5.83% Fixed to 02/06/2013

5.83% Fixed to 02/06/2013

Up to £550,000 (Remortgage only LTV 90)

Mortgage is Portable

If you 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'.

Free Legal

PLEASE NOTE FAST TRACK IS AVAILABLE ON THIS PRODUCT.

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

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.

Product is not CAT standard.

Abbey will give you a free standard mortgage valuation (costing up to £1,190).

Abbey will arrange and pay for the standard legal work in transferring your mortgage to be carried out.

You may make lump sum or regular overpayments 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 conveyancer will tell you that additional money is required and request your written agreement to this. Alternatively, you should confirm this in writing to your conveyancer 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 No

Pension Yes

Interest only (no RV) 75% LTV

With Profits Yes

Unit Linked Yes

ISA Yes

Split Repayment Yes

Arrangement : £499 Can be Added

4% of loan to be paid until 02/06/2013, 10% capital repayments allowed per year without penalty

None

Basic:

Free

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

Remortgage Solution

(Available to remortgage customers only.)

Free Valuation

All Remortgage Solution customers will receive a free valuation for mortgage purposes, up to a maximum of £1,190, property value £2.5 million. Sometimes the property will be valued by external inspection when the surveyor will view the property from the road or footpath to gain an estimate of the value or by reference to an Automated Valuation Model (AVM). The customer will not be provided with a copy of the AVM or External Inspection. In certain circumstances we may need to arrange a full inspection; in these cases, the surveyor will contact the customer directly.

Free Legals

We also arrange and pay for the cost of legal work involved in transferring the mortgage, ensuring it will be undertaken professionally and speedily. However, your customer will be required to pay for the following third party fees above this limit if they apply

For leasehold properties – the landlord’s registration fee for registering the mortgage with the landlord in accordance with the terms of the lease

If the title to the property is unregistered – the additional land registry registration fee.

If any additional work is required, which is not normally associated with a remortgage, then this will be at your customer’s own cost. Your customer will be advised of the cost of additional work before any work is carried out.

If your client wishes to instruct their own solicitor, this will also be at their own cost. Should the client redeem their mortgage on or before 02/06/2013, the benefit must be repaid (a maximum of £200 must be repaid for legal contribution). However, the benefit won’t need to be repaid if a new mortgage is completed on the same day with Abbey. The repayment of benefit received will be in addition to any product related charge applicable.

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

For Homebuyer's Report fees, please refer to Lender.

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 need to pay by direct debit for all products.

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.

Clawback of Remortgage Solution - £200.00

Mortgage Account Fee - £225.00 Payable on redemption. month of the account being opened.

Freehold Flat No

Purpose Built Flat Yes

Converted Flat Yes

Flat Over Shop Yes

Maisonette Yes

Studio Flat Refer

Flying Freehold Refer

Thatched Refer

Timber Framed Refer

Concrete Yes

Agricultural Tie Yes

Flat Over 4 Storeys Yes

Listed Building No

Max Discount% 100

Max Market Value% 95

All properties may be considered subject to survey.

Please contact Abbey for unusual or non-standard construction.

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.

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 Yes

Buildings Conditional

Min Loan /Rmg £6,000

Max Loan /Rmg £550,000

Max Portfolio of BTL Loans £3,500,000

Min Age 18 years

Max Age 85 years

Min Term 5 years

Max Term 35 years

Foreign Citizens Accepted

Ex-Patriates Not Accepted

Based on Income > 1

3.6 + 0 or 3 joint < 75% LTV

3.3 + 0 or 2.8 joint < 89.9% LTV

3 + 0 or 2.5 joint < 100% LTV

Based on Income > 20000

3.4 + 0 or 2.8 joint < 100% LTV

4.2 + 0 or 3.4 joint < 75% LTV

3.8 + 0 or 3 joint < 89.9% LTV

Based on Income > 25000

3.6 + 0 or 3 joint < 100% LTV

4.2 + 0 or 3.7 joint < 75% LTV

4.1 + 0 or 3.4 joint < 89.9% LTV

Based on Income > 35000

3.6 + 0 or 3.6 joint < 100% LTV

4.2 + 0 or 4.2 joint < 89.9% LTV

4.2 + 0 or 4.2 joint < 75% LTV

Based on Income > 60000

4.5 + 0 or 4.5 joint < 89.9% LTV

3.6 + 0 or 3.6 joint < 100% LTV

4.5 + 0 or 4.5 joint < 75% LTV

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

Amended standard income multiples

Please find below our new standard income multiple table

Our 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

> - Likely to have a high LTV

Hire Purchase Taken into account

Personal Loans Taken into account

Overdraft NOT 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 100% to income before multiply

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 No

Capital Raising 85%

Home Improvements 90%

Debt Consolidation 85%

School Fees 85%

Holidays/Cars 85%

Buy Other Property 90%

Business Purposes 75%

Divorce Settlement 85%

Unencumbered 90%

For Customers taking Remortgage Solution - A charge equivalent to the amount paid for legal fees and disbursements in conjunction with Remortgage Solution will be payable, unless a new mortgage is completed simultaneously with Abbey. The exact fee cannot be ascertained at this stage, but is restricted up to £187.

Alternatively, if your client decides to use a solicitor of their choice Abbey will provide a £250 Cashback as contribution towards legal costs incurred. Cashback will be paid to your client on completion of their remortgage. This sum is repayable if the remortgage is repaid, unless a new mortgage is completed simultaneously with Abbey as mentioned within the fees notes.

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.