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 1.17 Febuary 2016

2 meet the team Jonathan Moore Head of Credit Tim Jones Mortgage Underwriting & Collections Manager Angie Taylor Business Development Manager Jenny Hawthorne Business Development Co-ordinator Lucy Foley Mortgage & Savings Manager Underwriting:- Nigel Beach Sheila Pal Chanelle Williams Lauren Samuel

3 or s/incestives/ CORE FIXED FX153 Two Year Fixed 5.0% 90% ) & ERC: 3% of advance in first 2 years amount in each of first 2 years 999 Arrangement 5 35 Yrs Three Year Fixed 25, % 75% ) & in each of first 3 years 5 35 Years Five Year Fixed 4.9% ERC: 3% of advance in first 5 years amount in each of first 5 years 1.25% Arrangement 1.35% Arrangement Five Year Fixed ERC: 3% of advance in first 5 years 4.8% amount in each of first 5 years assistance with legal s and a free valuation

4 or s/incestives/ DISCOUNT % Three Year 3.19% 4.7% 80% ) & 995 Arrangement 5 35 Yrs DS % Three Year 3.49% 4.7% 80% & 5 35 Yrs % Discount For 2.99% 3.1% 60% (Inc in each of first 3 years 0.80% Arrangement % Discount For 2.99% 3.1% 60% (Inc in each of first 3 years 1.70% Discount For 3.29% 3.5% 60% (Inc ERC: None 13036

5 or s/incestives/ DISCOUNT (Continued) % Discount For 3.29% 3.5% 60% (Inc ERC: None % Discount For 3.49% 3.7% 80% (Inc in each of first 3 years % Discount For 3.49% 3.7% 80% (Inc in each of first 3 years % Discount For 3.69% 3.9% 80% (Inc ERC: None 1.30% Discount For 3.69% 3.9% 80% (Inc ERC: None 13041

6 or s/incestives/ VARIABLE STD50 Standard Variable with Early Repayment Charge 4.99% 250, % 90% & ERC: 2% of advance in first 2 years 5 35 Yrs STD30 Standard Variable 4.99% 250, % 80% & ERC: None 5 35 Yrs INTEREST ONLY / PART AND PART % Discount for term from SVR Interest Only 3.79% 3.9% 60% (Inc % Discount for term from SVR Interest Only 3.79% 3.9% 60% (Inc assistance with legal s and a free valuation % Discount for term from SVR Interest Only 4.2% 60.01% % Discount 60.01% - for term from SVR 4.1% Interest Only assistance with legal s and free valuation

7 Years Accounts 1.00% Three Year 1 Years Accounts 1.00% Three Year 2 Years Accounts 1.44% Three Year 3.55% 350, , , % 5.0% 4.9% or SPECIALIST SELF-EMPLOYED RESIDENTIAL 75% ) 75% ) s/incestives/ 995 Arrangement (One years accounts required) 5 35 Yrs 995 Arrangement (One years accounts required) assistance with legal s and a free valuation 995 Arrangement (Two years accounts required) 5 35 Yrs 995 Arrangement (Two years accounts required) 2 Years Accounts 1.44% Three Year 3.55% 350, % assistance with legal s and a free valuation 5 35 Years

8 or s/incestives/ LISTED BUILDINGS % Discount Listed Building ( 70% ) 0.75% Discount Listed Building ( 75% ) 0.75% Discount Listed Building ( 80% ) 4.24% 4.24% 4.2% 4.4% 4.4% 70% ) 75% ) 80% ) & & & 5-25 Years 5 25 Years 5 25 Years BTL Discount For BTL Discount For 4.2% 4.3% 70% (Inc. s) 70% (Inc BUY TO LET in each of first 3 years in each of first 3 years 1.25% Arrangement 5 35 Years 1.50% Arrangement 5 35 Years assistance with legal s and free valuation 1.25% Arrangement BTL Discount For 4.24% 4.5% in each of first 3 years 5 35 Years

9 or s/incestives/ BUY TO LET (Continued) BTL Discount For 4.24% 4.6% in each of first 3 years 1.50% Arrangement 5 35 Years assistance with legal s and free valuation BTL Three Year Fixed 4.24% 5.5% 70% (Inc in each of first 3 years 1.50% Arrangement 5 35 Years BTL Three Year Fixed 4.24% 5.4% 70% (Inc in each of first 3 years 1.75% Arrangement 5 35 Years assistance with legal s and free valuation BTL Three Year Fixed 4.49% 5.5% in each of first 3 years 1.50% Arrangement 5 35 Years 1.75% Arrangement BTL Three Year 5 35 Years Fixed 4.49% 5.5% in each of first 3 years assistance with legal s and free valuation

10 or s/incestives/ SHARED OWNERSHIP MIN 25% SHARE MIN DEPOSIT 10% OF SHARE SHO09 Standard Variable 4.99% 250, % 90% of share & ERC: 2% of advance in first 2 years Min share 25% Repayment basis only 5 35 Yrs share or Home Imps only. Agreement from Housing Association required SHARED EQUITY MAX SHARE 90/10 - MIN DEPOSIT 5% OF PURCHASE PRICE SHE08 SHE % Three Year 1.00% Three Year 3.59% 4.8% 75% 4.9% 85% & & equity share 90% Repayment basis only 5-25 Yrs equity share 90%. Repayment basis only 5 25 Yrs, subject to approval of equity loan provider, subject to approval of equity loan provider RIGHT TO BUY 95% Standard Variable 4.99% 25, % of Dis PP ERC: 2% of advance in the first year 400 Cashback RTB02 80% Repayment basis only Value 5 35 Yrs

11 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 2.99% s up to 1 million ( 75% ) Interest only available equity requirement ( 125k outside London and 250k in London) Guarantor mortgages close blood relatives ( 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 years accounts (Self-E product) Specialist listed building products (Grade 1, Grade2 and 2*) Up to 80% on second homes (occupational) Up to 4 applicants on a mortgage A flat with more than 4 storeys if built in or after year 2000

12 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). Fully completed Direct Debit Mandate. Two forms of ID for each applicant, one confirming name and one confirming address. P60 & Last three consecutive months payslips plus possible Employment reference (dependant on ). Company Accounts for Self Employed (three, two or one year s accounts accepted dependant on and product). 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. Valuation (including 125 application ). Please refer to Valuation Scale in Packaging Guide. Three Year s Proof of Residency if applicant not on Voters Roll. Budget planner. s declaration. LMS declaration form.

13 application packaging requirements Ad-hoc packaging requirements: Cases with any element of Interest Only completed Interest Only Declaration form & proof of repayment strategy. If applicant has any other properties whatsoever, mortgaged or unencumbered (BTL/resi/holiday home) completed Personal Assets & Liabilities Statement Let to Buy Consent to Let from existing Lender. 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 years of desired retirement age at the time of application. Memorandum of Sale from Housing Association for all Shared Ownership cases Right to Buy Notice from Council for all Right to Buy cases.