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
Up to £500,000 90% LTV
Up to £1,000,000 80% LTV
Notes
Mortgages are Portable,
Mortgages are Flexible, Under payments allowed, Overpayments allowed.
For details of Northern Rock's porting policy, please contact Northern Rock.
Once a customer has had their mortgage with us for 7 years, a loyalty discount is available, this will be at least 0.25% off Northern Rock's Standard Variable Mortgage Rate for the rest of the life of the loan. This is providing that mortgage payments are up to data. They do not continue to benefit from a special rate (such as a product discount, a guaranteed rate, or fixed rate) or other product benefit (such as a cashback) and they are not within an Early Repayment Charge period.
This mortgage includes a facility for additional secured borrowing. You can apply for additional borrowing at any time. Approval will be subject to your circumstances and lending criteria.
Loyalty Discount of 0.25% off SVR applies after 7 years, or after the product period if longer, providing payments are up to date.
Product is not CAT standard.
Payment Holidays Allowed. Following 9 full consecutive monthly payments you may apply for a one-month mortgage payment holiday. This may be applied for once in every 12 month period following completion of your mortgage. If you choose not to take a payment holiday in any given 12 month period, you may accumulate the right to take up to a maximum of 3 payment holidays in any 12 month period. In certain circumstances Northern Rock will consider applications for payment holidays of up to 6 months. For example to coincide with maternity/paternity leave.
All payment holidays are subject to Northern Rock prior agreement. You should note that interest will continue to be charged during a payment holiday.
Borrow Back Allowed. If you make overpayments totalling at least £500, then subject to Northern Rock's prior agreement, you may be able to borrow back some or all of the amount overpaid, provided that the amount requested is at least £500.
You are permitted to make overpayments on this mortgage.
Following receipt of a regular overpayment or a lump sum repayment, the amount that you owe and the amount of interest that you pay will be recalculated with effect from the following day. There are no Product Early Repayment Charges applicable to overpayments.
If you make overpayments, you can at any time, make a lower monthly payment or stop your monthly mortgage payment until such time as you reach the amount previously overpaid. This is subject to Northern Rock prior agreement.
This mortgage includes a facility for additional secured borrowing. You can apply for additional borrowing at any time. Approval will be subject to your circumstances and the Lending criteria.
THIS WILL INCREASE THE AMOUNT OF BORROWING SECURED ON YOUR HOME.
Capital Rest Period : Daily
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
Higher Lending
None
Valuation
Basic:
upto £60,000 - £360
upto £100,000 - £380
upto £150,000 - £410
upto £200,000 - £435
upto £250,000 - £460
upto £500,000 - £520
upto £750,000 - £575
upto £1,000,000 - £620
upto £1,500,000 - £750
upto £2,000,000 - £900
upto £2,500,000 - £1050
upto £3,000,000 - £1200
Homebuyers:
upto £60,000 - £515
upto £100,000 - £555
upto £150,000 - £595
upto £200,000 - £640
upto £250,000 - £685
upto £500,000 - £750
upto £750,000 - £800
upto £1,000,000 - £850
upto £1,500,000 - £1050
upto £2,000,000 - £1250
upto £2,500,000 - £1450
upto £3,000,000 - £1750
Early repayment charge only applies on full redemption.
For loans where the advance exceeds £1million, and additional desktop valuation will need to be carried out for a fee of £75.
Added fees will not be included in this calculation.
Insurance Admin - £25.00 Payable on completion.
Lenders Conveyancing Fee - £300.00 Payable on completion. Legal fees due to your solicitor for acting on Northern Rocks behalf in setting up this mortgage. This fees are payable at the time your mortgage starts and are not usually refundable. The figure quoted is an estimate and relates only to this part of the legal work. You should ask you solicitor for further details.
Acceptable Property Types
Freehold Flat No
Purpose Built Flat Yes
Converted Flat Yes
Flat Over Shop No
Maisonette Refer
Studio Flat No
Flying Freehold No
Thatched Yes
Timber Framed No
Concrete Refer
Agricultural Tie No
Flat Over 4 Storeys Consider
Listed Building Yes
Max Discount% 100
Max Market Value% 95
New Build acceptable. Loan to Value - Maximum Home Purchase / Remortgage (valuation or Purchase price, whichever is the lower).
Ex council houses accepted if 50% minimum in owner occupation, no local authority blocks of flats.
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 £500,000
Max Portfolio of BTL Loans £3,000,000
Min Age 18 years
Max Age none
Min Term 7 years
Max Term 35 years
Foreign Citizens Not Accepted
Ex-Patriates Not Accepted
Income Multipliers
Based on Income > 1
3.5 + 1 or 3.2 joint
Based on Income > 17500
4 + 1 or 3.7 joint
Based on Income > 32500
4.5 + 1 or 4.2 joint
Min months in current position none
Min months in continuous service none
Min no. of years accounts 3
Average years taken to calculate income 3
Will consider declining profit Refer
Outgoings
Income multiples are the maximum that are allowed, they are dependent on credit score and basic income.
The income verification differs depending on credit score - refer to Northern Rock.
Score High Credit Score Medium Credit Score Low Credit
Single Joint Single Joint Single Joint
Gross Income
Over £32,500 4.5 4.2 4.2 4.0 3.6 3.0
£17,501 - £32,500 4.0 3.7 3.8 3.5 3.4 2.8
£0 - £17,500 3.5 3.2 3.3 2.8 2.9 2.1
Customers with LTV greater than 70% (including all applications for first time buyers and where the property is worth less than £100,000).
High Credit Score: Employed- Last monthly payslip or two weeks payslips.
Self employed: accountant certificate or last two years’ accounts or last two years’ tax assessments.
Medium Credit Score: Employed two of the last six monthly payslips, plus last P60. If paid weekly four of the last eight weeks payslips, plus P60. Self employed: accountant certificate or last two years’ accounts or last two years’ tax assessments.
Low Credit Score: Employed three of the last six monthly payslips, plus last P60, if paid weekly four of the last 8 weeks, plus last P60. Self employed: accountant certificate or last three years’ accounts or last three years’ tax assessments. In addition last mortgage statement or lender reference.
Customers with LTV up to and including 70%
High and Medium Credit Score:- Fast Track guaranteed for eligible customers, see Fast Track Lending criteria. Confirmation of identity and affordability is required for on line and paper applications you must complete the confirmation of identity and affordability sections of the application form. For Northern Rock online applications you must tick the relevant boxes on submission of a full application.
Low Credit Score: Employed three of the last six monthly payslips, plus last P60, if paid weekly four of the last 8 weeks, plus last P60. Self employed: accountant certificate or last three years’ accounts or last three years’ tax assessments. In addition last mortgage statement or lender reference.
The additional case information required for Low Credit Scores will also be required for all first time buyers. Customer with a low credit score are no longer eligible for Fast Track guarantee. For loans over £500,000 a high credit score will be required. For customer employed for less than six months an employers reference will be required
Hire Purchase Taken into account
Personal Loans Taken into account
Overdraft NOT Taken into account
Credit/Store Cards NOT Taken into account
Child Maintenance Taken into account
Child Education NOT 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 No
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
Adverse Credit
CCJs : Refer to lender
Defaults : Refer to lender
Arrears : Refer to lender
Bankrupt : Refer to lender
Current IVA : Refer to lender
Repossession : Refer to lender
A credit check will be made on all applicants and the loan will be declined where an adverse credit history is registered. In addition, credit scoring will be used as part of the decision-making process.
- The Lender will judge customers with previous or existing adverse credit in a flexible manner and every case will be judged on its individual merits, 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 follows 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 those of 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.