Eligibility and criteria
• Available for purchases and remortgages for Home Improvements only.
• Arranged in Sterling only
• Available on an Interest Only or Capital & Interest repayment basis.
• The maximum loan to value for a purchase or re-mortgage is 80%
• The maximum term is 40 years – available to age 80.
• The minimum loan amount is £50,000 up to a maximum of £2million
Affordability
Income multiples are used to calculate maximum borrowing capacity. Any existing UK mortgage payments plus monthly payments made to loans with over 6 months left to run are annualised and deducted from gross income before the following multiples are applied:
Total income after deductions Multiple applied
Up to £50,000 3.75 + 1 or 2.75 x joint
£50,001 - £75,000 3.75 + 1 or 2.80 x joint
£75,001 and above 4 + 1 or 2.90 x joint
Income multiples are increased by 0.5 on repayment mortgages for the 5 year fixed rate.
The amount that you can borrow is also restricted by the maximum loan to value as mentioned under Eligibility and criteria.
Proof of income requirements
If you are employed:
• Your last three month’s payslips
• Your latest P60 and/or employers reference
• Your last six month’s personal bank statements
If you are self-employed:
• Your last two year’s audited accounts and tax returns
• Your last six months business bank statements
• Your last six months personal bank statements
• For loans under £500,000 only an accountants certificate will be required
Other documents will be required and will be confirmed when application forms are sent to you.
Max term 40 years
£ 50,000 minimum loan
Repayment and Interest only mortgages
