Eligibility and criteria
• We arrange loans in either NZ Dollars or Sterling; however other currencies are available if your salary is paid in that currency
• Repayment and Interest only loans are available
• The maximum loan to value is 70%.
• The maximum term is 30 years – available to age 70.
• The minimum loan amount is £100,000, or currency equivalent, with no maximum
• All schemes require full documentary evidence of income – ‘self-cert’ mortgages are not available.
Affordability
To qualify for a mortgage in New Zealand, a calculation is used to establish whether you can afford to maintain the mortgage repayments. This will automatically happen when you complete our enquiry form and we will not charge you for this service.
There are two affordability calculations that are used in New Zealand; firstly, 5 x gross annual salary, less any existing mortgage borrowing. For example, client earns £100,000 per annum, and has existing mortgage borrowing of £75,000. We can therefore lend £425,000 (100,000 x 5 minus £75,000).
There is also an affordability ratio applied. This means your total monthly commitment, ie your UK mortgage payments and personal loan repayments, plus the repayments on your new New Zealand mortgage cannot exceed 50% of your net monthly income.
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 employers reference
• Your last three month’s personal bank statements
If you are self-employed:
• Your last two year’s Audited Accounts, Tax Returns and Accountants reference
• Your last three month’s personal bank statements
Other documents will be required and will be confirmed when application forms are sent to you.
Max term 30 years
£ 100,000 minimum loan
Repayment and Interest only mortgages
