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Woolwich plc

Mortgage Lending criteria

 

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 £1,000,000 90% LTV (Rmg 90%)

 

Notes

Mortgages are Portable

You can keep this mortgage if you move to another property provided that you still meet the Woolwich lending criteria at that time. The mortgage terms and conditions will apply. For full details of the conditions please see the product literature.

Online applications only.

For all loans above £500k an agreement in principle should be obtained. Bankruptcy cases where there is evidence that any applicant has been made bankrupt or has been subject of an IVA are outside of the Woolwich's standard policy, however in certain circumstances they will assess them on their own individual merits. The Woolwich 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 customers ability to keep up repayments on the mortgage, taking into account his/her existing liabilities. The Woolwich will consider cases of financial difficulty and mortgage arrears sympathetically. The Woolwich follow the general principles of the Council of Mortgage Lenders Statement of Practice on Handling. The Woolwich operates a Fast Track lending policy: maximum loan is £500k to 75% LTV; maximum reserve £100k (total facility £500k); no verification of income required; no payslips, accounts or bank statements required; available on normal income multiples (4x plus 1 or 2.75 joint). The Woolwich reserves the right to request income verification if required. Shared ownership maximum 90% of share.

All underpayments and payment holidays are only allowed if the customer has over paid.

This product is available for online applications only.

PLEASE NOTE FAST TRACK IS AVAILABLE ON THIS PRODUCT MAX LTV 75%

This product includes an Open Plan Current Account.

Up to 12 savings pots can be opened by customer.

Capital raising allowed up to 75% LTV and a maximum of £25k on Rapid Remortgage.

A Mortgage Reserve is a secured overdraft facility on a Woolwich Openplan current account which enables customers with an Openplan Flexible Mortgage to borrow against the equity in their home. It is mandatory to have a Woolwich Openplan current account if you have an Openplan Flexible Mortgage. The amount of Mortgage Reserve which may be available for your use will be the difference between the outstanding balance on your Openplan Flexible Mortgage at any particular point in time and up to a maximum Loan-to-Value of 90% on your property.

Large Loans: Please note that loans above £1million are priced on a case by case basis

PLEASE REFER TO LENDER FOR MAXIMUM AGE.• The Applicant must have owned the property for a minimum of 1 year before a remortgage will be considered.

• If the first registration on the property was 2 or fewer years ago the LTV will be restricted to 65%• The Applicant must have owned the property for a minimum of 1 year before a remortgage will be considered.

• If the first registration on the property was 2 or fewer years ago the LTV will be restricted to 65%

Product is not CAT standard.

Linked Current accounts.

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 openplan 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 available which can be used to draw down additional borrowing. The Mortgage Current Account Reserve is a secured overdraft on a Mortgage Current Account. The potential maximum Mortgage Current Account Reserve is based on the difference between the main mortgage amount and 90% valuation of the property.

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

 

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

 

For existing borrowers, cashbacks are only available when they are moving home. All Cashbacks are paid on completion.

Existing customers remortgaging to current or reserve account will be required to pay a one off administration fee of £199 and remortgage legal fees and the valuation fee will be waived.

Woolwich Legal fees are quoted for £100,000 valuation, the fees charged are listed below;

England and Wales Solicitor Fees

Where [Property price / value]> 0.01 and <=15,000 then [Solicitor fee] = £80.00

Where [Property price / value]> 15,000 and <=20,000 then [Solicitor fee] = £85.50

Where [Property price / value]> 20,000 and <=25,000 then [Solicitor fee] = £91.00

Where [Property price / value]> 25,000 and <=30,000 then [Solicitor fee] = £94.00

Where [Property price / value]> 30,000 and <=60,000 then [Solicitor fee] = £100.00

Where [Property price / value]> 60,000 and <=100,000 then [Solicitor fee] = £126.00

Where [Property price / value]> 100,000 then [Solicitor fee] = £126.00 + £1.25 for every

10,000 over 100,000

Scotland Solicitor Fees

Where [Property price / value]> 0.01 and <=15,000 then [Solicitor fee] = £352.00

Where [Property price / value]> 15,000 and <=20,000 then [Solicitor fee] = £382.00

Where [Property price / value]> 20,000 and <=25,000 then [Solicitor fee] = £411.00

Where [Property price / value]> 25,000 and <=30,000 then [Solicitor fee] = £441.00

Where [Property price / value]> 30,000 and <=60,000 then [Solicitor fee] = £588.00

Where [Property price / value]> 60,000 and <=100,000 then [Solicitor fee] = £793.00

Where [Property price / value]> 100,000 then [Solicitor fee] = £793.00 + £58.75 for every

10,000 over 100,000

Northern Ireland Solicitor Fees

Where [Property price / value]> 0.01 and <=15,000 then [Solicitor fee] = £70.00

Where [Property price / value]> 15,000 and <=20,000 then [Solicitor fee] = £75.00

Where [Property price / value]> 20,000 and <=25,000 then [Solicitor fee] = £80.00

Where [Property price / value]> 25,000 and <=30,000 then [Solicitor fee] = £82.00

Where [Property price / value]> 30,000 and <=60,000 then [Solicitor fee] = £88.00

Where [Property price / value]> 60,000 and <=100,000 then [Solicitor fee] = £110.00

Where [Property price / value]> 100,000 then [Solicitor fee] = £110.00 + £1.10 for every

10,000 over 100,000

- Woolwich requires that the remortgage Land Registry fee is shown for remortgage cases where free legals with the Woolwich solicitors is not available. The Fees are

England & Wales Cases

Loan Amount - Fee

Up to £100,000 - £40

£100,001 to £200,000 - £50

£200,001 to £500,000 - £70

£500,001 to £1,000,000 - £100

£1,000,001 and over - £200

Scottish Cases

Loan Amount Fee

Up to £20,000 £22.00

Up to £30,000 £33.00

Up to £40,000 £44.00

Up to £50,000 £55.00

Up to £60,000 £66.00

Up to £70,000 £77.00

Up to £80,000 £88.00

Fees increase by £11.00 for every £10,000 until

Up to £200,000 £220.00

Up to £300,000 £250.00

Up to £400,000 £275.00

Up to £500,000 £300.00

Up to £600,000 £325.00

Up to £700,000 £350.00

Up to £800,000 £400.00

Up to £1,000,000 £450.00

Up to £1,500,000 £750.00

Up to £2,000,000 £1000.00

Up to £3,000,000 £1500.00

Up to £5,000,000 £2500.00

Exceeds £5,000,000 £3750.00

Northern Ireland Cases

Standard Fee £70

 

Lender Conveyancing Fee - £126.00 Payable on completion. England & Wales only estimated Legal fees for a loan of £100,000 (See notes for actual figures). Payable to your conveyancer

Land Registry - £0.00 Payable on completion. See Fees tab on product information, for correct fee.

Completion Fee - £35.00 Payable on completion.

Final Repayment Charge - £275.00 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 Refer

Thatched Yes

Timber Framed Refer

Concrete Refer

Agricultural Tie Refer

Flat Over 4 Storeys Yes

Listed Building Refer

Max Discount% 100

Max Market Value% 80

New Build acceptable. Properties where the first registration was 2 years or fewer will be restricted to 65% LTV refer to lender for details. New build properties are acceptable subject to lending criteria being met and will be restricted to 65% LTV

Accepted Locations : England, Scotland, Wales, N Ireland

 

Requirements

Bank Statements 1 months

At Least 3 Months Pay Slips No

P60 No

Proof Of Residency Yes

Life Policy To Be Assigned No

Previous Lender References No

 

Insurance

Buildings Conditional

 

Conditions On Loan

Min Loan £100,000/Rmg £100,000

Max Loan £500,000/Rmg £500,000

Max Portfolio of BTL Loans £5,000,000

Min Age 18 years

Max Age 70 years

Min Term 5 years

Max Term 35 years

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 3

Will consider declining profit Refer

 

Outgoings

Minimum 1 months payslip is where basic income used only.3 months payslips required where basic income plus overtime and commission.P60 required where annual bonus is being used in income calculation.

Fast Track Products maximum loan to value purchase 75%, Remortgages 80%. The maximum loan is £500,000 including any reserve facility. The reserve facility can be no more than £100,000. Maximum income multiples 4+1 or 3 time joint.

Fast Track Applicant must have been in their current employment for at least 6 months or in continuous employment for the last 18 months or self employed for the last 3 years

Fast Track Applications for Shared Equity Schemes, Mixed Use properties, business related lending, Armed forces, Ex-Patriates, State Benefits and Diplomatic Immunity applications are excluded.

$FT The Budget Planner must confirm affordability in line with Standard Lending policy.

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 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%

Existing customers remortgaging to Mortgage Current Account will be required to pay a one-off administration fee of £199, and remortgage legal fees and the valuation fee will be waived.

The Applicant must have owned the property for a minimum of 1 year before a remortgage will be considered.

If the first registration on the property was 2 or fewer years ago the LTV will be restricted to 65%

 

Adverse Credit

CCJs : Acceptable, max number 1, max amount £ 250, must be satisfied for at least 36 months

Defaults : Will accept unsatisfied. For satisfied , max number 3, max amount £ 250

min months satisfied 36

Arrears : Refer to lender max months 3

Bankrupt : Acceptable, min months Discharged 48

Current IVA : Refer to lender

Repossession : Not Acceptable

CCJs - The Lender may ignore Credit reference agency data in the following circumstances; Where there is a maximum of 1 satisfied CCJ/default for upto £250 in the last 3 yearsAND/OR 3 outstanding defaults of less than £50 each in the last 3 years

Any CCJ/Default regardless of the amount that was satisfied more than 3years ago will be ignored.

Arrears 1 month in the last 12 months and/or 3 months in the last 3 years.

The Lender requires evidence that the default has been satisfied.

Bankruptcy - Cases where there is evidence that any applicant has been made bankrupt or has been the subject of an IVA are outside of the lenders Standard Policy, however in certain circumstance they will assess them on their individual merits subject to the below;

Discharge must have been more than 4 years ago

Discharge must have been earned through repayment

Evidence of discharge must be provided

Any previous or current mortgage or loan must have been serviced

satisfactory

No element of criminal bankruptcy

An agreement in principle must be obtained prior to the applicant being

submitted. Further information may be requested be an agreement is given.

Arrears greater than 1 month in the last 12 months AND/OR 3 months arrears in the last 3 years are not acceptable.

Repossessions - Where a mortgage property has previously been repossessed the case will be declined.

- 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 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.

 


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