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.
For example if your net joint income is £3,000, existing UK mortgage is £500 per month, existing loan payments of £100 per month and the New Zealand mortgage is £350 per month. This gives you an affordability ratio of 31.6%(£500 + £100 + £350) divided by £3,000 OR if, for example, your gross annual income is £100k per annum we will use 5 x £100k, minus any existing mortgage/other existing debts. For example, £100k per annum x 5 = £500k minus existing mortgage borrowing of £75k and no other existing debts, we could therefore lend £425k.
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 3 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 Only mortgages
