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
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%
Telephone 08456 44 88 23
Why Mortgages Direct?
