20 May 2018 Issue 5/18 and Criteria Guide For Intermediary Use Only Contents Residential House Purchase and Remortgage Shared Ownership House Purchase and Remortgage Pages 3-9 10-12 Help To Buy: Equity Scheme 13 Self Build House Purchase and Remortgage Buy To Let Criteria 15-16 Business Buy To Let 17-18 FCA Regulated Family Buy To Let 19 Consumer Buy To Let 20 Affordability, Enquiries and s 21 Valuation and Legal s 22 14 Benefits of using The Mansfield We lend across England and Wales No automated credit scoring Each case individually underwritten Dedicated Intermediary Sales support Direct access to underwriters and underwriter assessed DIP Our Versatility range of specialist mortgage products for applications needing our personal approach, is also available. Contact us for more details or download a Versatility Guide from the website mansfieldbs.co.uk/intermediaries/product-guides-and-downloads The information contained in this document is a summary of our mortgage products and lending criteria. We reserve the right to withdraw or amend mortgage products without notice. www.mansfieldbs.co.uk/intermediaries
Key Information Interest is calculated daily Up to 10 of the agreed advance can be repaid each year with no early repayment charge (ERC) during the initial fixed or discounted period s - An early repayment charge (ERC) equivalent to a percentage of the agreed advance including any fees added will be made if redeemed at any time during the initial fixed or discounted period. If a new consecutive mortgage for at least the same amount as the total mortgage balance outstanding is taken out with us then any early repayment charge will be waived. If a new mortgage for at least the same amount as the total mortgage balance outstanding is taken out within 3 months of full repayment then any early repayment charge will be refunded to you LTV is exclusive of fees unless stated If a product has an application fee, this is payable at the time of application. This fee is non-refundable - If a product states there is a completion fee, this is payable on or before completion. Where product features allow, customers may positively elect to add the completion fee to the loan amount. If the completion fee is added to the loan amount this will become interest bearing and will be reflected in the monthly repayment over the term of the mortgage For new enquiries and Decisions In Principle contact Intermediary Sales Support 01623 676360 brokers@mansfieldbs.co.uk For application updates contact our Department 01623 676340 mortgages@mansfieldbs.co.uk No Higher Lending payable by borrower All discounted rates have a minimum interest rate of 1.5 which will apply during the term of the discounted period (unless stated) 2 www.mansfieldbs.co.uk/intermediaries
Residential s We lend across England and Wales with house purchase mortgages up to 95 loan to value and remortgages up to 90 loan to value. We can accept up to 4 applicants on a mortgage. Our flexible criteria includes family gifted deposits, guarantors, discounted family purchases and Right to Buy. We also offer lending into retirement (see overleaf), Shared Ownership, Help to Buy, and interest only mortgages. Residential Range Self-employed with 2 years accounts Contractors and zero hours contracts accepted up to 80 LTV, --subject to status Interest only available up to 75 LTV with part and part available up to 90 LTV (max 75 LTV for interest only element) - Self build available through Buildloan, with advance stage payments --product available up to 85 LTV Shared Ownership available up to 95 share (75 property value) Help to Buy Equity available across England and Wales New build available up to 85 LTV 3 www.mansfieldbs.co.uk/intermediaries
Residential Age Criteria repaid before age 70 repaid between age 70 and before age 80 repaid between age 80 and before age 85 LTV 95 60 60 Acceptable repayment methods Capital repayment and interest only. Interest only element must not exceed 75 LTV. Part capital repayment / part interest only available. Capital repayment and interest only. Part capital repayment / part interest only available Capital repayment Property downsizing considered, subject to minimum 150,000 equity Yes Yes (on specified products only subject to maximum 40 LTV). See page 8. No Term (years) Term (years) 35 35 35 5 5 5 4 www.mansfieldbs.co.uk/intermediaries
Residential House Purchase Fixed LTV 2 Year Fixed DIX203 3.79 N/A 5.5 over 90 and up to 95 50,000 250,000 199 300 2 Capital repayment only The completion fee can be added to the loan up to the product LTV limit Fixed DIX204 3.99 N/A 5.4 over 90 and up to 95 50,000 250,000 199 300 3 Capital repayment only The completion fee can be added to the loan up to the product LTV limit Current LTV 2 Year DID135 3.39 2.20 5.4 over 90 and up to 95 25,000 250,000 199 NIL 2 Capital repayment only 5 CURRENT SVR 5.59
Residential House Purchase or Remortgage Fixed Current LTV 2 Year Fixed Fixed DIX206 2.79 N/A 5.4 Over 80 and up to 90 50,000 300,000 199 800 2 DIX202 2.29 N/A 4.9 80 25,000 500,000 199 800 2 DIX207 3.09 N/A 5.2 Over 80 and up to 90 50,000 300,000 199 300 3 DIX208 2.99 N/A 5.1 80 50,000 500,000 199 499 3 For remortgages, free legal fees via our nominated solicitor# The completion fee can be added in For remortgages, free legal fees via our nominated solicitor# The completion fee can be added in For remortgages, free legal fees via our nominated solicitor# The completion fee can be added in For remortgages, free legal fees via our nominated solicitor# The completion fee can be added in # Please note where applicant wishes to use own solicitor, an Illustration cannot be produced via our website. To request one visit www.mansfieldbs.co.uk/intermediaries 6 CURRENT SVR 5.59
Residential House Purchase or Remortgage Current LTV 2 Year DID136 2.49 3.10 5.3 Over 80 and up to 90 25,000 300,000 199 300 2 DID137 1.99 3.60 5.1 80 25,000 500,000 199 300 2 For remortgages, free legal fees via our nominated solicitor# The completion fee can be added in For remortgages, free legal fees via our nominated solicitor# The completion fee can be added in MPD002 3.43 2.16 5.0 70 400,000 1m 199 0.50 3 Basic valuation fee payable by applicant(s) The completion fee can be added in interest rate of 2 will 1apply during the discounted period # Please note where applicant wishes to use own solicitor, an Illustration cannot be produced via our website. To request one visit www.mansfieldbs.co.uk/intermediaries Illustrations for MPD002 are not available via our website. They are available from the majority of sourcing systems, or to request one from us visit www.mansfieldbs.co.uk/intermediaries 7 CURRENT SVR 5.59
Residential House Purchase or Remortgage Borrowing Into Retirement - Property Downsizing Current LTV 2 Year DID121 3.19 2.40 5.8 40 25,000 300,000 199 800 2 Basic valuation fee payable by applicant(s) Capital raising considered subject to a maximum 50k for this element of the loan The completion fee can be added in interest rate of 2 will apply during the discounted period Interest only with downsizing as the repayment strategy subject to a minimum equity of 150k term 35 years subject to loan being repaid before the oldest applicant reaches the age of 80. Note: Brokers will be required to sign an additional declaration which can be downloaded from our website 8 CURRENT SVR 5.59
Residential House Purchase Exclusively for Existing Borrowers Moving House Current LTV DID122 2.29 3.30 4.8 80 25,000 500,000 NIL 499 3 DID123 2.59 3.00 5.1 over 80 and up to 90 25,000 300,000 NIL 499 3 The completion fee can be added in interest rate of 2 will apply during the discounted period The completion fee can be added in interest rate of 2 will apply during the discounted period Fixed LTV Fixed DIX190 2.59 N/A 5.0 80 25,000 500,000 NIL 499 3 DIX191 2.99 N/A 5.2 over 80 and up to 90 25,000 300,000 NIL 499 3 The completion fee can be added in The completion fee can be added in These products are available exclusively for home purchase applications made by existing borrowers of the Society or returning borrowers who make an application within 3 months of full repayment. 9 CURRENT SVR 5.59
Shared Ownership House Purchase or Remortgage Available to Mansfield Shared Ownership Club Members Only Current LTV (see notes^) SO-015 4.24 1.35 5.5 95 50,000 300,000 199 NIL 3 Capital repayment only Available for staircasing ^ LTV - 95 of the borrowers share, where no more than 75 of the property/value is being purchased or remortgaged. Fixed LTV (see notes^) 2 Year Fixed 5 Year Fixed SX-008 4.49 N/A 5.6 95 50,000 300,000 199 NIL 2 SX-009 4.75 N/A 5.4 95 50,000 300,000 NIL NIL 3 Capital repayment only Available for staircasing Capital repayment only Available for staircasing ^ LTV - 95 of the borrowers share, where no more than 75 of the property/value is being purchased or remortgaged. Shared Ownership Schemes - Available on residential owner occupied property in England & Wales for qualifying applicants purchasing property on a shared ownership basis from pre-approved housing associations registered with the Homes and Communities Agency. Please note that Illustrations for Shared Ownership products are not available via our website. They are available from the majority of sourcing systems, or to request one from us visit www.mansfieldbs.co.uk/intermediaries 10 CURRENT SVR 5.59
Shared Ownership House Purchase Available to all Brokers Fixed LTV (see notes^) 2 Year Fixed SX-007 4.99 N/A 5.8 95 25,000 300,000 199 NIL 2 Basic valuation fee refunded up to 400 Capital repayment only ^ LTV - 95 of the borrowers share, where no more than 75 of the property/value is being purchased or remortgaged. Current LTV (see notes^) 2 Year SO-011 4.49 1.10 5.7 95 25,000 300,000 199 NIL 2 Basic valuation fee refunded up to 400 Capital repayment only interest rate of 2 will apply during the discounted period ^ LTV - 95 of the borrowers share, where no more than 75 of the property/value is being purchased or remortgaged. 11 CURRENT SVR 5.59
Shared Ownership House Purchase Available to all Brokers Current LTV (see notes^) Fixed SOM-001 4.99 0.60 5.7 95 25,000 300,000 199 NIL 3 SXM001 5.09 N/A 5.7 95 25,000 300,000 199 NIL 3 No Capital repayment only Also avalable for staircasing No Capital repayment only Also avalable for staircasing Use these product for: s that do not fit our standard Shared Ownership criteria. If one or more applicants is on a Zero Hours Contract (24 months track record is required) or where applicant(s) has very minor issues on their credit file. Please call us if you wish to discuss. ^ LTV - 95 of the borrowers share, where no more than 75 of the property/value is being purchased or remortgaged. Shared Ownership Schemes - Available on residential owner occupied property in England & Wales for qualifying applicants purchasing property on a shared ownership basis from pre-approved housing associations registered with the Homes and Communities Agency. Please note that Illustrations for Shared Ownership products are not available via our website. They are available from the majority of sourcing systems, or to request one from us visit www.mansfieldbs.co.uk/intermediaries 12 CURRENT SVR 5.59
Help To Buy: Equity Scheme Current LTV SEODO8 2.99 2.60 5.2 75 25,000 450,000 199 800 3 NEW BUILD ONLY Basic valuation fee refunded up to 400 Capital repayment only Also available with Forces Help to Buy Scheme The completion fee can be added in excess of the product LTV limit interest rate of 2 will apply during the discounted period The Help to Buy: Equity Scheme (operated by the Homes & Communities Agency (HCA) or Help to Buy Wales Ltd) is available to qualifying applicants on residential owner-occupied property in England or Wales up to a maximum loan of 75 of the purchase price or valuation whichever is the lower, subject to the purchaser(s) providing a minimum cash deposit of 5 of the value. The scheme offers an equity loan provided by the Government of up to 20 of the cost of the property. Help to Buy homes are only available from registered house builders and applications must be accompanied by confirmation that applicants are eligible for the Scheme. The maximum amount of loan is 450,000 in England and 225,000 in Wales. Please note that Illustrations for Help to Buy: Equity Scheme products are not available via our website. They are available from the majority of sourcing systems, or to request one from us visit www.mansfieldbs.co.uk/intermediaries 13 CURRENT SVR 5.59
Self Build House Purchase or Remortgage Current LTV 2 Year SBL002 4.99 0.60 5.7 80 400,000 25,000 75 500,000 NIL 1,499 2 Basic valuation fee payable by applicant(s) must be repaid before age 70 The completion fee can be added in Term SBL003 5.59 N/A 5.8 80 100,000 500,000 NIL 1 NIL SBA002 5.59 N/A 5.8 85 100,000 500,000 NIL 1 NIL Basic valuation fee payable by applicant(s) must be repaid before age 70 Interest only repayment strategy acceptable during build The completion fee can be added in Available for advance stage payments during the build Basic valuation fee payable by applicant(s) must be repaid before age 70 The completion fee can be added in Interest only repayment strategy acceptable during build These products are available exclusively through Build. 0345 2234447 or visit www.buildstore.co.uk/buildloan A procuration fee of 0.80 is paid by us to Build on completion. Construction types In addition to properties using traditional construction methods, the Society will also consider the following: Interior Frame - structural insulated panels/insulated concrete framework/steel or timber frame External Cladding - European Redwood/Western Red Cedar/ Siberian or UK grown larch Timber frame/timber cladding combination Roofing - Zinc/copper/lead/sedum/thatched 14 CURRENT SVR 5.59
Buy to Let s Whether it s professionals, Consumer Buy to Let or letting out a property to a close relative, our individual underwriting service can take into consideration the broader circumstances of a buy to let landlord. We do not use automated credit scoring systems and each case is manually underwritten, judged on it s own merits by a real person. We offer a dedicated Intermediary Sales Support team and access to underwriters. Buy to Let Range Standard Business Buy to Let up to 75 LTV, product available up to 80 LTV for Top Slicing cases only (earned income and rental income) FCA Regulated Family Buy to Let (property to be let to a close relative) up to 75 LTV, including product available for Top Slicing Consumer buy to let available up to 75 LTV Specialist product available for the loan amount to include the cost of repairs and/or property improvement up to 75 LTV Let to buy accepted: up to 75 LTV on the Consumer Buy to Let, up to 95 LTV on the residential property purchase, subject to status We do not lend on new build city centre flats, properties over retail outlets, a House in Multiple Occupation (HMO) or to Limited Companies. Tenants in the following categories are not acceptable: students, multiple tenancies, tenants who are claiming housing benefit, asylum seekers, persons who have or require diplomatic immunity, social landlords (such as housing associations), Rent Act protected tenants, or agents of any of these www.mansfieldbs.co.uk/intermediaries 15
Key Buy to Let Criteria mortgage term 5 years, maximum mortgage term 35 years prior to age 85 at the end of the mortgage term, minimum age 25 portfolio: 5 with us (maximum overall 1m value) and up to 15 with other lenders loan size 50,000, loan size 500,000 up q to 75 LTV First time landlords accepted, but not first time buyers. Current homeowners or owner-occupier within the last 12 qmonths Individual Buy to Let accepted (not limited companies) and qmust earn a minimum income of 20k (not from property) Capital raising to buy another property considered Assessing Affordability Buy to Let Interest Coverage Ratios (ICRs) Using Rental Income & Earned Income (Top Slicing) Background BTL Regulated BTL Consumer BTL Non Portfolio Landlord = 3 or fewer properties Portfolio Landlord = 4 or more properties Portfolio landlords (i.e. 4 or more mortgaged properties) will now be required to provide an assets and liabilities statement, together with a detailed schedule of all properties and loans outstanding. Forms are available on our website mansfieldbs. co.uk/intermediaries Like for Like Remortgage BBTL Purchase or Remortgage with capital raising on Business BTL Higher Rate Tax Payer No Yes 100 at product pay rate 125 at 5.5 125 at 5.5 or 2 above pay rate, whichever is higher 145 at 5.5 or 2 above pay rate, whichever is higher Written confirmation required of rental income from a recognised professional letting agent who preferably should deal with the property 16 www.mansfieldbs.co.uk/intermediaries
Business Buy to Let House Purchase or Remortgage LTV ICR Stress Rate* Fixed XIB021 2.74 N/A 5.2 75 50,000 500,000 199 1,300 3 5.5 This product is exclusively available for Business Buy to Let This product is not regulated by the Financial Conduct Authority (FCA) Not available for Consumer Buy to Let, FCA Regulated Buy to Let or Top Slicing The completion fee can be added in excess of the LTV limit DIB044 Currently 2.49 3.10 5.2 75 50,000 500,000 199 1,300 3 5.5 Exclusively for Business Buy to Let The completion fee can be added in excess of the LTV limit This product is not regulated by the Financial Conduct Authority (FCA) Not available for Consumer Buy to Let, Regulated Buy to Let or Top Slicing *See criteria on pages 14 and 15 for rental income requirements 17 CURRENT SVR 5.59
Specialist Business Buy to Let House Purchase or Remortgage Current LTV ICR Stress Rate* DIB037 3.49 2.10 5.4 75 50,000 500,000 199 1,800 3 5.5 For Buy to Let applications that do not fit our standard Buy to Let criteria, including light refurbishment Basic valuation fee payable by applicant(s) The completion fee can be added in Not available for Consumer Buy to Let, Regulated Buy to Let or Top Slicing DIB039 4.24 1.35 5.6 80 400,000 50,000 75 500,000 199 1,800 3 4.24^ The completion fee can be added to the loan up to the product LTV limit Exclusively available for landlords using earned income or other personal wealth in addition to rental income (Top Slicing) Not available for Consumer Buy to Let or Regulated Buy to Let ^ Assessments using earned income or other personal wealth Rental income alone must be at least 100 of the monthly mortgage payment calculated at product pay rate on an interest only basis *See criteria on pages 14 and 15 for rental income requirements 18 CURRENT SVR 5.59
FCA Regulated Family Buy to Let House Purchase s exclusively available for property to be let to a close relative (i.e. spouse or civil partner, children, parents, brothers and sisters). Not available for Consumer Buy to Let, Business Buy to Let or Top Slicing. Current LTV ICR Stress Rate* DIB041 3.49 2.10 5.3 75 50,000 500,000 199 1,800 3 5.5 Basic valuation fee payable by applicant(s) The completion fee can be added to the loan up to the product LTV limit Current LTV ICR Stress Rate* DIB042 4.24 1.35 5.6 75 50,000 500,000 199 1,800 3 4.24^ Basic valuation fee payable by applicant(s) The completion fee can be added to the loan up to the product LTV limit For landlords using earned income or other personal wealth in addition to rental income (Top Slicing) ^ Assessments using earned income or other personal wealth Rental income alone must be at least 100 of the monthly mortgage payment calculated at product pay rate on an interest only basis *See criteria on pages 14 and 15 for rental income requirements 19 CURRENT SVR 5.59
Consumer Buy to Let These products are regulated by HM Treasury under an adopted UK national framework and are not regulated by the Financial Conduct Authority (FCA). These products are not available for FCA Reguated Buy to Let or Business Buy to Let. Available for remortgage only. LTV ICR Stress Rate* Fixed XIB020 2.74 N/A 5.2 75 50,000 500,000 199 1,300 3 5.5 Basic valuation fee payable by applicant(s) The completion fee can be added to the loan up to the product LTV limit LTV ICR Stress Rate* DIB043 Currently 2.49 3.10 5.0 75 50,000 500,000 199 1,300 3 5.5 Basic valuation fee payable by applicant(s) The completion fee can be added to the loan up to the product LTV limit *See criteria on pages 14 and 15 for rental income requirements 20 www.mansfieldbs.co.uk/intermediaries
Affordability, Enquiries and s Affordability calculator Use our affordability calculator to check borrowing requirements for your client, visit https://mansfieldbs.co.uk/intermediaries Submission Criteria Please ensure supporting documents are submitted as stated on the mortgage application form. fee - Cheque payable to The Mansfield Building Society or we will contact the customer directly to obtain the fee Last 3 months bank statements on all current accounts Latest mortgage statement Proof of income in retirement, e.g. pension statement or illustration, if the applicant is already retired or the mortgage term extends into planned retirement Right to Buy offer letter (if purchasing from the local authority) Proof of deposit If employed: Latest P60 Last 3 months payslips If self-employed: Copies of the last 2 self-assessment tax calculation forms (SA302)and/or copies of the last 2 Self Assessment returns Supporting information Please visit our website www.mansfieldbs.co.uk/intermediaries where you can find more information on making an application and download a supporting documentation checklist, our mortgage application form and other useful forms. Where you need to send any correspondence Department The Mansfield Building Society Regent House Regent Street Mansfield Nottinghamshire NG18 1SS For updates on applications that have been submitted and are being processed contact our Department on: 01623 676340 Fax: 01623 676357 mortgages@mansfieldbs.co.uk Lines open: 9.00am - 5.00pm Monday to Friday 8.45am - 12.15pm Saturday Procuration Please contact us, your network or your mortgage club for details of procuration fees paid 21 www.mansfieldbs.co.uk/intermediaries
Valuation and Legal s Valuation Scale Valuation fees are payable to Gateway Surveyors and they will request payment when arranging the valuation. If the application does not proceed, the initial valuation fee will be non-refundable if the valuation has been carried out in the meantime. If we conduct a drive-by valuation, the valuation fee will be 61.00. For most remortgages on residential owner-occupied properties with a maximum of 5 bedrooms, up to a maximum of 80 LTV, our panel valuer will only conduct a drive-by valuation. This means that the interior of the property will not be inspected and your client may not receive a copy of the drive-by valuation report. This ensures that costs are kept to a minimum. We do however reserve the right at all times to carry out a full valuation. Legal s Legal fees will be your clients responsibility unless stated in the product features. Remortgage Clients When remortgaging to us using a product where your client is responsible for payment of the fees your client can opt to use our nominated legal adviser for a fixed fee of 250. Under this shortened legal process the legal adviser will be acting on behalf of the Society and not on your client s behalf. Normal conveyancing checks including local and Land Registry searches will not be made as your client already lives in the property. Please note that the cost of postponing any charge or any other legal work relating to the property or any fees or charges imposed by the present lender will be your client s responsibility but we may be prepared to include these in the new mortgage with us. If your client decides to use their own legal adviser, the shortened legal process cannot be used. Purchase Price (Not exceeding) Report and Valuation Home Buyers Purchase Remortgage 50,000 102 120 260 75,000 112 120 280 100,000 138 160 317 150,000 169 160 383 200,000 194 160 434 250,000 225 160 490 300,000 266 160 541 400,000 347 160 575 500,000 383 160 674 600,000 429 225 750 700,000 511 225 850 800,000 592 225 950 900,000 674 225 1,050 1,000,000 725 225 1,150 1,200,000 868 475 1,350 1,400,000 1,011 475 1,550 1,600,000 1,149 475 1,750 This is a summary of our lending criteria and may be changed at any time. For new enquiries, call 01623 676360 22