Scottish Building Society Mortgage Interest Summary

Transcription

1 3 Year Discunted Variable Rate Mrtgages fr purchase r remrtgage 1.99% (variable) i.e. SVR less 3.15% 3 Years SVR 4.3% 3% f lan amunt in first 3 years Purchase: Nne 80% - 350,000 70% - 500,000 Other Cmments Only available fr wner- ccupied residential 2.19% (variable) i.e. SVR less 2.95% 3 Years SVR 4.3% 3% f lan amunt in first 3 years Purchase: Nne 80% - 350,000 70% - 500,000 N Arrangement fee Only available fr wner- ccupied residential 2.99% (variable) i.e. SVR less 2.15% 3 Years SVR 4.7% 3% f lan amunt in first 3 years Purchase: Nne 90% - 300,000 Higher Lending Charge will be paid by Sciety (see general nte 2) Only available fr wner- ccupied residential 3.19% (variable) i.e. SVR less 1.95% 3 Years SVR 4.6% 3% f lan amunt in first 3 years Purchase: Nne 90% - 300,000 N arrangement fee Higher Lending Charge will be paid by Sciety (see general nte 2) Flexible ptin(see general nte 6) Only available fr wner- ccupied residential These prducts are designed fr all custmers including first time buyers lking t buy a huse fr wner-ccupatin r remrtgage n an existing wner-ccupied hme with a variable interest which mves in line with the Sciety s Standard Variable Rate (SVR), with a discunt ff the SVR fr the first three years f the mrtgage, and the ptin t make part repayments f capital thrughut the life f the mrtgage. It is designed fr thse that d nt bject t paying an arrangement fee and an early repayment charge being applied if the mrtgage is repaid in full r verpayments in excess f 10% f the lan amunt are made in any 12 mnth rlling perid during the first 3 years. March 2018 This is fr the use f prfessinal intermediaries nly and must nt be given t members f the public Page 1 f 8

2 Fixed Rate Mrtgage fr Purchase r Remrtgage 2.74% Fixed 3 Years SVR 4.6% 3% f lan amunt in first 3 years Purchase: Nne 80% - 350,000 70% - 500,000 Other Cmments Only available fr wner - ccupied residential 3.64% Fixed 3 Years SVR 5.0% 3% f lan amunt in first 3 years Purchase: Nne 90% - 300,000 Higher Lending Charge applies (see general nte 2) 3.84% Fixed 3 Years SVR 4.9% 3% f lan amunt in first 3 years Purchase: Nne 90% - 300,000 Higher Lending Charge applies (see general nte 2) These prducts are designed fr custmers including first time buyers lking t buy a huse r remrtgage n an existing wner-ccupied hme with the certainty f knwing what the mnthly mrtgage payment will be fr the duratin f the fixed perid, and the ptin t make part repayments f capital thrughut the life f the mrtgage. It is designed fr thse that d nt bject t paying an arrangement fee and an early repayment charge being applied if the mrtgage is repaid in full r verpayments in excess f 10% f the lan amunt are made in any 12 mnth rlling perid during the first 3 years. March 2018 This is fr the use f prfessinal intermediaries nly and must nt be given t members f the public Page 2 f 8

3 Prfessinal Mrtgages (Medical Dctrs, Dentists, Accuntants & Slicitrs) Discunted Variable Rate Prfessinal Prducts 1.79% (variable) (SVR less 3.35 %) 3 Years SVR 4.5% 3% f lan amunt in first 3 years Purchase Other Cmments 70% - 400,000 Prfessinals must be qualified, practising and Arrangement fee % (variable) (SVR less 3.25 %) 2.79% (variable) (SVR less 2.35%) 2.99% (variable) (SVR less 2.15%) 3 Years SVR 4.6% 3% f lan amunt in first 3 years Purchase 3 Years SVR 4.7% 3% f lan amunt in first 3 years Purchase 3 Years SVR 4.7% 3% f lan amunt in first 3 years Purchase 80% - 400,000 Prfessinals must be qualified, practising and Arrangement fee % - 400,000 Prfessinals must be qualified, practising and 95% - 400,000 Prfessinals must be qualified, practising and N arrangement fee These prducts are designed fr Prfessinals (Qualified - Medical Dctrs, Dentists, Accuntants and Slicitrs nly) t buy a huse r remrtgage n an existing wner-ccupied hme. It is designed fr thse that d nt bject t paying an arrangement fee and an early repayment charge being applied if the mrtgage is repaid in full r verpayments in excess f 10% f the lan amunt are made in any 12 mnth rlling perid during the first 3 years. March 2018 This is fr the use f prfessinal intermediaries nly and must nt be given t members f the public Page 3 f 8

4 Prfessinal Mrtgages (Medical Dctrs, Dentists, Accuntants & Slicitrs) Fixed Rate Prfessinal Prducts 2.59% Fixed 3 Years SVR 4.7% 3% f lan amunt in first 3 years Purchase 70% - 400,000 Prfessinals must be qualified, practising and Arrangement Fee % Fixed 3 Years SVR 4.7% 3% f lan amunt in first 3 years Purchase 80% - 400,000 Prfessinals must be qualified, practising and Arrangement Fee % Fixed 3 Years SVR 4.8% 3% f lan amunt in first 3 years Purchase 95% - 400,000 Prfessinals must be qualified, practising and These prducts are designed fr Prfessinals (Qualified - Medical Dctrs, Dentists, Accuntants and Slicitrs nly) t buy a huse r remrtgage n an existing wner-ccupied hme. It is designed fr thse that d nt bject t paying an arrangement fee and an early repayment charge being applied if the mrtgage is repaid in full r verpayments in excess f 10% f the lan amunt are made in any 12 mnth rlling perid during the first 3 years. March 2018 This is fr the use f prfessinal intermediaries nly and must nt be given t members f the public Page 4 f 8

5 Buy t Let fr Purchase r Remrtgage 3.84% (Variable) i.e. SVR less 1.30% 3 Years SVR 5.0% 3% f lan amunt in first 3 years Purchase 75% - 250,000 65% - 300,000 Other Cmments Applicants must be a member f the Sciety r in the prcess f taking a residential mrtgage with the Sciety. Rental cver 150% f mrtgage payment ( stressed at 2% abve ur current SVR)* Maximum expsure 3 (All 3 may be with SBS) Maximum lending verall 500,000 Maximum bedrms 4 N HMO Applicant must have a minimum incme f 40,000 (nn-prperty related) *may accept cverage f less than 150% if affrdability can be prven fr all expenditure when earned incme is taken int accunt. Standard Variable Rate Mrtgage 5.14% (variable) Mrtgage Term N/A 5.4% Nne Nne 90%- 300,000 80% - 350,000 70% - 500,000 N Arrangement Fee Only available fr wner- ccupied residential Higher lending charge applies (See general nte 2) This prduct is designed fr custmers lking t buy a huse fr wner-ccupatin r remrtgage their existing wner-ccupied hme with a variable interest linked t the Sciety s Standard Variable Rate (SVR) and the ptin t make part repayments f capital thrughut the life f the mrtgage. It is designed fr thse that d nt wish t pay an arrangement fee. March 2018 This is fr the use f prfessinal intermediaries nly and must nt be given t members f the public Page 5 f 8

6 Variable Rate Lifetime Mrtgage 2.09% (variable) i.e. SVR less 3.05% 3 years SVR 4.5% 3% f lan amunt in first 3 years 35% - 300, Arrangement Fee Interest-nly payments required Only available fr wner- ccupied residential Available fr equity release Minimum age % (variable) i.e. SVR less 2.85% 3 years SVR 4.6% 3% f lan amunt in first 3 years 35% - 300,000 N Arrangement Fee Interest-nly payments required Only available fr wner- ccupied residential Available fr equity release Minimum age 65 Fixed Rate Lifetime Mrtgage 2.99% Fixed 3 years SVR 4.8% 3% f lan amunt in first 3 years 35% - 300, Arrangement Fee Interest-nly payments required Only available fr wner- ccupied residential Available fr equity release Minimum age 65 These prducts are designed fr custmers aged 65 r ver, lking t raise capital n their existing wner-ccupied hme and have an interest which mves in line with the Sciety s Standard Variable Rate (SVR) r n a Fixed Rate basis. It is als suitable fr custmers aged 65 r ver seeking t raise the necessary funds t buy the prperty they currently rent frm the lcal authrity r a husing assciatin. The custmers must have the ability t affrd mnthly interest-nly mrtgage payments with the understanding that these may vary ver the term f the mrtgage, including in retirement. There is n requirement fr a recgnised repayment vehicle as it is accepted that the mrtgage will be repaid n the sale f the prperty when the last residing brrwer dies r mves int lng-term care. Nte: Mrtgage intermediary must prvide the Sciety with dcumentary evidence f FCA authrisatin t prvide advice n lifetime mrtgages when submitting an applicatin. Additinal Incentives available n Variable and Fixed Rate Lifetime mrtgages: 1. Fr remrtgages n lcated in Sctland (excluding mrtgages that are less than ) the Sciety will make a cntributin f 150 twards legal csts and the cst f a basic mrtgage valuatin, in accrdance with the Sciety s wn scale f fees. 2. A cntributin f 250 twards legal fees is available fr existing members f the Sciety mving hme and taking ut a new wner-ccupied residential mrtgage with the Sciety. This will be paid directly t the slicitr at cmpletin f the mrtgage. March 2018 This is fr the use f prfessinal intermediaries nly and must nt be given t members f the public Page 6 f 8

7 Guest Huse Discunt Variable Rate Mrtgage 4.79% i.e. SVR less 0.35% 3 years SVR 5.2% 3% f lan amunt in first 3 years Purchase: Nne 75% - 350,000 Arrangement Fee 699 Only available fr guest huses with up t 6 letting rms where the wner will als ccupy the prperty (see general nte 5) This prduct is designed fr custmers lking t buy r remrtgage a guest huse prperty which has n mre than 6 letting rms and have an interest which mves in line with the Sciety s Standard Variable Rate (SVR), with a discunt ff the SVR fr the first 3 years f the mrtgage, with the ptin t make part repayments f capital thrughut the life f the mrtgage. It is designed fr thse that d nt bject t paying an arrangement fee and an early repayment charge applying during the first 3 years f the mrtgage if it is repaid in full r verpayments in excess f 10% f the lan amunt are made in any 12 mnth rlling perid. Guest Huse Fixed Rate Mrtgage 5.59% Fixed 3 years SVR 5.5% 3% f lan amunt in first 3 years Purchase: Nne 75% - 350,000 Only available fr guest huses with up t 6 letting rms where the wner will als ccupy the prperty (see general nte 5) This prduct is designed fr custmers lking t buy r remrtgage a guest huse prperty which has n mre than 6 letting rms and have an interest fixed fr a perid f 3 years f the mrtgage befre reverting t ur Standard Variable Rate (SVR), with the ptin t make part repayments f capital thrughut the life f the mrtgage. It is designed fr thse that d nt bject t paying an arrangement fee and an early repayment charge applying during the first 3 years f the mrtgage if it is repaid in full r verpayments in excess f 10% f the lan amunt are made in any 12 mnth rlling perid. Self-Build Variable Rate Mrtgage (see general nte 4) Initial Rate Perid Rate charge 5.89% (variable) i.e. SVR % 3 Years SVR 5.6% 3% f lan amunt in first 3 years Nne 80% - 300,000 Arrangement Fee 995 Only available fr wner- ccupied residential Only available fr self-build This prduct is designed fr custmers lking t build their wn huse fr wner-ccupatin with a variable interest linked t the Sciety s Standard Variable Rate (SVR) and the ptin t make part repayments f capital thrughut the life f the mrtgage. It is designed fr thse that d nt bject t paying an arrangement fee and an early repayment charge being applied if the mrtgage is repaid in full r verpayments in excess f 10% f the lan amunt are made in any 12 mnth rlling perid during the first 3 years. When the build is cmplete and n prductin f the Cmpletin Certificate we will allw a switch t any standard residential prduct available at that time. The early repayment charge will nt apply. The new prduct may have early repayment cnditins attached. March 2018 This is fr the use f prfessinal intermediaries nly and must nt be given t members f the public Page 7 f 8

8 General Ntes: 1. The Sciety s current standard variable (SVR) is 5.14%. 2. Where indicated in the Other Cmments a higher lending charge will apply and will be based n the LTV. Where a Higher Lending Charge is applicable this can generally be added t the mrtgage, if yu wish, prviding ttal lending des nt exceed 95%. The fllwing s apply: t Price/Value Rati (LTV) Charge per 100 f lan amunt in excess f 80% - ver 80% up t 85% ver 85% up t 90% ver 90% up t 95% The arrangement fee can be added t the mrtgage, subject t the LTV nt exceeding the 95% limit. If the LTV wuld exceed 95% by adding the arrangement fee it will need t be deducted frm the lan amunt r paid by the applicant(s) prir t cmpletin. 4. Self-build mrtgages: (a) (b) (c) The first installment can be made available fr the purchase f the land. This installment can be up t a maximum f 60% f the plt value r purchase price (whichever is lwer). There is flexibility t negtiate installments during the cnstructin f the prperty prvided that the utstanding lan is nt mre than 80% f the csts incurred t that stage f cnstructin r the current valuatin (whichever is lwer). The final installment will nrmally be released when the prperty is cmpleted. 5. The discunted is nly available n a Guest Huse if the prperty has n mre than 6 letting rms and the applicants ccupy the prperty as their main residence. (a) (b) (c) 6. Flexible Optin: (a) (b) The prperty can have a maximum ttal number f bedrms f 9, including wners accmmdatin. If the guesthuse has n mre than 3 letting rms and the mrtgage can be supprted by earned incme (i.e. nt frm incme gened by the guesthuse) the prducts available fr wner-ccupied residential mrtgages can be cnsidered. Finance will nt be available where the Guest Huse is part f anther business e.g. restaurant. Overpayments f up t 10% f the mrtgage advance can be made per annum. An early repayment charge, equivalent t 3% f the ttal amunt verpaid, will apply if verpayments exceed 10% f the lan amunt in any 12 mnth rlling perid during the first 3 years f the mrtgage. Underpayments and payment hlidays are permitted, subject t sufficient credit. 7. The minimum value (r purchase price if lwer) f buy t let is 100, N cmpulsry insurance prducts with any mrtgage applicatin. 9. All prducts are subject t availability and may be withdrawn by the Sciety at any time withut ntice. 10. Yu shuld cntact yur lcal BDM (details belw) if yu want t discuss any applicatins that d nt fit the general prduct and/r lending criteria. General Cnditins 1. If wner ccupied residential prperty it must be lcated in Sctland r the fllwing nrthern cunties f England Nrthumberland r Cumbria. If nt wner-ccupied residential prperty it must be lcated in Sctland. 2. Standard Incme multiples: LTV up t 80%: The maximum mrtgage is 4.5 x prime incme plus 1 x 2 nd brrwer s incme r 3.5 x jint incmes. LTV ver 80%: The maximum mrtgage is 4 x prime incme plus 1 x 2 nd brrwer s incme r 3 x jint incmes. 3. All mrtgages are als subject t meeting affrdability requirements. In assessing affrdability a standard interest, in excess f the Sciety s current variable, is used and will therefre allw fr the pssibility f increased interest s. 4. The maximum age f the applicant(s) at end f term is nrmally The minimum mrtgage term is 5 years and the maximum term is 40 years. 6. Al l mrtgages are subject t satisfactry status and valuatin. 7. The fllwing specific status requirements apply t mrtgage applicatins in excess f 80% LTV: The Sciety is required t btain emplyers references, including a previus emplyer s reference if the applicant has been in the current emplyment fr less than 6 mnths. If an existing mrtgage cannt be verified by the credit reference the Sciety is required t btain bank/mrtgage statements, cvering a full 36 mnth perid prir t applicatin, r a lender s reference. Where the applicants are living in rented accmmdatin the Sciety is required t btain bank/rental statements, cvering a full 36 mnth perid prir t applicatin, r a landlrd s reference. The payment histry n an existing mrtgage r tenancy must be exemplary. In rder t be cnsidered exemplary there must be n arrears in the last 36 mnths. Applicants with any Curt Decrees (CCJs) r defaults against them are nt acceptable. Addresses and telephne numbers: Edinburgh Fife, Perth, Falkirk & Stirling Glasgw & West Suth West Nrth East Alex Mffat Hlly Hynd David Richardsn Derek Christie Duglas Sharpe Tel: Tel: Tel: Tel: Tel: : a.mffat@sctbs.c.uk : h.hynd@sctbs.c.uk. : d.richardsn@sctbs.c.uk : d.christie@sctbs.c.uk : d.sharpe@sctbs.c.uk March 2018 This is fr the use f prfessinal intermediaries nly and must nt be given t members f the public Page 8 f 8