Leeds

Notes: The following information is provided by a third party organisation. We have not verified this information with the lender. Ask your broker to confirm any aspects that are important to you. The main features of this mortgage will be confirmed in the Key facts Illustration. Please ask your broker for a Key facts Illustration

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Advances

Upto £750,000 85% LTV (Rmg 85%)

Notes

Mortgage is Portable, Mortgage is Flexible, Overpayments allowed.
All loans are portable- this means if you move house and wish to transfer the loan to your new property you can.
Brokers submitting cases direct to Leeds Building Society will need to contact their Intermediary Account Manager (IAM) or contact the Intermediary Sales Office on 0113 216 7491 in order to ascertain the procuration fee that they will receive.

Existing mortgage customers moving home receive 'EasyTrack' benefits please refer to Leeds Building Society for full details.

Lending beyond retirement- only pension income within 5 years of retirement is verified

There are no restrictions to making overpayment on any part of this mortgage.
The interest on this mortgage is calculated annually and you make an additional lump sum payment of £1000 or more, the interest will be calculated on the reduced balance immediately. If you make an additional lump sum payment of less than £1000, the interest will be calculated on the reduced balance at Annual Review.

Restrictions apply. Full details are in the Leeds Building Society factsheet.
Lending is subject to a satisfactory credit reference.

Capital Rest Period : Yearly

Repayment Types
Repayment Yes
Endowment Yes
PEP Yes
Pension Yes
Interest only (no RV) Yes
With Profits Yes
Unit Linked Yes
ISA Yes
Split Repayment Yes

Fees

Arrangement : None
Booking : refer Upfront

Early Repayment Charges
refer

Higher Lending
None

Valuation
Basic:
upto £100,000 - £230
upto £150,000 - £270
upto £200,000 - £335
upto £250,000 - £360
upto £300,000 - £405
upto £350,000 - £450
upto £400,000 - £510
upto £500,000 - £560
upto £700,000 - £710
upto £1,000,000 - £950
upto £2,000,000 - £1400

Homebuyers:
upto £50,000 - £330
upto £100,000 - £420
upto £150,000 - £500
upto £200,000 - £550
upto £250,000 - £630
upto £300,000 - £740
upto £350,000 - £850
upto £400,000 - £960
upto £500,000 - £1150
upto £600,000 - £1400
upto £700,000 - £1500
upto £800,000 - £1650
upto £900,000 - £1750
upto £1,000,000 - £1950
upto £2,000,000 - £2250

Min Valuation £40000
Please note that the booking fee of £199 is non-refundable and must be paid to the Society at the application stage. No applications will be accepted without this fee paid.
All loans over £500,000 should be referred to Leeds Building Society for agreement in principle.
For properties valued over £2 million please refer to Leeds Building Society for the valuation fee.
The Homebuyers valuation fee on properties over £2 million, please refer to Leeds Building Society
The deeds dispatch fee of £199 is the total figure including the deeds release fee of £65.


Insurance Admin - £30.00 Payable on completion.
Lenders Conveyancing Fee - £117.00 Payable on completion. Legal Fees payable on or before completion. Please note, the figure quoted here is an estimate and only covers part of the costs of legal work that you might need to pay.
CHAPS Fee - £35.00 Payable on completion.
Redemption Fee - £199.00 Payable on redemption.

Acceptable Property Types

Freehold Flat No
Purpose Built Flat Yes
Converted Flat Yes
Flat Over Shop Refer
Maisonette Yes
Studio Flat Yes
Flying Freehold No
Thatched Refer
Timber Framed Refer
Concrete No
Agricultural Tie No
Flat Over 4 Storeys No
Listed Building Yes

Max Discount% 90
Max Market Value% 95
New Build acceptable.
No minimum loan for straight re-mortgage, but if capital raising is involved and property is unencumbered then total loan must exceed £5000.

For all Shared Ownership properties in Scotland a HLC is charged above 75% LTV upto 95% LTV.
Where there is a builders/vendors deposit for shared ownership properties, the applicant must still put down a deposit of 10% out of their own income.
New build properties accepted but where more than 3 properties in the same development are proposed, the application (s) needs to be referred. Max LTV 80% for New Builds with the exception of Shared Ownership and Shared Equity applications. The LTV is to be calculated using the second hand value i.e. property price less incentives.
Mortgage Subsidy - Where a mortgage subsidy is being granted with a new mortgage application and this exceeds of the property valuation, the maximum LTV will be restricted to 90%.
Self-Build Valuations - An updated revaluation will be obtained upon completion of the property / or at the final stage release.
The maximum loan to value will be 80%. The maximum LTV for each stage of construction is 75%.

Accepted Locations : England, Scotland, Wales, N Ireland

Requirements

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 Yes

Insurance
Buildings Conditional

Conditions On Loan
Min Loan
Max Loan £750,000/Rmg £750,000
Max Portfolio of BTL Loans £1,000,000
Min Age 18 years
Max Age 85 years
Min Term 5 years
Max Term 40 years
Applications for this product can be made online at www.leedsintroducer.co.uk
Minimum floor area for studio properties is 60m square.
No ex local authority flats.
Maximum number of floors in block, refer for housing association properties
No Insurance requirements, refer to Lender.
Max age at end of application is 85 years subject to suitable income (including pension income) being in place past retirement age where this falls within 5 years of the start of the mortgage.
To qualify for the 'EasyTrack' product client must have a mortgage with Leeds Building Society for longer than 12 months .
If the guarantor has sufficient income to support the whole loan, minus existing mortgage / loan / credit card commitments the application will be acceptable, regardless of the income of the applicant. Please note that any outstanding mortgage balance will be deducted from the maximum borrowing amount at AIP stage.
When a guarantor is present on a case, the Society's maximum age of 85 at the end of the mortgage term will apply to the guarantor.
When the guarantor is over 85 at the end of the mortgage term , cases with an LTV of upto 80% will be considered subject to a full assessment of income and evidence that this will be sustainable beyond retirement.

Requirements for Interest Only Lending.

Where an investment based repayment vehicle is / will be in place, the type of repayment vehicle (e.g. endowment, investment lump sum) and the estimated value of the vehicle must be recorded on the application form.

The estimated value of the vehicle must equate to at least 100% of the loan amount. In the event of this not being the case, the loan, or shortfall element must be advanced on either a capital and interest basis, or the shortfall made up by means of increasing the deposit required.

This criteria applies to both primary and additional lending. In the instance of shared ownership / shared equity applications, the LTV should be calculated using the customers share instead of the property value, which is in line with the existing approach to other criteria (income multiples).

In the event of 'Inheritance' or the 'Sale of another Property' being quoted as the repayment vehicle, the maximum Loan to Value for Interest Only lending will now be 75%.

The property must be fully insured at all times throughout the repayment period.
If you are arranging your own insurance then:-
1) A £30 insurance arrangements fee will be made
2) You must provide a copy policy schedule within 30 days of the completion date.
Foreign Citizens Not Accepted
Ex-Patriates Not Accepted

Income Multipliers
Based on Income > 0
3.75 + 1 or 3 joint < 100% LTV
3.75 + 1 or 3 joint < 95% LTV
4 + 1 or 3.25 joint < 90% LTV
4.25 + 1 or 3.5 joint < 85% LTV
4.5 + 1 or 3.75 joint < 80% LTV

Min months in current position none
Min months in continuous service 6
Min no. of years accounts 2
Average years taken to calculate income 3
Will consider declining profit No

Outgoings
The lenders income multiples may vary. For sourcing purposes, the highest available income multiples are displayed.
For self employed applicants who can only provide accounts for 1 year, 100% of the projection for the current year will be accepted.
If LTV is below 80% self employed applicants need only provide an accountant's certificate to confirm income.
Available to Self Employed applicants subject to income being suitably verified.
Credit/store card - 'annualised payments' are 3% of the current balances.
100% of Child Tax Credits and disability related benefits are accepted as other income.
Child- Care costs will not be used in allowable income when calculating borrowing capacity
50% of evidenced maintenance payments accepted as allowable income.

The income multiplier will be applied to the average of the last 3 years’ Net profit figure, or other income provided, only if a steady progression in turnover and profit is reflected.

If 3 years’ accounts are not available due to the length of trading, then the average of 2 years’ Net profit figure after tax, plus a satisfactory projection or Accountants Certificate showing this information may be acceptable. In such cases, 100% of the projection will be taken into account, provided the accounts reflect an improving position.

Cases where the LTV does not exceed 80% and only 1 full year’s accounts are available may be considered. The average of the 1 years’ Net profit figure, and up to 100% of the projection may acceptable, providing that the accounts reflect an improving position. These cases should be submitted to Head Office for preliminary consideration with full supporting accounts. The LTV in these cases will be limited to 80%.
Guarantor Key Policy
The guarantee amount must cover the total loan amount
The guarantor’s income (less existing credit commitments) must be sufficient to support the total mortgage balance requested plus any outstanding mortgage balance the guarantor may already have
The applicant is expected to be able to afford the mortgage payment on his / her own within a reasonable period (e.g. five years).
Up to 100% of pension credits are acceptable providing that they are guaranteed.

Hire Purchase Taken into account
Personal Loans Taken into account
Overdraft NOT Taken into account
Credit/Store Cards Annualised payments deducted from salary
Child Maintenance Taken into account
Child Education NOT Taken into account
Extra Income:-
Other Income - Guaranteed Add 100% to income before multiply
Other Income - Regular Add 50% to income before multiply
Other Income - Irregular Refer to Lender
Investment Income Refer to Lender
Mortgage Subsidy Add 100% to income before multiply
Large Town Allowance Add 100% to income before multiply
Maintenance Payments Add 50% to income before multiply
Non Contributory Pension Add 100% to income before multiply
Car Allowance Add 100% to income before multiply

Remortgage Max LTV Max% increase

Capital Raising 85%
Home Improvements 85%
Debt Consolidation 85%
School Fees 85%
Holidays/Cars 85%
Buy Other Property 85%
Business Purposes Not accepted
Divorce Settlement 85%
Unencumbered Acceptable

Adverse Credit

CCJs : Acceptable, must be satisfied
Defaults : Not Acceptable
Arrears : Not Acceptable
Bankrupt : Not Acceptable
Current IVA : Not Acceptable
Repossession : Not Acceptable

- The Lender will judge customers with previous or existing adverse credit in a flexible manner and every case will be judged on it's individual merit's. Along with the customer's ability to keep up repayments on the mortgage, taking into account his/her existing liabilities.
- The Lender will consider cases of financial difficulty and mortgage arrears sympathetically.
- The Lender will follow the general principles of the Council of Mortgage lenders statement of Practice on Handling Arrears and Possessions, including :
a) with your co-operation, developing a plan with you for dealing with your financial difficulties and clearing the arrears, consistent with both your interests and the Lender.
b) possession of your property will be sought only as a last resort when attempts to reach alternative arrangements with you have been unsuccessful.