Semi-exclusive Residential Mortgages

Transcription

1 Semi-exclusive Residential Mortgages Range highlights: Self-employed with 1 year s accounts, or SA302 and HMRC tax year overview accepted First time buyers with no restrictions Products for customers with a less than perfect credit profile Up to 1,000 cashback available Free remortgage legal service available Correct as of: product guide Get in touch with our intermediary support team (9am to 6pm, Mon to Fri) (mobile Precise Mortgages enquiries@precisemortgages.co.uk precisemortgages.co.uk

2 Semi-exclusive Residential Mortgages Tiers 1-3 Key criteria Acceptable adverse Loan amount LTV limit Term Applicant Defaults: 0 in 24 months 1,000,000 Minimum: 5 years Minimum age: 21 years CCJ: 0 in 24 months 500,000 Maximum: 30 years Maximum age: 70, or 75 upon referral where proof Missed mortgage/ of retirement age is supplied secured loan arrears: 0 in 12 months, 1 in 36 months (worst status) Maximum number of applicants: 2 Unsecured loan arrears: Not counted but may affect customer s credit score Min income: 15,000 (primary applicant) Applicant must not have any defaults, CCJ s or secured arrears recorded in the three months before application Tier 1 Fixed 30/04/ % 1,495 1,000 cashback ZAA37 Fixed 30/04/ % 1,495 Free remortgage legal service and 700 cashback 3% to 30/04/2016 ZAA38 Fixed 30/04/ % 1,495 1,000 cashback 2% to 30/04/2017 ZAA39 Fixed 30/04/ % 1,495 Free remortgage legal service and 700 cashback ZAA40 Tier 2 Fixed 30/04/ % 1,495 1,000 cashback ZAA41 Fixed 30/04/ % 1,495 Free remortgage legal service and 700 cashback 3% to 30/04/2016 ZAA42 Fixed 30/04/ % 1,495 1,000 cashback 2% to 30/04/2017 ZAA43 Fixed 30/04/ % 1,495 Free remortgage legal service and 700 cashback ZAA44 Tier 3 Fixed 30/04/ % 1,495 1,000 cashback ZAA45 Fixed 30/04/ % 1,495 Free remortgage legal service and 700 cashback 3% to 30/04/2016 ZAA46 Fixed 30/04/ % 1,495 1,000 cashback 2% to 30/04/2017 ZAA47 Fixed 30/04/ % 1,495 Free remortgage legal service and 700 cashback ZAA48 1 LIBOR 0.57% set on

3 Semi-exclusive Residential Mortgages Tiers 4-6 Key criteria Acceptable adverse Loan amount LTV limit Term Applicant Defaults: 2 in 24 months (max 1,500 in 12 months, unlimited thereafter) 1,000,000 Minimum: 5 years Minimum age: 21 years CCJ: 1 in 24 months (max 1,000 in 12 months, 2,500 in 24 months) 500,000 Maximum: 30 years Maximum age: 70, or 75 upon referral where proof Missed mortgage/ of retirement age is supplied secured loan arrears: 1 in 12 months, 3 in 36 months (worst status) Maximum number of applicants: 2 Unsecured loan arrears: Not counted but may affect customer s credit score Min income: 15,000 (primary applicant) Applicant must not have any defaults, CCJ s or secured arrears recorded in the three months before application Tier 4 Fixed 30/04/ % 1,495 1,000 cashback ZAA49 Fixed 30/04/ % 1,495 Free remortgage legal service and 700 cashback ZAA50 Fixed 30/04/ % 1,495 1,000 cashback 3% to 30/04/2016 ZAA51 Fixed 30/04/ % 1,495 Free remortgage legal service and 700 cashback 2% to 30/04/2017 ZAA52 Fixed 30/04/ % 1,495 1,000 cashback ZAA53 Fixed 30/04/ % 1,495 Free remortgage legal service and 700 cashback ZAA54 Tier 5 Fixed 30/04/ % 1,495 1,000 cashback ZAA55 Fixed 30/04/ % 1,495 Free remortgage legal service and 700 cashback ZAA56 Fixed 30/04/ % 1,495 1,000 cashback 3% to 30/04/2016 ZAA57 Fixed 30/04/ % 1,495 Free remortgage legal service and 700 cashback 2% to 30/04/2017 ZAA58 Fixed 30/04/ % 1,495 1,000 cashback ZAA59 Fixed 30/04/ % 1,495 Free remortgage legal service and 700 cashback ZAA60 Tier 6 Fixed 30/04/ % 1,495 1,000 cashback ZAA61 Fixed 30/04/ % 1,495 Free remortgage legal service and 700 cashback ZAA62 Fixed 30/04/ % 1,495 1,000 cashback 3% to 30/04/2016 ZAA63 Fixed 30/04/ % 1,495 Free remortgage legal service and 700 cashback 2% to 30/04/2017 ZAA64 Fixed 30/04/ % 1,495 1,000 cashback ZAA65 Fixed 30/04/ % 1,495 Free remortgage legal service and 700 cashback ZAA66 2 LIBOR 0.57% set on

4 General information Employment rules Employed - Applicants must normally have been in their current job on a permanent basis and for a minimum of 3 months, with 12 months continuous employment. Applicant must supply the last three months payslips and most recent P60. Self-employed We only require the latest year s accounting information; No minimum trading period; We accept an SA302 or a tax calculation, and a tax year overview in lieu of accounts. We reserve the right to ask for additional accounting information at the discretion of our underwriters. Acceptable income For sole traders we will accept net profit; For partnerships we will accept their share of the net profit. Please note, the overall affordability for sole traders and partnerships can be increased by adding their share of the following business expenses (where detailed on the accounts): Room(s) used as an office; Spouse s income. For limited companies we will accept their share of: Director s remuneration; Dividends; Director s car allowance; Director s pension payments. Pension Personal/occupation pension income can be considered as the sole source of income, subject to referral. First time buyers We define a first time buyer as any applicant who has not owned a UK property in the last 18 months. Additional verification may be required if the applicant is currently renting. Valuation and scale Valuation up to Valuation and Homebuyers report and Valuation up to Valuation and Homebuyers report and 100, , , , , , , , , , , , , , , , ,000, , , Refer to the Refer to the 1,000, , criteria guide criteria guide Procuration fee As a guide we pay procuration fees to your chosen Network, Club or Packager within 10 working days. You may receive your payment sooner or later depending on when your chosen submission route distribute their procuration fees to you. Procuration fee: 0.50% Other fees Telegraphic transfer fee 35 Post offer product switch fee 120 Please refer to Tariff of charges document for full details. A downloadable version is available on the Precise Mortgages website under Document downloads All fees include VAT (where applicable) Legal representation We will normally instruct the borrower s conveyancers to act for both Precise Mortgages and the customer on the mortgage, provided that they feature on our Conveyancer Panel. If the borrower s conveyancer is not on our panel, the borrower is able to instruct their own conveyancer and should also select a conveyancer from our Conveyancer Panel to act for Precise Mortgages. The borrower is responsible for paying the conveyancer s legal fees and disbursements, including their costs of acting for us. Where we do not instruct the borrower s conveyancer to act for us the borrower will be responsible for paying both sets of conveyancer legal fees. Full details of our Conveyancer Panel can be found at precisemortgages.co.uk/conveyancerpanel Please note, your customer will need to contact their chosen conveyancer and the conveyancer acting for us direct for full details on the fees that they charge. Allowable payment method Capital & Interest 3

5 Contact details Jamie Pritchard National Sales Manager Call Jamie if you would like to discuss our wide range of residential and buy to let mortgage products, and you are in the North of the country, the Midlands, Scotland or Wales Sundeep Patel National Sales Manager Call Sundeep if you would like to discuss our wide range of residential and buy to let mortgage products, and you are in London, the Home Counties or the South Roger Morris Director of Sales Call Roger if you would like to discuss these exclusive products or our wide range of residential and buy to let mortgages, bridging and second charge loan products Get in touch with our intermediary support team (9am to 6pm, Mon to Fri) (mobile Precise Mortgages precisemortgages.co.uk We can provide literature in large print, Braille and audio. Please ask us for this leaflet in an alternative format if you need it (10.1)