Mortgages

If you decide to move home during the fixed, capped, tracker or discounted rate period, you can have your new mortgage charged at the same rate of interest for the remainder of the fixed, capped, tracker or discounted rate period. However, if you need to borrow more money when you move, you may need to agree new terms for the additional amount only. This is subject to your income and financial commitments at that time and a valuation of the new property.

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• Other Notes
• Shared Ownership
• Buy to Let and Let to Buy
• Flexible Mortgage
• Income Multiples

Other notes

• If you are entitled to a cashback, a cheque will be sent to your solicitor on completion of your mortgage or as otherwise stated in the product terms. You should note that the Inland Revenue has not formally ruled on the taxation implications of cashbacks. You should, therefore, take advice from your tax advisor regarding any potential liability.
• All monthly re-payments must be made by direct debit.
• Discounted rates of interest are calculated from the Society’s Standard Variable Rate of interest.
• At the end of a fixed, capped, tracker or discounted rate period, the Society’s Standard Variable Rate of interest, applicable at that time will be charged. Note that on Buy to Let or Let to Buy Mortgages, after the expiry of any fixed rate period the rate will revert to the Standard Variable Rate plus 0.30%.
• Unless otherwise stated, the interest rates shown overleaf include a discount for taking out the Society’s Homecover, Buildings & Contents Insurance. 0.24% will be added to the rate of interest charged for any period before the date or term shown overleaf under ‘Insurance Period’, during which you do not have the Society’s Homecover insurance in place. Different terms apply to the Buy to Let or Let to Buy Mortgages, and are shown separately.
• An Early Repayment Charge will be payable if the mortgage is repaid within the period shown overleaf under ‘Repayment Until’. The amount of the charge is also shown overleaf.
• If a partial repayment of your loan is made, the Early Repayment Charge will be calculated only on the amount repaid. If an Early Repayment Charge will not be charged, the word ‘None’ will be shown overleaf under the heading ‘Early Repayment Charge’.
• The Higher Lending Charge will always be calculated from 90%.
• All quoted completion fees apply for loans of up to £500,000. Over £500,000 the fee will be 1% of the loan amount, unless otherwise stated.

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Shared Ownership

Shared Ownership is for loans on properties purchased through a registered Housing Association. Initial share of 25% must be purchased by the borrower and the maximum loan will be 90% of the borrowers share, up to a maximum 75% LTV. This product is not available in Scotland.

The lease must provide:

• For the borrower to acquire further interest in the property up to 100% of the market value.
• An adequate mortgage protection clause, protecting the Society from any potential losses.
• A clause allowing the Society to exercise the right to purchase 100% of the property and assign the lease.

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Buy to Let and Let to Buy

Minimum valuation £50,000, except for London postcodes where it is £85,000 or the South East where it is £70,000.

Maximum loan – 70% LTV.

• Rental income must equate to 130% of mortgage payments calculated on an interest only basis:
• Single tenancy only.
• Tenancy must be assured shorthold tenancy which does not predate the mortgage.
• Private individuals only.
• Buy to let remortgages will be considered.
• A Let to Buy where the owner wishes to let existing property and purchase a new property may be considered.
• A Let to Buy can be considered for a 95% mortgage on a new property.

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Flexible Mortgage

• Payment holidays can be taken after the first 6 mortgage repayments.
• Payment holidays are taken from previous overpayments which have built up.
• A maximum of 6 monthly repayments can be taken as holidays each calendar year.
• The Society’s consent will be required for a lump sum withdrawal. Any lump sum withdrawal will be by way of a Further Advance (for home improvements and over £25,001 for any other purpose) or Secured Personal Loan pursuant to the Consumer Credit Act 1974 (the "facilities"). The Society reserves the right to grant the facilities and makes no representation that such facilities will be made available. The Society may perform a credit check on you.

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Income multiples

Standard Income Multiples
Loan to Value	Loan Amount	Single (up to)	Joint (up to)
100% max	Up to £250,000	3.75 x	3.00 x or 3.75 x main plus 1 x second
95% max	Up to £300,000	3.75 x	3.00 x or 3.75 x main plus 1 x second
Enhanced Income Multiples
Loan to Value	Loan Amount	Single (up to)	Joint (up to)
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 £500,000	4.75 x	4.00 x or 4.75 x main plus 1 x second

Note about free Mortgage Payment Protection

With the Society’s Mortgage Payment Protection scheme, you will be covered for Accident, Sickness and Unemployment, subject to a 30 day exclusion period. The level of benefit will be equal to the value of your monthly payment at the product rate of interest, inclusive of any household insurance arranged by the Society. Please note, the cover is only available to customers who are eligible to cover under the normal criteria. Please refer to our Mortgage Payment Protection leaflet for full details.

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