Woolwich

Notes: The following information is general and may not apply to your mortgage. 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 £1,000,000 80% LTV (Rmg 80%)

Notes

Mortgage is Portable, Mortgage is Flexible, 10% Overpayments allowed per year.
If you move to another property you can transfer the mortgage interest rate on the transferred balance to a new mortgage product provided that you still meet our lending criteria at the time at the application. Fees may be charged when porting the mortgage interest rate and the terms and conditions for any new mortgage product will also apply. For full details of the terms and conditions please see the new mortgage product literature.

SWITCH & FIX
A product carrying a Switch & Fix may be switched to any Woolwich fixed or capped rate product, subject to availability at the time, without incurring the early repayment charge payable on this product. The switch will be subject to any application fee and rate switch fee applicable to the new product at that time. The new product may also have an early repayment charge which will not have the benefit of the Switch & Fix.

This product includes a Mortgage Current Account.

A Mortgage Reserve is a secured overdraft facility on a Mortgage Current Account which enables customers with an Openplan Flexible Mortgage to borrow against the equity in their home. It is mandatory to have a Mortgage Current Account if you have an Openplan Flexible Mortgage.


Purchases 85% LTV max, whilst Remortgages and Additional Borrowing are restricted to a max LTV 80%

The ability to convert a Mortgage held on a Capital Repayment basis to Interest Only (either in full or in part) once the loan has completed is not available.

Lenders Interest Only limit of 75% and Product LTV maximums apply across the main Mortgage and any Reserve.

Lender will no longer accept applications where an applicant is an Expatriate or Non UK Resident. 

Repayment Types
Endowment acceptable - Existing Policy (minimum 12 months).
With Profits - Policy (minimum 12 months).
Unit Linked - Existing share, unit or investment trust (minimum 12 months, professionally managed).
ISA - Existing Stocks & Shares (minimum 12 months).


- Linked Current Account
- A Mortgage Current Account must be taken out with this mortgage in order to access the Mortgage Current Account Reserve facility. If you already have a Mortgage Current Account you will not be required to open a new Mortgage Current Account, instead, your existing account will be linked to your mortgage.

A capital reduction of 10% per annum can be made without incurring an early repayment charge. This will apply through the early repayment charge period. Please refer to Section 10 for details.
Following receipt of an overpayment or a lump sum reduction, the lender will immediately reduce the mortgage balance on which the interest is charged. This means that you will receive the benefit straight away.

This mortgage includes a facility for additional borrowing without further approval. A Mortgage Current Account Reserve Facility is a secured overdraft available through a Mortgage Current Account, and can be used to draw down additional borrowing.
Any additional borrowing taken through the Mortgage Current Account Reserve will increase the amount of borrowing secured on your home. This means that if you fail to repay any amount borrowed your home will be at risk of repossession.

The amount of the Mortgage Current Account Reserve in this illustration is £0. However, the Mortgage Current Account Reserve may become available in the future. The interest rate charged on the Mortgage Current Account Reserve will be Woolwich Standard Variable Rate.

Information relating to the APR for the Mortgage Current Reserve can be made available should you choose to access or apply for funds at a later stage.
The Mortgage Current Account Reserve must be repaid in full if the main mortgage is repaid in full.

Capital Rest Period : Daily

Repayment Types
Repayment Yes
Endowment 75% LTV
PEP No
Pension No
Interest only (no RV) No
With Profits 75% LTV
Unit Linked 75% LTV
ISA 75% LTV
Split Repayment Yes

Fees

Arrangement : refer
Booking : refer

Early Repayment Charges
refer

Higher Lending
None

Valuation
Basic:
upto £75,000 - £245
upto £100,000 - £265
upto £150,000 - £295
upto £200,000 - £325
upto £250,000 - £355
upto £300,000 - £385
upto £350,000 - £415
upto £400,000 - £445
upto £450,000 - £475
upto £500,000 - £505
upto £600,000 - £595
upto £700,000 - £685
upto £800,000 - £775
upto £900,000 - £815
upto £1,000,000 - £955
upto £1,500,000 - £1050
upto £2,000,000 - £1300
upto £2,500,000 - £1550
upto £3,500,000 - £1800
upto £5,000,000 - £2050

Homebuyers:
upto £75,000 - £365
upto £100,000 - £395
upto £150,000 - £435
upto £200,000 - £495
upto £250,000 - £555
upto £300,000 - £615
upto £350,000 - £675
upto £400,000 - £745
upto £450,000 - £815
upto £500,000 - £885
upto £600,000 - £965
upto £700,000 - £1045
upto £800,000 - £1125
upto £900,000 - £1205
upto £1,000,000 - £1295

Special:
upto £75,000 - £780
upto £100,000 - £820
upto £150,000 - £860
upto £200,000 - £900
upto £250,000 - £940
upto £300,000 - £1000
upto £350,000 - £1060
upto £400,000 - £1130
upto £450,000 - £1210
upto £500,000 - £1300
upto £600,000 - £1400
upto £700,000 - £1510
upto £800,000 - £1630
upto £900,000 - £1750
upto £1,000,000 - £1880

- Arrangement Fee, Refundable if paid upfront and the mortgage does not complete.


Lender Conveyancing Fee - £126.00 Payable on completion. A non-refundable legal fee to your conveyancer before the loan starts. The figure quoted here is an estimate, the total fee for the conveyancing may be higher.
Land Registry - £0.00 Payable on completion. A non-refundable Fee that must be paid to your Conveyancer before the loan starts. The figure quoted here is an estimate, this may be higher
Final Repayment Charge - £275.00 Payable on redemption.
Completion Fee - £35.00 Payable on completion.

Acceptable Property Types

Freehold Flat Refer
Purpose Built Flat Yes
Converted Flat Yes
Flat Over Shop Refer
Maisonette Yes
Studio Flat Yes
Flying Freehold Refer
Thatched Yes
Timber Framed Refer
Concrete Refer
Agricultural Tie Refer
Flat Over 4 Storeys Yes
Listed Building Refer

Max Discount% 85
Max Market Value% 80
New Build acceptable. New Build/Newly Converted Properties are classed as any property which has been registered at Land Registry for less than 2 years. No additional LTV restriction is currently applied.

If the new property is not to be used as the customer’s main residence, e.g. a holiday home or flat for occupation when visiting town, the maximum LTV must not exceed 80%.

Builders Deposits/Incentives - Lender requires an applicant to provide a minimum personal stake of 15% based on the full purchase price from their own resources, in addition to any Builders deposit/incentives provided. Please note that the minimum personal stake must be adjusted where other LTV or product restrictions apply.

Unencumbered Properties - Maximum mortgage available is reduced to 80% LTV in line with lenders criteria for Remortgages - subject to product availability/LTV criteria.

Scottish Valuations - Will accept a retype/transcript of the mortgage valuation which has been prepared as part of the Home Report or which the customer has instructed, subject to it being provided by a Barclays approved Scottish Valuer – this is subject to certain criteria and excludes New Build. Refer to lender.

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 No

Insurance
Buildings Conditional

Conditions On Loan
Min Loan £5,000/Rmg £5,000
Max Loan £1,000,000/Rmg £1,000,000
Max Portfolio of BTL Loans none
Min Age 18 years
Max Age 70 years
Min Term 5 years
Max Term 35 years
If the customer wishes to apply for a reserve facility the KFI must be produced from Woolwich website.


For Interest Only Mortgages the customer must have a plausible strategy to pay off the mortgage at the end of the mortgage term. The maximum Interest Only part of any loan is limited to 75% LTV. Where borrowing in excess of 75% is required; the entire amount must be on a repayment basis. Please note that the Interest Only element will be reduced to 66% LTV where the applicant is relying on the sale of a mortgaged property; which must have equity of at least £150,000.

The Interest Only and Product maximum LTVs apply to both the Mortgage and any Reserve applied for e.g. If a customer remortgages their property which is worth £200k and they want to borrow £120k (60% LTV) on a 60% LTV product, they will not be eligible to apply for a Reserve in addition to this.

Where the maturity date of the requested mortgage is going to be later than the retirement date or age 70 of the youngest applicant (whichever is earliest), applications will be considered on an individual basis. - Refer to Lender.

Woolwich reserves the right to request documentary evidence to confirm the status of an applicant at any time during the processing of an application.

A customer will be deemed to have an adverse credit history if they have or have had payment arrears/missed payments on any loan/mortgage/credit arrangement (e.g. credit card, store card, mobile phone etc), County Court Judgements (CCJs), defaults, subject to bankruptcy (discharged or not) and/or subject of an Individual Voluntary Arrangement (IVA).

Buildings Insurance (please ensure that Buildings insurance is in place and that you have adequate cover).
Foreign Citizens Not Accepted
Ex-Patriates Not Accepted

Income Multipliers
Based on Income > 0
5 + 1 or 5 joint < 95% LTV

Min months in current position 6
Min months in continuous service 18
Min no. of years accounts 3
Average years taken to calculate income 2
Will consider declining profit Refer

Outgoings


Allowable Gross Income - Child Tax Credits can be taken into consideration when calculating Income Multiples and Affordability.

Bonuses should NOT be included in a customers' affordability.

Lenders disposable income figures are:
* A single applicant requires £551 per month
* Two or more applicants will require £715 per month
* Each dependant requires £121 per month
E.g. Based on these new figures a family of 2 adults and 2 children would require a disposable income of £957 per month.

Hire Purchase Taken into account
Personal Loans Taken into account
Overdraft Refer to lender
Credit/Store Cards Taken into account
Child Maintenance Taken into account
Child Education 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 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 Add 100% to income before multiply

Remortgage Max LTV Max% increase

Capital Raising 80%
Home Improvements 80%
Debt Consolidation 80%
School Fees 80%
Holidays/Cars 80%
Buy Other Property 80%
Business Purposes Not accepted
Divorce Settlement 80%
Unencumbered 80%

For Remortgages or Additional Borrowing the maximum LTV is 80% subject to product availability.

Adverse Credit

CCJs/Defaults : Accept:
1) Max 3 Defaults to a max of £150.00. These must be fully paid at least 36 months ago or over prior to application. This condition does not incur any rate loading.
2) Max 1 CCJs to a max of £250.00. These must be fully paid at least 36 months ago or over prior to application. This condition does not incur any rate loading.
Arrears : Not accepted.
Bankruptcy/IVAs : Bankruptcy/IVA not accepted.
Repossessions : Not accepted.