Rock of Gibraltar

Gibraltar Services

Gibraltar Mortgages - Important Notes

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.

Other notes

Employment

Self-employed

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:

Proof of Mortgage Payments

All Applicants

The following will be required:

  1. Proof of identity
  2. A bank statement will be required for the last month showing the salary/wage credit
  3. 24 months proof of occupancy (if not on electoral roll)

Second job

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.

Guarantors

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.

Income: other

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

Our requirements

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.

About us

Head office: Leeds Building Society, 105 Albion Street, Leeds LS1 5AS. Telephone: +44 (0)113 225 7777.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

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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