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Contact Details
ADDITIONAL CASE INFORMATION
This table provides details of the documents we will require to verify
income. Please ensure that all paperwork, including fees, are in order
and forms are signed and dated before submission. This will help us to
process the application quickly.
Customer Credit Score Customers with an LTV up to and including 85%
(80% for loans over 500,000)
High Credit Score Fully completed Confirmation of Identity and
Affordability Forms required.
Medium Credit Score Fully completed Confirmation of Identity and
Affordability Forms required.
Low Credit Score Employed: 3 of the last 6 months payslips plus
last P60. If paid weekly 4 of the last 8 weeks
payslips plus last P60.Self Employed: Accountant
certificate or last 3 years accounts or last
3 years tax assessments.In addition, last
mortgage statement or lender reference.
Customer Credit Score Customers with LTV greater than 85%
(80% for loans over 500,000)
High Credit Score - Employed: last monthly payslip or two weeks payslips.
Self Employed: accountant certificate, last 2
years accounts or last 2 years tax assessments.
Medium Credit Score - Employed: 2 of the last six monthly payslips plus
last P60. If weekly paid, 4 of the last 8 weeks
payslips plus last P60.
Self Employed: accountant certificate or last 2 years
accounts or last 2 years tax assessments.
Low Credit Score - Employed: 3 of the last 6 months payslips plus last
P60. If paid weekly 4 of the last 8 weeks payslips
plus last P60.
Self Employed: Accountant certificate or last 3 years
accounts or last 3 years tax assessments.
In addition, last mortgage statement or lender reference.
The Additional Case Information required for Low Credit Scores will also
be required for the following applications:
. All applications for together products - irrespective of LTV or Credit Score
. All FTB applications - irrespective of LTV or Credit Score
. All BTL applications at 70% LTV or above
. All applications with an Unsecured Cash Reserve where the combined
LTV exceeds 85%.
For loans over 500K above 80% LTV we will also require the last 3
months bank statements in addition to all other requested case
information.
For Customers employed less than 6 months, an employers reference will
be required.
Northern Rock reserves the right to seek additional information where
we believe the lending risk requires further investigation. Northern
Rock reserves the right to carry out occupation and income reasonability
checks on any case at application stage. Following completion, Northern
Rock will, from time to time, seek retrospective confirmation of income
for loan performance monitoring purposes. This is in accordance with FSA
Best Practice guidelines. These application and post completion checks
will involve contacting employers in some instances.
It is an offence to knowingly make a false, inaccurate or misleading
declaration when applying for a mortgage. If you make such a declaration
you may face criminal prosecution and/or civil action for recovery of
any losses incurred by Northern Rock.
Proof of what the money is being used for is required by means
of estimates etc..
ADDITIONAL 95 CHARGE FOR CAPITAL RAISING
Acceptable Purposes
Home Improvements (Max 95%)
Marital Settlement (Max 95%)
Re-Finance (replace existing loan - Max 95%)
Dependents Home (Max 95%)
Self Build Home (Max 95%)
Education Fees (Max 95%)
Holiday (Max 95%)
Purchase car, boat, caravan etc.. (Max 95%)
Second Home (Max 95%)
Debt Consolidation (Max 95%)
Medical Expenses (Max 95%)
Working Capital (Max 95%)
RAPID REMORTGAGE
Available on all products excluding HERMS and Buy To Let. They will
aim to ensure that the customers remortgage completes within one
month from receipt of a fully completed application form and fee.
This is subject to access to the property on request in order to
complete a valuation and by the customer returning promptly any
documents or requestes for further information from either the
solicitor or Northern Rock. A solicitor chosen from the panel will
undertake the legal work involved in a standard re-mortgage without
charge to the customer. The customer will have to pay for any
non-standard costs that may arise or any seperate legal advice
required during the transaction. The offer excludes complex cases
e.g. but not limited to where a transfer of equity is required or
existing second charges are not to be repaid.
On all products with an arrangement fee, remortgage customers wishing
to raise additional capital will be charged an additional arrangement
fee of 95. This fee will not be charged on Arrangement Fee Save
products.
UK Tax Payers ||: Not compulsory
Arrears Outstanding ||: No
Arrears Settled ||: Consider 1 mths arrears in last 3
||| years
CCJ's Outstanding ||: No
CCJ's Satisfied ||: Consider 1 CCJ upto 500
Retired Applicants ||: Considered providing sufficient
||| income to cover mortgage
Past Bankruptcy ||: Yes, if LTV is less than 75% and the
||| discharge was 12 months or more ago. If
||| LTV is over 75%, bankruptcy must have been
||| discharges 3 years ago.
Ex-Patriates ||: UK Nationals abroad - If family live
||| in property
Foreign Nationals ||: If now permanently resident in UK
DSS Payments ||: Yes (disability only)
Diplomatic Immunity ||: No
Debt History ||: No
Max age on application||: None
Interview Required ||: No
Guaranteed Overtime ||: Consider upto 50%
Regular Overtime ||: Consider Upto 50%
Commission ||: Consider 50% - Must be regular
Rent Allownace ||: 100%
Second Job ||: Maximum 50% taken into consideration
Large Town Allowance ||: Consider All
Investment Income ||: Not considered
Multiple Applications ||: Yes
Loan Guarantors ||: Yes, for all products except Buy to Let
Debt History ||: Yes
Professionals ||: Yes
AGE
The minimum age for all applicants is 18yrs, there is no maximum
however, if the applicant is aged 55 or over and the loan goes
into retirement age Northern Rock must be satisfied that the applicant
will have sufficient pensionable income to cover the loan. For the
together products the minimum age is 21.
LIFE COVER REQUIREMENTS
Endowment|: Low Cost / Low Start / With Profits / Unit Linked
Repayment|: No requirements
Int Only |: no requirements but need to know how loan will be
|| repaid
PEP |: Term Assurance required
Pension |: Personal - With Profits / Unit linked plus Term
|| Assurance
|| Company - N/A
|| Executive - N/A
ISA || Term Assurance required
INCOME MULTIPLES
GROSS BASIC HIGH CREDIT MEDIUM CREDIT LOW CREDIT
INCOME BAND SCORE SCORE SCORE
single/joint single/joint single/joint
Over 100K 4.90 / 4.40 4.60 / 4.10 4.00 / 3.00
32,501 - 100K 4.60 / 4.10 4.30 / 3.80 3.80 / 2.90
25,001 - 32,500 4.30 / 3.80 4.00 / 3.50 3.70 / 2.80
17,501 - 25,000 4.00 / 3.50 3.80 / 3.30 3.60 / 2.80
10,000 - 17,500 3.80 / 3.30 3.60 / 3.10 3.50 / 2.80
0 - 10,000 3.50 / 3.00 3.50 / 3.00 3.50 / 2.80
TOGETHER PRODUCTS
GROSS BASIC HIGH CREDIT MEDIUM CREDIT LOW CREDIT
INCOME BAND SCORE SCORE SCORE
single/joint single/joint single/joint
Over 100K 5.40 / 4.90 5.10 / 4.60 4.30 / 3.20
32,501 - 100K 5.10 / 4.60 4.80 / 4.30 4.10 / 3.10
25,001 - 32,500 4.80 / 4.30 4.50 / 4.00 4.00 / 3.00
17,501 - 25,000 4.50 / 4.00 4.30 / 3.80 3.90 / 3.00
10,000 - 17,500 4.30 / 3.80 4.10 / 3.60 3.80 / 3.00
0 - 10,000 4.00 / 3.50 4.00 / 3.50 3.80 / 3.00
The table above sets out the income multiples that will apply to applications
subject to credit score and product taken.
Please note that it is only the applicants gross basic income that will
determine which income multiple their application will receive. However,
all acceptable income (i.e including 50% of bonuses and overtime) will be used
in the multiplier.
In addition, for applicants taking together or longer term fixed rate products
the amounts listed in the table on below will be added to the relevant
category in the table above.
PRODUCT single / joint
add x income add x income
Together 0.30 0.20
All 5 year or longer
Fixed rate products
(excluding together prods) 0.50 0.20
PLEASE ALWAYS CONSIDER US FOE CASES OUTSIDE STANDARD POLICY - WE WILL BE HAPPY TO
ADVISE WHAT WE WOULD BE PREPARED TO OFFER YOUR CLIENTS. Multiple applicants will
be considered on application.
Refer to our specialist team in our Decision Centre for a Decision in principle,
by calling 0870 241 3088
25 charge if lenders Buildings Insurance is not taken.
Schedule of the policy is required. No minimum property
value stipulated, but the re-instatement value is required
for insurance purposes
Insurance Cancellation Fee 25
PURCHASE
Main Residence House / Flat
Second Home House / Flat
Home for Dependent House / Flat
Holiday Home House / Flat
Council RTB House / Flat (not high rise block) - 100% DPP
maximum 95% OMV. Over 100% DPP may be lent for home
improvements. If borrowing more than 75% OMV normal MIGP's
apply
TENURE
Freehold House
Leasehold House / Flat
Feuhold House / Flat (Scotland)
Minimum lease required on application is 30 years + mortgage
term
Minimum lease required on redemption is 30 years
CONSTRUCTION
Conventional Brick / Tile
PROPERTY
Flat up to 1-4th floor flat with/without lift
Flats above the 4th floor (with / without a lift) Major Cities only
Garden Floor Flat With/Without Lift
Ground Floor Flat With/Without Lift
OTHER
Converted Flat
Ex Council House / Flat
No inside WC (subject to suitable retention - Refer - only if
WC to be installed)
Single Bedroom - Refer
NHBC required if property less than 5 years old
No bathroom (Retention - Funds would be released once bathroom
had been fitted)
House with 2 kitchens
Back to Back House - Only in M62 corridor
1 Bedroom Flat
2 - 6 Bedroom Flat
7+ Bedroom Flat
LOCATION
England (inc Isle of Wight) Wales, Scotland and Northern Ireland
~ Purchase Price Valuation
~ Fee
~
The cost of the valuation report includes a non-refundable Application
Fee of 75 and commission of 270 which is earned by Northern Rock for
facilitating, accepting and assessing the valuation report for
mortgage purposes. The commission cannot be refunded once the
valuation has been instructed. The balance is the valuers fee, which
cannot be refunded once the inspection has been carried out. A
valuation cannot be instructed until this fee is paid.
Where the valuer is not instructed by Northern Rock immediately
following receipt of an application form, for example in Scotland,
the 75 Application Fee and 270 commission will be debited to the
mortgage account on completion.
For applications for a CAT Standard Mortgage, there will be no
Application Fee and the commission which is earned by Northern Rock
for facilitating, accepting and assessing the valuation report for
mortgage purposes will be 150.
For loans where the advance exceeds 1million, and additional desktop
valuation will need to be carried out for a fee of 75. Reinspection
fee 55.
Purchase Price HouseBuyer
Fee
0 - 60000 560
60001 - 100000 600
100001 - 150000 640
150001 - 200000 685
200001 - 250000 730
250001 - 500000 795
500001 - 750000 845
750001 - 1000000 895
1000001 - 1500000 1095
1500001 - 2000000 1295
2000001 - 2500000 1495
2500001 - 3000000 1795
3000001 and above By Negotiation
For loans where the advance exceeds 500,000 a desktop
valuation will need to be carried out - Refer for fee
Valuations by panel valuer
Reinspection fee - 55
Further Advances - Refer for fee
| (Known to Lender as Risk Charge Fee)
| Lender pays Risk charge upto & including 95%
Max loan 5000000 ( by negotiation / refer to lender )
Bridging Finance ||: No
Drawdown Facility ||: Yes - Flexible choice standard product
Equity Release ||: Depends on purpose - Refer
Premium Funder ||: No
Self Build ||: Refer
Group Build ||: Refer
Shared Ownership ||: No
Top Ups ||: No
Further Advances ||: Existing Borrowers - 299 Fee
||| includes valuation (185
||| Scotland)
Split Loans (End / Rep) ||: Yes
Negative Equity ||: No
ERP Refund / Waiver ||: If porting existing product to a
||| new loan / property redemption is
||| waived, if taking a new product
||| redemption is halved
Legal Fees Package ||: No
Secured Loans ||: Yes
Semi / Full Commercial ||: See Commercial Finance
Second Charges ||: No
Minimum Term ||: 7 years
Maximum Term ||: 35 years / 30yrs Together Range
Reference Fee ||: 80
Questionnaire Fee ||: 75
Telegraphic Transfer ||: 30
Northern Rock BTL products;
Please note that the minimum income required is 25k.
Non EEA Nationals - must have permenant right to remain in the UK.
Maximum LTV is restricted to 75%, and all products are available
except Together, HERM and Cash Reserve.
EEA Nationals - standard lending policy applies. All products
available except Together and Unsecured Cash Reserve.
CURRENT ACCOUNT, Customers can opt to receive
Connections Benefit, no interest is earned on the customers
account instead, we calculate the average monthly cleared
credit balance on the current account. Then, interest on the
mortgage / unsecured loan is only calculated on the amount
above the average monthly cleared credit funds in the current
account
SAVINGS ACCOUNT, Customers can opt to receive
Connection Benefit, no interest is earned on the customers
account instead, we calculate the average monthly cleared
credit balance on the savings account. Then, interest on the
mortgage / unsecured loan is only calculated on the amount
above the average monthly cleared credit funds in the savings
account
Connection Interest, Only available on the savings account.
With this option, interest is earned on the savings account at
the same rate as the together connections mortgage. As interest
is being earned it will be subject to tax as appropriate
HELP WITH COSTS OPTION (refer to lender for products that will
have this incentive)
The 1000 cashback refers to Northern Rock's Help with Costs option.
This is an optional feature that must be requested on the application
form if required. Where the Help with Costs option is taken, the 1000
must be repaid if the loan is redeemed in full in the first 3 and a
half years. Help with Costs is paid directly to the solicitors on
completion of the loan.
Upto 1000 Help With Costs benefit - Refer,this benefit will now only
be clawed back should the borrower change their mortgage product within
the first 3.5 years following completion.
PURCHASE
Home Purchase customers can also use the Panel Solicitors, and
prices will be agreed on an individual basis. These Fees
cannot be added to the loan
LOYALTY DISCOUNT
A Loyalty Discount is also available for existing borrowers
who have held their current loan for more than seven years,
guaranteed to give at least 0.25% discount off their current
rate for the remaining term of the loan.
SERVICE/PROC PAYMENTS
From wednesday 30th November until 31-01-06 all online applications
(excluding porting cases)which go through to completion,will qualify
for an increased special bonus procuration fee of 200,in addition to
the standard procuration fee package.
Paper based Lifetime and BTL applications will also qualify for an
increased 200 special bonus during the above dates.
Early Repayment Charge
Early repayment charge in years 1 to 5 will be on the orginal loan
amount borrowed, in years 6 to 10 it is applied to the outstanding
mortgage balance on full redemption or on any capital repayments made
All Products are portable, i.e. the remaining terms and conditions
of the original loan are transferable to a new property when a
customer moves home. Where the loan is ported the Early Repayment
Charge relating to the balance transferred will be refunded.
If the new loan is for less than the amount required to redeem the
original mortgage you will be required to pay the Early Repayment
Charge on the reduction in balance. All transfers must take place
within 3 months of redemption of the original loan.
250 will be charged on completion of the loan where the balance
is increased. Any increase in balance will be subject to the original
terms and conditions.
If the customer moves home and takes out a new product with Northern
Rock within 3 months of redemption of the original loan then half the
Early Repayment Charge will be Refunded. For Cashback mortgages a
refund of a quarter of the Early Repayment Charge is available
following year 2 while the loan must have been in existence for 3
years for the half refund to apply
For remortgage customers wishing to raise additional capital an
additional arrangement fee of 95 will be charged
INCOME MULTIPLES
Refer to Lender for full explanation of Income Multiple Calculations
Multiples shown are just a guideline
ADDITIONAL CASE INFORMATION
This table provides details of the documents we will require to verify
income. Please ensure that all paperwork, including fees, are in order
and forms are signed and dated before submission. This will help us to
process the application quickly.
Customer Credit Score Customers with an LTV up to and including 85%
(80% for loans over 500,000)
High Credit Score Fully completed Confirmation of Identity and
Affordability Forms required.
Medium Credit Score Fully completed Confirmation of Identity and
Affordability Forms required.
Low Credit Score Employed: 3 of the last 6 months payslips plus
last P60. If paid weekly 4 of the last 8 weeks
payslips plus last P60.Self Employed: Accountant
certificate or last 3 years accounts or last
3 years tax assessments.In addition, last
mortgage statement or lender reference.
Customer Credit Score Customers with LTV greater than 85%
(80% for loans over 500,000)
High Credit Score - Employed: last monthly payslip or two weeks payslips.
Self Employed: accountant certificate, last 2
years accounts or last 2 years tax assessments.
Medium Credit Score - Employed: 2 of the last six monthly payslips plus
last P60. If weekly paid, 4 of the last 8 weeks
payslips plus last P60.
Self Employed: accountant certificate or last 2 years
accounts or last 2 years tax assessments.
Low Credit Score - Employed: 3 of the last 6 months payslips plus last
P60. If paid weekly 4 of the last 8 weeks payslips
plus last P60.
Self Employed: Accountant certificate or last 3 years
accounts or last 3 years tax assessments.
In addition, last mortgage statement or lender reference.
The Additional Case Information required for Low Credit Scores will also
be required for the following applications:
. All applications for together products - irrespective of LTV or Credit Score
. All FTB applications - irrespective of LTV or Credit Score
. All BTL applications at 70% LTV or above
. All applications with an Unsecured Cash Reserve where the combined
LTV exceeds 85%.
For loans over 500K above 80% LTV we will also require the last 3
months bank statements in addition to all other requested case
information.
For Customers employed less than 6 months, an employers reference will
be required.
Northern Rock reserves the right to seek additional information where
we believe the lending risk requires further investigation. Northern
Rock reserves the right to carry out occupation and income reasonability
checks on any case at application stage. Following completion, Northern
Rock will, from time to time, seek retrospective confirmation of income
for loan performance monitoring purposes. This is in accordance with FSA
Best Practice guidelines. These application and post completion checks
will involve contacting employers in some instances.
It is an offence to knowingly make a false, inaccurate or misleading
declaration when applying for a mortgage. If you make such a declaration
you may face criminal prosecution and/or civil action for recovery of
any losses incurred by Northern Rock.
UNSECURED LOAN
Please note the unsecured borrowing on Together mortgages will be
calculated on a capital and interest basis only.
KEY ACCOUNT PRODUCTS ARE ONLY AVAILABLE TO THE FOLLOWING:
1st Source Direct
20 Twenty Independent Ltd
Advanced Mortgage Funding Ltd TA Pink Home Loans
Age Concern AID-CALL Plc
All Types of Mortgages Ltd
Alpha to Omega (UK) Limited
APS Europe
Ashley Law Mortgage Ltd
ATOMIC
AXA Mortgage Solutions
BDS Mortgage Group
BDS Network
Blue Pearl (UK) Ltd
Bradford & Bingley Plc
Broker Support Services
Burns Anderson Independent Network
@Charcol Limited
Charcol Limited
Cheltenham & Gloucester Specialist Mortgage Solutions
Classic Network Solutions
Complete Mortgage & Loan Services Ltd
Cotswold Mortgage Services
Council Homebuyers
Countrywide Mortgage Services
Direct Life and Pensions Ltd
Financial Services Advice and Support Ltd
First 4 Brokers
First Mortgage Options
Friends Provident Marketing Ltd
Friends Provident Marketing Ltd (Directly Authorised)
Genesis Approved
Genesis Approved Network
Hamptons International Mortgages
Hinton & Wild (HomePlans Ltd)
HL Partnership
Home In OneFinancial Services Ltd
Home of Choice
Homebank Mortgages Plc
In Partnership
Interdependence Ltd
Just Mortgage Network Limited
Key Retirement Solutions
Lifelink Services Limited
Lighthouse Independent Financial Advisers
LighthouseXpress Limited
Lime
Lime Direct Limited
M&E Network
M2 - Mortgage Club
Manor Mortgage Network
Manor Mortgages Mortgage Club
Members Mortgages
MGM Home Finance
Millfield Mortgage Solutions
Millfield Partnership Ltd
Mint Financial Services
Mortgage 2000 Intermediary Network Limited
Mortgage Advice Services
Mortgage Broking Services Limited
Mortgage Force
Mortgage Intelligence
Mortgage Intelligence - Elan/Vantage
Mortgage Intelligence - Spirit Network
Mortgage Intermediary Alliance Scotland
Mortgage Next
Mortgage Next Network
Mortgage Partner Services
Mortgage Promotions
Mortgage Support Network
Mortgages Direct
MT Market
MT Select
NDL DA
Network Data
Network Mortgages Ltd
Newcastle Lifetime Mortgages
Next Generation
NHFA Limited
Openwork
Openwork (Directly Authorised)
Optoma Broker Solutions Ltd
Optoma Interpartners
Paymentshield Mortgage Club
Personal Touch Financial Services LTD
Peter Allan Ltd
Pink Home Loans
Positive Solutions Financial Services
Premier Mortgage Service
Prestbury Financial Ltd
Professional Mortgage Network
Professional Mortgage Partnership Gold Service
Professional Mortgage Partnership Ltd
Prudential Distribution Limited
Resolution Trust
SAGE Financial Services
Savills Private Finance
Sequence (UK) Ltd
Sesame (Countrywide IFA (Market)
Sesame (Countrywide IFA (Select)
Sesame (DBS Mortgage Services Limited (Market)
Sesame (DBS Mortgage Services limited (Select)
Sesame (Financial Option Select)
Sesame (Financial Options Ltd (Market)
Sesame (IFA Network Ltd (Market)
Sesame (IFA Network Select)
Sesame (Kestrel Financial Management (Market)
Sesame (Kestrel Financial Management (Select)
Sesame Direct (Market)
SimplyBiz Mortgages
Source Software Ltd
St James Place Wealth Management Plc
The Clarkson Hill Group plc
The Legal and General Partnership
The Mortgage Alliance
The Mortgage Operation
The Mortgage Operation Network
The Mortgage Partners
The Mortgage Times
The Mortgage Times (Directly Authorised)
The Whitechurch Network
Thinc Destini Financial Consultancy
Thinc Destini Network Services
Towry Law
Trinon
Trustguard Credit Services Ltd
Virtual Net (Europe) Plc
Wesleyan Unit Trust Managers Ltd
Your Mortgage Options Ltd
Your Move
Zurich Intermediary Mortgage Network
The Mortgage Matters Partnership
Legal and General Mortage Club
Connells/ Sequence
Equity Release Information Centre
Mortgage Options (Remo) Ltd
Park Row Associates Ltd
Square Mile Mortgage Finance Ltd
The Clear Cut Mortgage Company
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