Buy to Let. Right to Buy up to 95% Intermediary product guide. Self Employed With 1 Year Accounts

Transcription

1 Self Employed With 1 Year Accounts Right to Buy up to 95% Buy to Let Your Intermediary Team mortgagesales@dudleybuildingsociety.co.uk Phone: Intermediary product guide Version 1.38 May 2018

2 contents Meet the Team 3 Unique Selling Points 4 s 5 Core 5 Fixed 5 Discount 6 Variable 7 Interest Only / Part and Part 8 Specialist 8 Self-Employed Residential 8 Ex Pat 9 Buy to Let 9 Shared Ownership 11 Right to Buy 11 Further Advance 12 Residential 12 Ex Pat 12 Buy to Let 13 Shared Ownership 13 Right to Buy 13 Representative Example 13 Minimum Packaging Requirements 15 Ad-hoc Packaging Requirements 16 This contents page is interactive. Please click on the required page.

3 meet the team Sam Ward Head of Lending Jenny Hawthorne Business Development Manager Samuel Lea Business Development Manager Our friendly team of Underwriters & Administrators Lucy Foley s and Mortgage Systems Manager Paula Millard Mortgage Underwriting Manager Chanelle Lauren Nigel Lisa Michelle Anna Simon Nav Sarah 3

4 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 95% 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 4

5 or s/incentives/ CORE FIXED Two Year Fixed 3.54% Two Year Fixed 3.54% Three Year Fixed Three Year Fixed 2.99% 2.99% Five Year Fixed 3.19% 5.1% 5.3% 4.6% 4.6% 4.4% 90% 90% 80% 80% 80% 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 5 amount in each of first Arrangement 999 Arrangement 1.25% Arrangement 1.25% Arrangement Fixed Continued on next page 5

6 or s/incentives/ Five Year Fixed 3.19% Three Year Discount 2.89% % Discount For Term 2.50% Discount For Term 2.49% 2.49% 4.3% FIXED (Continued) 80% 4.2% 80% 2.7% 2.7% DISCOUNT 50% 50% 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 N/A 0.80% Arrangement 90% 1.80% Discount For Term 3.19% 3.4% Years % 0.80% Arrangement Arrangement amount in each of first 3 Discount Continued on next page 6

7 or s/incentives/ DISCOUNT (Continued) % Discount For Term 3.19% 3.4% 90% Years amount in each of first % Discount For Term - Professionals 3.79% 0 4.0% 90% VARIABLE 3% of current balance for the first 12 months Can repay 10% of advance amount in each of first 12 months 1,000 Arrangement STD50 Standard Variable with Early Repayment Charge 4.99% 5.2% 90% ERC: 2% of advance in first 2 OC: None N/A STD30 Standard Variable 4.99% 5.2% 80% ERC: None OC: None N/A 7

8 or s/incentives/ INTEREST ONLY / PART AND PART % Discount for term Interest Only 1.15% Discount for term Interest Only Three Year Fixed Interest Only 3.84% 3.84% 3.99% 4.0% 4.0% 5.0% 75% 75% 75% SPECIALIST SELF-EMPLOYED RESIDENTIAL amount in each of first 3 amount in each of first 3 amount in each of first % Arrangement Years Accounts 1.50% Three Year Discount 1 Years Accounts 1.50% Three Year Discount 3.49% 3.49% 350, , % 4.5% 75% 75% amount in each of first 3 amount in each of first Arrangement 995 Arrangement 8

9 or s/incentives/ % Discount for Term Ex pat 1.25% Discount for Term BTL 3.99% 4.24% 500, % 5.0% EX PAT 75% 65% Ex Pat BTL Ex Pat ERC: 3% of current balance for first three each of first three * amount in each of first 3 *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 % Three Year Discount 2.99% 4.4% 70% ERC: None OC: None 1.75% Arrangement % Three Year Discount 2.99% 4.4% 70% ERC: None OC: None 1.90% Arrangement legal fees and afree Buy To Let Continued on next page 9

10 or s/incentives/ BTL Three Year Fixed BTL Three Year Fixed BTL Five Year Fixed BTL Five Year Fixed 2.99% 2.99% 3.29% 3.29% 4.9% 5.0% 4.7% 4.6% BUY TO LET (Continued) 70% 70% 70% 70% amount in each of first 3 amount in each of first 3 ERC: 3% of current balance in first 5 amount in each of first 5 ERC: 3% of current balance in first 5 amount in each of first 5 ERC: 3% of advance in first 3 2,795 Arrangement 3,995 Arrangement 2,795 Arrangement 2,995 Arrangement Buy To Let Standard Variable 5.49% 5.7% 70% N/A amount in each of first 3 10

11 or s/incentives/ SHARED OWNERSHIP MIN 25% SHARE MIN DEPOSIT 10% OF SHARE % Discount for Term Shared Ownership 3.99% 250, % 90% of Share amount in each of first 3 N/A RIGHT TO BUY 95% of the ERC: 2% of the current balance for first RTB % Discount for Term Right to Buy 3.99% 500, % discounted Right to Buy two purchase price, 400 Cashback N/A 80% value each of first two 11

12 or s/incentives/ FURTHER ANCE RESIDENTIAL 10037F 13090F 19006F 13091F 25046F Three Year Fixed Further Advance 1.80% Discount for Term Further Advance Variable for Term Further Advance 1.00% Discount for Term Ex Pat Further Advance 1.25% Discount for Term Ex Pat BTL Further Advance 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) EX PAT 75% fee and based on total borrowing with the Society) 65% fee and based on total borrowing with the Society) Further Further Further Ex Pat Further Ex Pat Buy to Let Further each of first three each of first three each of first three each of first three each of first three N/A 12

13 or s/incentives/ FURTHER ANCE BUY TO LET 25044F 25045F 13092F 13093F 2.30% Discount for Term BTL Further Advance Three Year Fixed BTL Further Advance 1.00% Shared Ownership Discount for Term Further Advance 1.00% Right to Buy Discount for Term Further Advance 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) Buy to Let Further Buy to Let Further SHARED OWNERSHIP 85% of share owned (based on total borrowing with the Society) RIGHT TO BUY 95% of discounted purchase price (based on total borrowing with the Society) Shared Ownership Further Right to Buy Further Can repay 10% of advance amount in each of first three each of first three each of first three each of first three N/A N/A 13

14 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 ( 340), Valuation fee ( 160), CHAPS fee ( 25), Application ( 125) and Discharge fee ( 125). The overall cost for comparison is 4.6% representative. 14

15 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 Scale 15

16 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. Three Year 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. 16