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Mortgage Lending criteria

Mortgage Lending Criteria - Woolwich

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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Mortgages

Advances
Upto 1,000,000 (Remortgage only LTV 75)

Notes
Mortgage is Portable, Mortgage is Flexible, 10% Overpayments allowed per year.

If you buy another property to move to, you can transfer (port) the mortgage interest rate to a new mortgage for the purchased property in relation to an amount no greater that your outstanding mortgage balance provided that you still meet our lending criteria at the time at the application.

A final repayment charge will be payable and an early repayment charge may be payable in respect of the mortgage that is being redeemed. Other 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.

Free survey and legal fees for remortgage package

This product includes a Mortgage Current Account.

Purchases 90% LTV max.

A maximum of 90% LTV is ONLY available for like for like remortgages (based on the final redemption statement with current mortgage provider), maximum of 80% LTV where there is any element of capital raising.

Debt consolidation will no longer be allowed for existing or new interest-only borrowing. The only exception will be where a customer is remortgaging to Barclays and wishes to add an ERC to the balance of the mortgage.

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 broker 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. 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.

Remortgage package includes Free valuation.

Remortgage package includes Free legal service. This service is not available should a customer choose not to use the appointed panel solicitor.

A capital reduction of 10% per annum can be made without incurring an early repayment charge. This will apply throughout the early repayment charge period. Please refer to Section 10 for details.

Following receipt of a lump sum repayment, we will immediately reduce the mortgage balance on which the interest is charged and recalculate the amount that you owe. This means that you will receive the benefit straight away.

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 No
Split Repayment 75% LTV

Fees


Arrangement : varies
Booking : varies

Early Repayment Charges
varies

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

Free Valuation not disclosed to customer

Final Repayment Charge - 80.00 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. Maximum LTV is 85% (subject to product availability) for purchases and 80% for remortgages or additional borrowing.

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 /Rmg 5,000
Max Loan /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.

Sole applicants will have to have a gross income of at least 75,000 to qualify for an interest-only and for joint applicants, either one borrower must have a gross income in excess of 75,000 or, if neither person’s income meets this requirement, then joint gross income must be at least 100,000.

Where sale of property is the interest-only repayment vehicle, the maximum LTV is 50% with a minimum of 300,000 equity – customers must also meet the minimum income threshold as detailed above.

To secure a Woolwich mortgage you will need to book via our Case Booking System. Please refer to the Woolwich Intermediary website for more details.

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.

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



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
Refer to lenders Residential Requirements Tables on www.woolwichintermediaries.co.uk for details of documentation which are required to support an application.

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



Capital Raising 75%
Home Improvements 75%
Debt Consolidation 75%
School Fees 75%
Holidays/Cars 75%
Buy Other Property 75%
Business Purposes Not accepted
Divorce Settlement 75%
Unencumbered 75%

A maximum of 90% LTV is ONLY available for like for like remortgages (based on the final redemption statement with current mortgage provider), maximum of 80% LTV where there is any element of capital raising.

Debt consolidation will no longer be allowed for existing or new interest-only borrowing. The only exception will be where a customer is remortgaging to Barclays and wishes to add an ERC to the balance of the mortgage.



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.