5.94% Fixed to 02/06/2010

5.94% Fixed to 02/06/2010

Upto £550,000 90% LTV (Rmg 90%)

Mortgage is Portable

If your move house you may be able to transfer this mortgage to another property as long as you meet the conditions set out in the mortgage conditions booklet under 'Transferring your loan to a new mortgage'.

COMPLETION DEADLINE 31/07/2008.

- Mortgage is an EXCLUSIVE product

PLEASE NOTE FAST TRACK IS AVAILABLE ON THIS PRODUCT.

Remortgage Solution is NOT available on this product.

Fast Track conditions:

Where an application has a LTV greater than 90%, intermediaries will be required to supply one month's bank statement in addition to the current income verification requirements.

Fastrack criteria:

Abbey allows mortgage applications that meet certain criteria to be fast tracked i.e. submitted without proof of income in order to simplify the paperwork requirements and speed up the mortgage process. This agreement is on the basis that the intermediary is satisfied that the income declared is accurate and that they can support this with evidence.

Fast Track conditions are as follows:

Eligible applicants include UK nationals, EEA nationals, employed/Pension or self-employed (trading for a minimum of 2 years unless in a professional occupation) and retired applicants

> Abbey reserves the right to verify income on any application

> Higher risk applications will require evidence of income

LTV is less than or equal to 85%.

If existing homeowner, the applicant must have a satisfactory payment history (no more than 1 month in arrears in the previous 12 months).

Maximum loan size £1 million.

Family Business: 3 months bank statements showing the salary required and an accountant's letter.

Pension Linked depends on the end date of the Pension Policy maximum 57 years.

For Pure Interest Only mortgages the maximum term is 25 years providing the applicant can confirm ability to pay in retirement.

Abbey will undertake a review of sample cases (pre and post completion) where we may request evidence of income to confirm that this matches the information supplied to us when submitted.

The customer may transfer their mortgage to another property subject to the following conditions:

These offers are subject to availability and may be withdrawn at any time.

All offers meet Abbey’s normal lending policy.

Abbey reserves the right to withdraw the Fixed/Variable Tracker/Capped / Rate and reclaim the Cashback if the property is no longer owner occupied or the customer does not comply with the conditions of their mortgage.

The mortgage must remain with Abbey until the charge end date or a charge will apply.

If the benefit end date is before the charge end date, the mortgage must remain at the appropriate Tracker rate until the charge end date. For products with Standard Variable Rate collars, customers will be required to stay on the Standard Variable Rate or the collar rate, whichever is the higher, until the charge end date.

Product is not CAT standard.

You may make lump or regular overpayment at any time. Please refer to section 10 for details of any early repayment charges that may apply.

If there is an early repayment charge referred to in section 10, you may, without having to pay an early repayment charge, make additional capital repayments of up to 10% of the loan for each year. Overpayments in excess of 10% each year will attract an early repayment charge on the amount of the excess.

If the overpayment is used to reduce the amount you owe then the interest you pay will be recalculated immediately.

This mortgage includes a facility for additional borrowing without further approval. You may borrow additional money up to £750 to be able to complete your mortgage. Your solicitor will tell you that additional money is required and request your written agreement to this. Alternatively, you should confirm this in writing to your solicitor so that they may request it on your behalf. This would increase the total amount borrowed. Your monthly payment would increase based on the product rate in section 4 charged on the additional money. The same early repayment charge would apply as section 4 on the additional amount borrowed. This will be in addition to the early repayment charge payable on the money already borrowed. All money borrowed will need to be paid back in full by the end of the mortgage term. The total loan must not be above 90% LTV. If you wish to use this feature please contact Abbey National for a revised KFI.

THIS WILL INCREASE THE AMOUNT OF BORROWING SECURED ON YOUR HOME.

Capital Rest Period : Daily

Repayment Yes

Endowment Yes

PEP Yes

Pension Yes

Interest only (no RV) 85% LTV

With Profits Yes

Unit Linked Yes

ISA Yes

Split Repayment Yes

Arrangement : None Upfront

Booking : £999 Can be Added

3% of loan to be paid until 02/06/2010, 10% capital repayments allowed per year without penalty

None

Basic:

upto £50,000 - £185

upto £100,000 - £220

upto £150,000 - £260

upto £200,000 - £295

upto £250,000 - £330

upto £300,000 - £365

upto £400,000 - £430

upto £500,000 - £490

upto £600,000 - £550

upto £700,000 - £615

upto £800,000 - £680

upto £900,000 - £740

upto £1,000,000 - £805

upto £1,500,000 - £940

upto £2,000,000 - £1065

upto £2,500,000 - £1190

Homebuyers:

upto £50,000 - £350

upto £100,000 - £400

upto £150,000 - £450

upto £200,000 - £500

upto £250,000 - £550

upto £300,000 - £600

upto £400,000 - £700

upto £500,000 - £800

upto £600,000 - £875

upto £700,000 - £950

upto £800,000 - £1000

upto £900,000 - £1050

upto £1,000,000 - £1100

upto £1,500,000 - £1385

upto £2,000,000 - £1700

upto £2,500,000 - £2025

The Mortgage Account Fee can be paid on completion or deferred until the end of the mortgage.

All properties valued over £1 million must be referred to Abbey prior to submission.

The arrangement/booking fees are not refundable.

There is a re-inspection fee of £55 if one of the Lenders surveyors has to make an additional visit to a property before the lender releases any retained funds.

Borrowers to pay by direct debit.

Higher Lending Charges are calculated on the difference between 75% of the value of your home and the amount you wish to borrow. Added fees will not be included in this calculation.

Lenders Conveyancing Fee - £126.00 Payable on completion. A non-refundable legal fee must be paid to your conveyancer before the mortgage starts. The amount shown here is an estimate for the work carried out by the conveyancer for Abbey for looking into the legal title. The total charge to you will be higher as it will also include work for yourself alone.

Telegraphic Transfer - £30.00 Payable on completion.

Mortgage Account Fee - £225.00 Payable on redemption. A Mortgage Account Fee for the provision and general administration of your mortgage. This fee can be paid on completion or deferred until the end of your mortgage. If you defer the payment, this fee will not increase

Freehold Flat Refer

Purpose Built Flat Yes

Converted Flat Yes

Flat Over Shop Yes

Maisonette Yes

Studio Flat Yes

Flying Freehold Refer

Thatched Yes

Timber Framed Yes

Concrete Yes

Agricultural Tie Yes

Flat Over 4 Storeys Yes

Listed Building Yes

Max Discount%

Max Market Value%

New Build acceptable. All properties may be considered subject to survey.

Please contact Abbey for unusual or non-standard construction.

Properties with agricultural restrictions are limited to 75% LTV.

Leasehold properties must have 55 years minimum in England & Wales or 99 years minimum in Northern Ireland. There must be 30 years remaining at the expiry of the mortgage term. If an application is submitted with a shorter lease, Abbey may still accept the case.

Abbey ONLY accepts Builder Deposits and DO NOT accept Vendor Deposits.

A Builders Sales incentive is anything the builder gives or provides to the buyer in cash or goods. Abbey will accept up to 5% cash back towards the purchase price (no financial limit) and builder’s payment of legal fees and stamp duty only. Any non-cash incentives such as white goods, carpets, curtains etc will be ignored.

Sitting Tenants are accepted on RTB cases.

New Builds:

Builders sometimes offer sales incentives to prospective buyers to encourage them to purchase their properties. An incentive is anything the builder gives or provides to the buyer in cash or goods. We will accept up to 5% cash back towards the purchase price (no financial limit) and builders payment of legal fees and stamp duty only. Any non cash incentives, e.g. white goods, carpets, curtains etc. will be ignored.

LTV Limits (new build construction completed in last 12 months)

HOUSES

>85% LTV unacceptable

85% LTV up to £1,700,000

75% LTV more than £1,700,000

65% LTV Buy To Lets

The maximum loan to value may be reduced if special offer products are chosen, or for repayment types such as, interest only mortgages.

FLATS

>75% LTV unacceptable

65% LTV Buy To Lets

The maximum loan to value may be reduced if special offer products are chosen, or for repayment types such as, interest only mortgages.

LTV restrictions in line with the new build policy will apply on new builds i.e. properties built in the last 12 months. (Effective once new build policy comes in)

Accepted Locations : England, Scotland, Wales, N Ireland

Shared ownership : Accepted

Bank Statements No

At Least 3 Months Pay Slips No

P60 No

Proof Of Residency Yes

Life Policy To Be Assigned No

Previous Lender References No

Buildings Conditional

Min Loan £6,000/Rmg £6,000

Max Loan £550,000/Rmg £550,000

Max Portfolio of BTL Loans £5,000,000

Min Age 18 years

Max Age 85 years

Min Term 5 years

Max Term 35 years

Foreign Citizens Refer

Ex-Patriates Not Accepted

Based on Income > 1

3.8 + 0 or 3.8 joint

Based on Income > 20000

4 + 0 or 4 joint

Based on Income > 25000

4.3 + 0 or 4.3 joint

Based on Income > 35000

4.6 + 0 or 4.6 joint

Based on Income > 60000

5 + 0 or 5 joint

Min months in current position none

Min months in continuous service none

Min no. of years accounts 2

Average years taken to calculate income 3

Will consider declining profit Yes

Standard income multiples:

Income multiples are based on credit score AND NOT loan to value

For income multiple calculations please use the high credit score multiples

High Score

Single Joint

<=£20,000 3.8 3.8

> £20,001 - £25,000 4.0 4.0

> £25,001 - £35,000 4.3 4.3

> £35,001 - £60,000 4.6 4.6

> >£60,000 + 5.0 5.0

Medium Score

Single Joint

<=£20,000 3.6 3.1

> £20,001 - £25,000 3.8 3.3

> £25,001 - £35,000 4.0 3.5

> £35,001 - £60,000 4.3 3.8

> >£60,000 + 4.7 4.2

Low Score

Single Joint

<=£20,000 3.5 2.8

> £20,001 - £25,000 3.6 2.8

> £25,001 - £35,000 3.7 3.0

> £35,001 - £60,000 3.8 3.6

> >£60,000 + 4.0 3.6

> An example of a typical customer profile for the High and Low credit score is detailed below for example, a low risk customer is a high credit score

Credit Score Typical Customer Profile:

HIGH

> - Has an established clear credit history

> - Is not over indebted

> - Has a record on the voters role

> - Has an existing performing mortgage

> - Likely to have a lower LTV

LOW

> - Has little to no credit history

> - Has some adverse credit history

> - Has no record on the voter's role

> - Has no existing mortgage

Hire Purchase Taken into account

Personal Loans Taken into account

Overdraft Taken into account

Credit/Store Cards Taken into account

Child Maintenance Taken into account

Child Education Taken into account

Extra Income:-

Other Income - Guaranteed Add 100% to income before multiply

Other Income - Regular Add 100% to income before multiply

Other Income - Irregular Add 50% to income before multiply

Investment Income Add 50% to income before multiply

Mortgage Subsidy Add 50% to income before multiply

Large Town Allowance Add 100% to income before multiply

Maintenance Payments Add 50% to income before multiply

Non Contributory Pension No

Car Allowance Add 100% to income before multiply

Capital Raising 90%

Home Improvements 90%

Debt Consolidation 90%

School Fees 90%

Holidays/Cars 90%

Buy Other Property 90%

Business Purposes 90%

Divorce Settlement 90%

Unencumbered 90%

For Customers taking Remortgage Solution - Abbey will provide a free Valuation for Mortgage Purposes (up to a maximum of £1,190). Abbey will arrange and pay for the legal work involved in transferring your mortgage (up to £238), ensuring it will be undertaken professionally and speedily and at no cost. Alternatively, if a solicitor of the client’s choice is used Abbey will provide £250 as a contribution towards legal costs incurred and a free valuation. Please indicate in the Additional Notes section of the MAF which option is required.

Lending for business purposes, each case will be underwritten by Specialised Underwriting and provision of additional documentation may be required in order to make a lending decision.

Minimum unencumbered loan size £25,001.

CCJs : Refer to lender

Defaults : Refer to lender

Arrears : Refer to lender

Bankrupt : Refer to lender , min months Discharged 12

Current IVA : Not Acceptable

Repossession : Refer to lender

Refer all adverse credit to Abbey for initial assessment.