6.69% Flexible Tracker

6.69% Flexible Tracker

Upto £500,000 90% LTV (Rmg 90%)

Upto £1,000,000 85% LTV (Rmg 85%)

Upto £2,000,000 80% LTV (Rmg 80%)

Upto £2,500,000 75% LTV (Rmg 75%)

Upto £7,500,000 70% LTV (Rmg 70%)

Mortgage is Portable, Mortgage is Flexible, Under payments allowed., Overpayments allowed.

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'.

Flexible Plus cannot be mixed with other products.

PLEASE NOTE FAST TRACK IS AVAILABLE ON THIS PRODUCT.

FLEXIBLE PLUS / FLEXIBLE RANGE - Full Flexibility including underpayments, overpayments, payment holidays and an available funds facility. One account means that any overpayments and lump sum payments immediately reduce the mortgage balance and increase available funds - rather like a revolving credit facility. The customer may OFFSET saving against the mortgage.

The tracker differential is guaranteed for the term of the mortgage.

Savings pot (offset savings) additional information:

Automatically opened upon completion of the mortgage.

Savings can be used to offset the interest being charged on the mortgage loan.

Access using the telephone, internet or post.

Allow 7 days for postal requests.

If the balance of the savings pot equals the mortgage balance you have the choice to pay off the mortgage or use the pot to pay for other things.

Can be used to make payment holidays if there are sufficient available funds

Restrictions:

On-line viewing available once registered for Abbey’s e-mortgage service

Available Funds:

Is the difference between the agreed credit limit and the outstanding balance

If there are sufficient available funds these can be used to make payment holidays.

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.

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.

Payment Holidays Allowed. As long as you’ve made enough overpayments you may take payment holidays. You may take payment holidays on your mortgage if you’ve enough available credit, as long as the terms of the mortgage conditions are met

Borrow Back Allowed. You may borrow back money you’ve overpaid if you’ve enough available credit, as long as the terms of the mortgage conditions are met.

Linked Savings/Offset Account. You may pay money into your savings pot which is a compulsory feature of this product and this will offset interest charged on your mortgage, as long as the terms of the mortgage conditions are met.

You may make lump sum or regular overpayments up to the amount of the outstanding mortgage balance.

Overpayments must be allocated to your savings account or your or your mortgage account.

If you make an overpayment into your mortgage account or transfer money there from your savings account, the amount you owe and the interest you pay will be recalculated immediately.

You may make underpayments on your mortgage if you have enough available credit, as long as the terms of the mortgage conditions are met.

This mortgage includes a facility for additional borrowing without further approval. You may be able to borrow additional money if you ask for the credit limit on your mortgage to be increased and we agree to this, as long as the terms of the mortgage conditions are met. All money borrowed will need to be paid back in full by the end of the mortgage term.

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

This mortgage includes a facility for additional secured borrowing. This mortgage includes a facility for additional secured borrowing. Additional secured borrowing, this will increase the amount of borrowing secured on your home. You may be able to borrow additional money if you ask for the credit limit on your mortgage to be increased and we agree to this, as long as the terms of the mortgage conditions are met. All money borrowed will need to be paid back by the end of the mortgage term.

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

None

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 £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 reinspection 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

Not Accepted

New Build acceptable. Flexi products are not available in the Isle of Man.

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

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 £25,001/Rmg £25,001

Max Loan £7,500,000/Rmg £7,500,000

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 Refer

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

4.8 + 0 or 4.8 joint

Based on Income > 80000

5.1 + 0 or 5.1 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: they are a guide only.

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 Not accepted

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 mortgage application form which option is required.

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.