Masthaven Product Features

Transcription

1 Please use the following criteria to further the eligibility of your client for this lender. For any queries please call Masthaven Product Features The interest rate is Masthaven Bank standard variable rate and is currently 5.0%. The interest rate may change at the Lender's discretion ERC s Discharge Fee Variable (Life Time Tracker of MSL Bank) The interest rate is variable and can change at the lender discretion N/A 150 Masthaven Resi (updated ) 2year Fixed As above once fixed period ended 2% yr 1 1% yr 2 0% thereafter 150 2% yr 1 3 year Fixed As above once fixed period ended 2% yr 2 1% yr 3 0% thereafter year Fixed As above once fixed period ended 3% yr Life Time Tracker able to make overpayments or lump sum payments of part at any time, no ERC penalty 2.Fixed able to make overpayment - payments exceeding 10% of the mortgage balance in any one year will incur penalties (check illustration for details) 3.May be able to transfer to new property (not guaranteed) Standard Lender qualification Unacceptable Applicants Those with less then 12 month s continuous employment Under 21 s for employed Under 25 s for S/E & BTL Over 85 at end of loan Applicants who have given lasting or enduring power of attorney Those who cannot prove their ID

2 Applicants convicted of or pending of fraud, theft or arson Persons suspected of having maliciously damaged mortgage security Those with Diplomatic immunity Politically exposed persons Corporate entities or associations Temporary workers Applicants in probationary period at work Employed applicants with less than 6-months in employment Applicants not paid in UK sterling or who s employment is overseas Those with less than 12 months S/E history Unacceptable loan purpose Capital injection into a new business Financial speculation Purchasing a time share Settling debts to prevent pending bankruptcy DCS agreements Affordability Calculation Lenders affordability calculator and Gross income BTL 120% rule with 75% of gross rental 3% for credit card or current accounts, 1% for CCJ s & defaults Cannot use income from Temporary jobs Piece work Attendance allowance Seasonal employment Housing benefit Child benefit JSA Income support Grants or bursaries Lodger income Statutory maternity or paternity pay Expenses & travel allowances From a non UK source Part time second Jobs

3 Allowed Min of 3 days or 21 hrs per week Written confirmation of min 6 months in position Income proof considered Last year s p60 Employers reference for prior 12 months Computerised payslips last 2 months for monthly paid + 3 previous for weekly paid Bank statements Accountant s cert for drawings and dividends (Self Employed) Accountant s projection (self Employed) 3-months business bank statements (sole traders & partnerships) Proof of extension of contract from employer (contract workers) SA302 s (Self Employed) Court order for maintenance Letter or annual statement for child tax credit, working tax credit and disability benefits AST for investment property income Income required and criteria Min gross Net profit for sole traders Dividends & drawings for limited companies Not party to loan Cannot use the income. Acceptable property types/ LTV reductions For residential use only Standard construction Detached, semi detached, terraced, bungalow, flats and maisonettes (Council flats and maisonettes max 70%) Mortgeagable and marketable Age restrictions Under 21 s for employed Under 25 s for S/E & BTL Over 85 at end of loan Adverse Credit

4 Unsatisfied CCJ & Defaults in the last 6 months must be cleared from the loan Max missed secured 2 in 12, max in 3 months = 1 by referral CCJ & Defaults Max 2 in 24 Bankruptcy & IVA none in last 36 months unless by referral Debt management 0 in 12 Valuation Scale DP MV BTL RI million or over will not be accepted for a drive past instruction DP Drive Past MV Internal Inspection BTL Buy To Let RI Reinspection Fees (All fees are inclusive of VAT) Refer to illustration Referrals Certain products are available through Promise on a referral basis which may not satisfy all of the lenders criteria. Please refer to Promise for any loans which do not meet all lender criteria but you feel there is merit in referring the case as an exception E.G Application in sole name Matrimonial settlement or transfer of equity >70% of 25,000 or more loan for business purposes Re-payment of unpaid tax Loan amount above plan limit Less than 6-months owned or resident

5 Post retirement affordability Income from any other benefit other than those mentioned Purpose of loan Lease extension Where security is on a second home Applicants in an IVA or Debt management plan >3 months missed mortgage between month 12 and 24 Payment holidays >1 in 12 missed mortgage on a BTL Where housing benefit is used to make up rental on a BTL Plan Level Refer to Promise or lenders offer for LTV and Rates