The Completion Fee detailed on our Rates Page is payable on completion.
If you decide to move home during the fixed, capped, tracker or discounted rate period, you can (subject to your income and financial commitments at that time and a valuation of the new property) have your new mortgage charged at the same rate of interest for the remainder of the fixed, capped, tracker, or discounted rate period.
Sub-contractors and company directors with more than 33% shareholding are classified as being self-employed.
If the accountant is not chartered or certified, Self-Assessment terms are required, which must be stamped and verified by HM Revenue & Customs, or signed-off by a qualified accountant.
Where the length of trading is less we will also consider the following:
The following will be required:
Income from a second job can be considered provided the applicant has held both jobs for at least 6 months and the employment can be established as permanent. Applicants must demonstrate they can sustain both jobs.
Consideration for close relationships (e.g. parent and child) where there is a shortfall of income. The guarantor must be able to demonstrate their ability to cover the whole of the advance, plus any outstanding commitments they may have.
The following will be taken into account in assessing income:
| Guaranteed | Regular | |
|---|---|---|
| Bonus | 100% | 50% |
| Commission | 50% | 50% |
| Overtime | 100% | 50% |
| Shift Allowance | 100% | 100% |
| Car Allowance | 100% | 100% |
| London/location allowance | 100% | |
| Private Pension income | 100% | |
| Mortgage subsidy/net allowance | 100% |
Valuation Fees
Relevant fees should accompany the application form.
Current Scale:
| Purchase Price or Valuation not exceeding | Fee |
|---|---|
| Up to £100,000 | £210 |
| Up to £150,000 | £245 |
| Up to £250,000 | £305 |
| Up to £300,000 | £360 |
| Up to £500,000 | £495 |
| Up to £750,000 | £695 |
| Up to £1m | £895 |
| Up to £2m | £1,225 |
| Over £2m | By referral |
Higher Lending Charge Premium Rates:
When the percentage loan to value is from 90.01% to 95% the premium rate is 8.95%. The Higher Lending Charge will always be calculated from 75% LTV and will be payable on loans above 90% LTV. The minimum charge is £250.
1. Loan to value is calculated against the lower of property valuation or purchase price.
Income: multiples
| Standard Income Multiples | |||
|---|---|---|---|
| Loan to Value | Loan Amount | Single (up to) | Joint (up to) |
| 95% max | Up to £300,000 | 3.75 x | 3.00 x or 3.75 x main plus 1 x second |
| 90% max | Up to £400,000 | 4.00 x | 3.25 x or 4.00 x main plus 1 x second |
| 85% max | Up to £500,000 | 4.25 x | 3.50 x or 4.25 x main plus 1 x second |
| 80% max | Up to £750,000 | 4.50 x | 3.75 x or 4.50 x main plus 1 x second |
| 75% max | Up to £750,000 | 4.75 x | 4.00 x or 4.75 x main plus 1 x second |
| 50% max | Up to £750,000 | 4.75 x | 4.00 x or 4.75 x main plus 1 x second |
Full written details and quotations are available on request. The mortgage must be secured by a first charge on the property. All loans are subject to a satisfactory appraisal of status, financial standing and valuation. Loans are only available to persons aged 18 years or over. In certain instances, a one-off Higher Lending Charge may be payable. Insurance may be required. Any endowment premium will be paid directly to the life assurance company. Applications are subject to normal lending criteria.
Head office: Leeds Building Society, 105 Albion Street, Leeds LS1 5AS. Telephone: +44 (0)113 225 7777.
We may monitor and/or record your telephone conversations with the Society to ensure consistent service levels (including staff training).
Leeds Building Society is authorised and regulated in the UK by the Financial Services Authority and our registration number is 164992. You can check this on the FSA Register by visiting the FSA website at www.fsa.gov.uk or by contacting the FSA on 0044 207 741 4100. The Society is authorised to conduct business in Gibraltar by the Financial Services Commission.
Mortgages for properties in Gibraltar are not regulated by the Financial Services Authority. Applicants must be aged 18 years and over. mortgages subject to eligibility, status and financial standing.
Other taxes or costs may exist that are not paid by Leeds Building Society.
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