Buy to Let. Right to Buy up to 100% Intermediary product guide. Self Employed With 1 Year Accounts

Transcription

1 Self Employed With 1 Year Accounts Right to Buy up to 100% Buy to Let Your Intermediary Team mortgagesales@dudleybuildingsociety.co.uk Phone: Intermediary product guide Version 1.43 December 2018

2 contents Unique Selling Points 3 s 4 Core 4 Fixed 4 5 Variable 6 Interest Only / Part and Part 7 Specialist 7 Self-Employed Residential 7 Ex Pat 8 Buy to Let 8 Shared Ownership 9 Right to Buy 9 10 Residential 10 Ex Pat 10 Buy to Let 11 Shared Ownership 11 Right to Buy 11 Representative Example 11 Minimum Packaging Requirements 13 Ad-hoc Packaging Requirements 13 This contents page is interactive. Please click on the required page.

3 unique selling points USP s: Dedicated underwriters Broker hotline: Manual underwriting We do not credit score Dedicated BDM team No upper age limit available on all products Initial rates from 2.49% s up to 1 million Interest only available Guarantor mortgages ( 75% ) Right to buy up to 100% of the discounted purchase price Shared ownership ( - 90% of the share) must be able to staircase up to 100% Self employed from 1 accounts Listed buildings (Grade 1, Grade 2, Grade 2* considered ( term of 20 for Grade 1 and 25 for Grade 2 and 2*) Up to 80% on second homes (occupational) Up to 4 applicants on a mortgage A flat with more than 5 storeys if built in or after year 2000 Expat BTL and Residential Joint mortgage, sole proprietor considered 3

4 Two Year Fixed Two Year Fixed Fixed Fixed 3.54% 3.54% 2.99% 2.99% 5.1% 5.3% 4.6% 4.6% 90% 90% 80% 80% CORE FIXED ERC: 3% of current balance in first 2 amount in each of first 2 ERC: 3% of current balance in first 2 amount in each of first 2 amount in each of first 3 amount in each of first 3 ERC: 3% of current balance in first Arrangement Fee 999 Arrangement Fee Provides both assistance with legal fees* and a free valuation** 1.25% Arrangement Fee Provides both assistance with legal fees* and a free valuation** 80% Five Year Fixed 3.39% 4.4% 1.20% 1.25% Arrangement Arrangement Fee Fee amount in each of first 5 Fixed Continued on next page 4

5 Five Year Fixed 2.50% For Term 2.50% For Term 3.39% 2.89% 2.49% 2.49% 4.3% 80% 4.2% 80% 2.7% 2.7% 50% 50% FIXED (Continued) DISCOUNT & ERC: 3% of current balance in first 5 amount in each of first 5 amount in each of first 3 Years amount in each of first 3 Years amount in each of first % Arrangement Fee Provides both assistance with legal fees* and a free valuation** 0.80% Arrangement Fee Provides both assistance with legal fees* and a free valuation** 1.80% 90% 3.19% For Term 3.4% Years % Arrangement Fee amount in each of first 3 Continued on next page 5

6 DISCOUNT (Continued) % For Term 3.19% 3.4% 90% Years amount in each of first 3 Provides both assistance with legal fees* and a free valuation** STD % For Term - Professionals Standard Variable with Early Repayment Charge 3.79% 4.99% 0 4.0% 90% 5.2% 90% & VARIABLE & 3% of current balance for the first 12 months Can repay 10% of advance amount in each of first 12 months ERC: 2% of advance in first 2 OC: None 1,000 Arrangement Fee STD30 Standard Variable 4.99% 5.2% 80% & ERC: None OC: None 6

7 INTEREST ONLY / PART AND PART % for term Interest Only 1.15% for term Interest Only 3.84% 3.84% 4.0% 4.0% 75% 75% SPECIALIST SELF-EMPLOYED RESIDENTIAL amount in each of first 3 amount in each of first % Arrangement Fee Provides both assistance with legal fees* and a free valuation** Years Accounts 1.50% 1 Years Accounts 1.50% 3.49% 3.49% 350, , % 4.5% 75% 75% amount in each of first 3 amount in each of first Arrangement Fee 995 Arrangement Fee Provides both assistance with legal fees* and a free valuation** 7

8 % Ex pat 1.50% BTL 3.84% 3.99% 4.1% 4.9% 80% 70% EX PAT Ex Pat & BTL Ex Pat & ERC: 3% of current balance for first three * each of first three * amount in each of first 3 1,499 Arrangement Fee 1,499 Arrangement Fee *ERC can be waived during the three year period if the customer returns to the UK and wishes to transfer to a retention product with the Society. This would be subject to proof of contract end date and return to the UK. BUY TO LET % 2.99% 4.4% 70% ERC: None OC: None 1.75% Arrangement Fee % 2.99% 4.4% 70% ERC: None OC: None 1.90% Arrangement Fee Provides both assistance with legal fees* and a free valuation** Buy To Let ERC: 3% of advance in first Standard Variable 5.49% 5.7% 70% & amount in each of first 3 Buy To Let Continued on next page 8

9 SHARED OWNERSHIP MIN 25% SHARE MIN DEPOSIT 10% OF SHARE % Shared Ownership 3.99% 250, % 90% of Share & amount in each of first 3 RIGHT TO BUY 1.00% 100% of the ERC: 2% of the current balance for first RTB % Right to 500, % discounted Right to Buy two purchase price, & 400 Cashback Buy 80% value each of first two 9

10 FURTHER ANCE RESIDENTIAL 10037F 13090F 19006F 13091F 25046F Fixed 1.80% Variable for Term 1.00% Ex Pat 1.25% Ex Pat BTL 3.19% 3.19% 4.99% 3.99% 4.24% 500, , % 3.5% 5.3% 4.3% 4.6% 80% fee and based on total borrowing with the Society) 80% fee and based on total borrowing with the Society) 90% (based on total borrowing with the Society) 75% fee and based on total borrowing with the Society) 65% fee and based on total borrowing with the Society) s Only s Only s Only EX PAT Ex Pat s Only Ex Pat Buy to Let s Only each of first three each of first three each of first three each of first three each of first three 1.00% 1.00% Arrangement Arrangement Fee Fee 10

11 FURTHER ANCE BUY TO LET 25044F 25045F 13092F 13093F 2.30% BTL Fixed BTL 1.00% Shared Ownership 1.00% Right to Buy 3.19% 3.19% 3.99% 3.99% 500, % 5.0% 4.2% 4.3% 70% fee and based on total borrowing with the Society) 70% fee and based on total borrowing with the Society) 85% of share owned (based on total borrowing with the Society) 100% of the ed Price, 80% value (based on total borrowing with the Society) Buy to Let s Only Buy to Let s Only SHARED OWNERSHIP Shared Ownership s Only RIGHT TO BUY Right to Buy s Only Can repay 10% of advance amount in each of first three each of first three each of first three each of first three 11

12 representative example Representative Example Representative Example A mortgage of 34,000 payable over 14 and 7 months initially on a fixed rate for 3 at 2.99% and then on our current Standard Variable of 4.99% (variable) for the remaining 11 and 7 months would require 36 monthly payments of and 139 monthly payments of plus one initial interest payment of The total amount payable would be 46, made up of the loan amount plus interest ( 11,861.17) and Arrangement Fee ( 340), Valuation fee ( 160), CHAPS fee ( 25), Application Fee ( 125) and Discharge fee ( 125). The overall cost for comparison is 4.6% representative. Fees, Incentives & * The Society will only cover the costs of core conveyancing, please refer to the LMS Conveyancing: Fees Assisted - England & Wales document for more details. ** The Society will pay the valuation fee up to a security value of and the applicant will need to pay for the remaining fee on any properties valued above. 12

13 application packaging requirements The minimum packaging requirements for all cases: Fully Completed Application Form on DPR, along with a signed declaration. (If there are more than 2 applicants please submit a manual form for additional applicants). 3 months of most recent bank statements. Fully completed Direct Debit Mandate. Two forms of ID for each applicant, one confirming name and one confirming address. Latest P60 & last three consecutive months payslips plus possible Employment reference (dependant on ). Company Accounts for self employed (3 evidence of earnings for self employed applicants). Valuation fee (including 125 application. Please refer to Valuation Fee Scale 13

14 application packaging requirements Ad-hoc packaging requirements: If applicant has any other properties whatsoever, mortgaged or unencumbered (BTL/resi/holiday home) completed Property Schedule is required. Completed Loan into Retirement Declaration form where term takes applicant over desired retirement age. Proof of retirement income is required when applicant is within 10 of desired retirement age at the time of application. Memorandum of Sale of Housing Association for all Shared Ownership cases. Right to Buy Notice from Council for all Right to Buy cases. Proof of rental payment covering 12 months where applicable. Bank statements are required where Tenancy is not via a Professional Letting Agent or Private Landlord s reference. A reference alone is acceptable where Tenancy is managed by Letting Agent. Proof of mortgage payments, covering 12 months, where applicable. Proof of Deposit. s Proof of Residency if applicant not on Voters Roll. LMS declaration form. Consent to Mortgage form is required when there will be any persons residing in the property on completion age 17 or over. BTL Supplementary Declaration 14