3.19% Tracker

3.19% Tracker

Up to £1,000,000 (Remortgage only LTV 75)

Mortgage is Portable, Mortgage is Flexible, 10% Overpayments allowed per year.

If you move to another property you can transfer the mortgage interest rate on the transferred balance to a new mortgage product provided that you still meet our lending criteria at the time at the application. Fee may be charged when porting the mortgage interest rate and the terms and conditions for any new mortgage product will also apply. For full details of the terms and conditions please see the new mortgage product literature.

Free Legal

This product includes a Mortgage Current Account.

A Mortgage Reserve is a secured overdraft facility on a Mortgage Current Account which enables customers with an Openplan Flexible Mortgage to borrow against the equity in their home. It is mandatory to have a Mortgage Current Account if you have an Openplan Flexible Mortgage.

Purchases 85% LTV max, whilst Remortgages and Additional Borrowing are restricted to a max LTV 80%

The ability to convert a Mortgage held on a Capital Repayment basis to Interest Only (either in full or in part) once the loan has completed is not available.

Lenders Interest Only limit of 75% and Product LTV maximums apply across the main Mortgage and any Reserve.

- Linked Current Account

- A Mortgage Current Account must be taken out with this mortgage in order to access the Mortgage Current Account Reserve facility. If you already have a Mortgage Current Account you will not be required to open a new Mortgage Current Account, instead, your existing account will be linked to your mortgage.

- Free valuation.

- Free legal service is not available should a customer choose not to use the appointed panel solicitor.

The Switch and Save option is available up to a max loan of £1m.

A capital reduction of 10% per annum can be made without incurring an early repayment charge. This will apply through the early repayment charge period. Please refer to Section 10 for details.

Following receipt of an overpayment or a lump sum reduction, the lender will immediately reduce the mortgage balance on which the interest is charged. This means that you will receive the benefit straight away.

This mortgage includes a facility for additional borrowing without further approval. A Mortgage Current Account Reserve Facility is a secured overdraft available through a Mortgage Current Account, and can be used to draw down additional borrowing.

Any additional borrowing taken through the Mortgage Current Account Reserve will increase the amount of borrowing secured on your home. This means that if you fail to repay any amount borrowed your home will be at risk of repossession.

The amount of the Mortgage Current Account Reserve in this illustration is £0. However, the Mortgage Current Account Reserve may become available in the future and the interest rate charged on the Mortgage Current Account Reserve will be Woolwich Standard Variable Rate currently 4.99%

Information relating to the APR for the Mortgage Current Reserve can be made available should you choose to access or apply for funds at a later stage.

The Mortgage Current Account Reserve must be repaid in full if the main mortgage is repaid in full.

Capital Rest Period : Daily

Repayment Yes

Endowment 75% LTV

PEP 75% LTV

Pension 75% LTV

Interest only (no RV) 75% LTV

With Profits 75% LTV

Unit Linked 75% LTV

ISA 75% LTV

Split Repayment Yes

Arrangement : £999 Can be Added

Booking : None

1% of loan for 2 years, 10% capital repayments allowed per year without penalty

None

Basic:

Free

Homebuyers:

upto £75,000 - £365

upto £100,000 - £395

upto £150,000 - £435

upto £200,000 - £495

upto £250,000 - £555

upto £300,000 - £615

upto £350,000 - £675

upto £400,000 - £745

upto £450,000 - £815

upto £500,000 - £885

upto £600,000 - £965

upto £700,000 - £1045

upto £800,000 - £1125

upto £900,000 - £1205

upto £1,000,000 - £1295

Special:

upto £75,000 - £780

upto £100,000 - £820

upto £150,000 - £860

upto £200,000 - £900

upto £250,000 - £940

upto £300,000 - £1000

upto £350,000 - £1060

upto £400,000 - £1130

upto £450,000 - £1210

upto £500,000 - £1300

upto £600,000 - £1400

upto £700,000 - £1510

upto £800,000 - £1630

upto £900,000 - £1750

upto £1,000,000 - £1880

Final Repayment Charge - £275.00 Payable on redemption.

Completion Fee - £35.00 Payable on completion.

Freehold Flat Refer

Purpose Built Flat Yes

Converted Flat Yes

Flat Over Shop Refer

Maisonette Yes

Studio Flat Yes

Flying Freehold Refer

Thatched Yes

Timber Framed Refer

Concrete Refer

Agricultural Tie Refer

Flat Over 4 Storeys Yes

Listed Building Refer

Max Discount% 85

Max Market Value% 80

New Build acceptable. New Build/Newly Converted Properties are classed as any property which has been registered at Land Registry for less than 2 years. No additional LTV restriction is currently applied.

If the new property is not to be used as the customer’s main residence, e.g. a holiday home or flat for occupation when visiting town, the maximum LTV must not exceed 80%.

Builders Deposits/Incentives - Lender requires an applicant to provide a minimum personal stake of 15% based on the full purchase price from their own resources, in addition to any Builders deposit/incentives provided. Please note that the minimum personal stake must be adjusted where other LTV or product restrictions apply.

Unencumbered Properties - Maximum mortgage available is reduced to 80% LTV in line with lenders criteria for Remortgages - subject to product availability/LTV criteria.

Scottish Valuations - Will accept a retype/transcript of the mortgage valuation which has been prepared as part of the Home Report or which the customer has instructed, subject to it being provided by a Barclays approved Scottish Valuer – this is subject to certain criteria and excludes New Build. Refer to lender.

Accepted Locations : England, Scotland, Wales, N Ireland

Bank Statements 1 months

At Least 3 Months Pay Slips Yes

P60 Yes

Proof Of Residency Yes

Life Policy To Be Assigned No

Previous Lender References No

Buildings Conditional

Min Loan /Rmg £5,000

Max Loan /Rmg £1,000,000

Max Portfolio of BTL Loans none

Min Age 18 years

Max Age 70 years

Min Term 5 years

Max Term 35 years

For Interest Only Mortgages the customer must have a plausible strategy to pay off the mortgage at the end of the mortgage term. The maximum Interest Only part of any loan is limited to 75% LTV. Where borrowing in excess of 75% is required; the additional amount must be on a repayment basis i.e. part and part. Please note that the Interest Only element will be reduced to 66% LTV where the applicant is relying on the sale of a mortgaged property; which must have equity of at least £150,000.

The Interest Only and Product maximum LTVs apply to both the Mortgage and any Reserve applied for e.g. If a customer remortgages their property which is worth £200k and they want to borrow £120k (60% LTV) on a 60% LTV product, they will not be eligible to apply for a Reserve in addition to this.

Where the maturity date of the requested mortgage is going to be later than the retirement date or age 70 of the youngest applicant (whichever is earliest), applications will be considered on an individual basis. - Refer to Lender.

Woolwich reserves the right to request documentary evidence to confirm the status of an applicant at any time during the processing of an application.

A customer will be deemed to have an adverse credit history if they have or have had payment arrears/missed payments on any loan/mortgage/credit arrangement (e.g. credit card, store card, mobile phone etc), County Court Judgements (CCJs), defaults, subject to bankruptcy (discharged or not) and/or subject of an Individual Voluntary Arrangement (IVA).

Buildings Insurance (please ensure that Buildings insurance is in place and that you have adequate cover).

Foreign Citizens Not Accepted

Ex-Patriates Not Accepted

Based on Income > 0

5 + 1 or 5 joint < 95% LTV

Min months in current position 6

Min months in continuous service 18

Min no. of years accounts 3

Average years taken to calculate income 2

Will consider declining profit Refer

Allowable Gross Income - Child Tax Credits can be taken into consideration when calculating Income Multiples and Affordability.

Bonuses should NOT be included in a customers' affordability.

Lenders disposable income figures are:

* A single applicant requires £551 per month

* Two or more applicants will require £715 per month

* Each dependant requires £121 per month

E.g. Based on these new figures a family of 2 adults and 2 children would require a disposable income of £957 per month.

Hire Purchase Taken into account

Personal Loans Taken into account

Overdraft Refer to lender

Credit/Store Cards Taken into account

Child Maintenance Taken into account

Child Education Taken into account

Extra Income:-

Other Income - Guaranteed Add 50% to income before multiply

Other Income - Regular Add 50% to income before multiply

Other Income - Irregular No

Investment Income Add 100% to income before multiply

Mortgage Subsidy Add 100% to income before multiply

Large Town Allowance Add 100% to income before multiply

Maintenance Payments Add 100% to income before multiply

Non Contributory Pension No

Car Allowance Add 100% to income before multiply

Capital Raising 75%

Home Improvements 75%

Debt Consolidation 75%

School Fees 75%

Holidays/Cars 75%

Buy Other Property 75%

Business Purposes Not accepted

Divorce Settlement 75%

Unencumbered 75%

For Remortgages or Additional Borrowing the maximum LTV is 80% subject to product availability.

CCJs/Defaults : Accept:

1) Max 3 Defaults to a max of £150.00. These must be fully paid at least 36 months ago or over prior to application. This condition does not incur any rate loading.

2) Max 1 CCJs to a max of £250.00. These must be fully paid at least 36 months ago or over prior to application. This condition does not incur any rate loading.

Arrears : Not accepted.

Bankruptcy/IVAs : Bankruptcy/IVA not accepted.

Repossessions : Not accepted.