation (max 85%)
    School Fees (max 85%)
    Holiday/Cars (max 85%)
    Buy Other Property (Max 85%)
    Divorce Settlement (max 95%)
    Unencumbered property
  


  

   

    UK Tax Payers         ||: Yes
    Arrears Outstanding   ||: Accepted on adverse products
    Arrears Settled       ||: Accepted on adverse products
    CCJ's Outstanding     ||: Accepted on adverse products
    CCJ's Satisfied       ||: Accepted on adverse products
    Ex-Patriates          ||: No
    Diplomatic Immunity   ||: No
    Debt History          ||: Accepted on adverse products and Amber
                          ||| Prime to a set level
    Guarantors            ||: No
    Max age on application||: depends on term requested, 75 on redemption
    Multiple applications ||: Standard - 3.5 x higher income +/x lower or 
                          ||| 2.50 x Combined Incomes for 3 borrowers or
                          ||| 2.25 x Combined for 4 borrowers
  
LIFE COVER REQUIREMENTS

    Repayment|: No mandatory requirements
    Pension  |: Refer to Lender
    Endowment|: Refer to Lender
    PEP      |: Refer to Lender



  

   

    25 charge for contingency insurance relating to Buildings & Contents
    Insurance
    Minimum property value 40,000
    Minimum Advance 25000

    PURCHASE
    Second Home (sole use of applicant - no letting) - Max 85%
    Holiday Home (sole use of applicant - no letting) - Max 85%

    TENURE
    Freehold House
    Feuhold House
    Flying Freehold - musn't exceed 25% of overall property
    Agriculturally Restricted (Free / Leasehold - Max 50% + other
    restrictions - Refer)
    Leasehold House / Flat
    Minimum lease required on application is 50 years + mtg term

    CONSTRUCTION
    Conventional Brick / Tile
    Concrete (Precast/Prefabricated - Subject to Policy)
    Timber Framed (Brick Cladding)
    Timber Framed (Other Cladding - Dependent on certain criteria)

    PROPERTY
    Max Floors in block of flats - 7
  
 
        
    OTHER
    Back to Back (Min valuation 40000)
    Converted Flat
    Ex Council House / Flat (max 75%)
    Studio Apartment - London only
    No inside WC - full retention to be made pending installation 
                   of bathroom                                    
    No Bathroom - full retention to be made pending installation 
                   of bathroom                                    

LOCATION
    England (inc Isle of Wight) Wales and Scotland (mainland only) 
    & Northern Ireland


  

   

~      Valuation        Fee (inc VAT)

    Over 300,000 - 0.1% of valuation + 50 Admin

    Fees Shown include a 50 adminstration fee

    Re-inspection fee - 40

    Payment by Card Services available-Please refer	



  

   

|    (known to the lender as Higher Lending Charge)
|       0   - 75%    ||Nil
|      75%  - 90%    || 7.00%
|     90.01 - 95%    || 8.90% 
|     95.01 - 100%   ||12.00%

|   Minimum premium 196.18
|   MIP can be added to loan where it takes the LTV over 95%
|   Indemnity Insurance provided by NORWICH UNION


  

   

    Bridging Finance           ||: No
    Drawdown Facility          ||: No
    Equity Release             ||: No
    Premium Funder             ||: No
    Self Build                 ||: Yes
    Group Build                ||: No
    Shared Ownership           ||: No
    Top Ups                    ||: No
    Further Advances           ||: Yes
    Split Loans (End/Rep)      ||: Yes
    Negative Equity            ||: No
    ERP Refund / Waiver        ||: No
    Legal Fees Package         ||: No
    Secured Loans              ||: NO
    Semi / Full Commercial     ||: No
    Minimum Term               ||:  5 years
    Maximum Term               ||: 25 years 
    Telegraphic Transfer       ||: CHAPS Fee - 25
    Mortgage Reference Fee     ||: 55
    2nd Mortgage Questionnaire ||: 65
    Lenders Life Tie           ||: N/A
    ASU Cover                  ||: Not Compulsary

    PAYMENT HOLIDAY
    Loans must be over 6 mths old
    No arrears in last 6 mths
    Maximum holiday period of 3 mths at any one time with a maximum 
    of 2 holidays in any 12 mth period
    Maximum 95% current LTV or limited to amount of the original 
    advance, whichever is the lower
    Limited to amount of credit built
    Interest will continue to be charged during holiday period

    PROCURATION FEES
    Refer to Panel
  
  Let to Buy 

  At the initial application stage the applicant(s) must produce a 
  letter from a professional letting agent confirming the expected
  monthly rental income which should cover the interest only payments 
  by 130% (a tenancy agreement is no longer required prior to completion).

  In order to ensure affordability in the period up until the property is
  let, and to cover potential gaps between tenants, six months mortgage 
  payments are to be taken as an outgoing and deducted from income prior
  to standard income multiples being applied.

  Let to Buy will be available on all products with the exception of 100%
  and not if there are any missed mortgage payments in last 6 months


  Buy to Let 

  Maximum LTV 85% on loans up to 400000 
  Maximum LTV 75% on loans 400001+ 

  125% rental income coverage up to 80% LTV 
  130% rental income coverage up to 85% LTV 

Self Build
 
Self build applications are not acceptable on Light Or Medium Adverse
products,or 100%,bespoke or BTL's,
The amount of funds that can be released upfront for land purchase is
75% of the land value,where the applicant is to have a property erected
on the land.All other stanges are upto 75% of the value.