Mortgage Lending Criteria - MBS

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

Product

8.25% Variable

Advances

Upto £500,000 60% LTV (Rmg 60%)

Notes

Mortgage NOT portable, Mortgage is Flexible, Overpayments allowed.
This regulated mortgage contract cannot be transferred to another property. However, any early repayment charges will not be applied to the current regulated mortgage contract if you move house and take a new regulated mortgage contract from the lender’s range of products available at the time, provided the redemption of the current regulated mortgage contract and the completion of the new regulated mortgage contract are simultaneous.
First time buyer definition:

MBS Lending defines a First Time Buyer (FTB) application as the main party to the mortgage not having had a mortgage during the last 36 months or more. If the main party to the mortgage has not had a mortgage during the last 36 months self certification will not be available.

You may make regular overpayments or lump sum payments as often as you
wish.
If you make a one off overpayment of £500 or more in addition to the normal monthly repayment any early repayment charge will be applied on a pro-rata basis. See section 10 for any early repayment charges which apply to this regulated mortgage contract.
After making an overpayment, if requested by you, the Lender will adjust your monthly payments or amend your remaining term. (if applicable).

Interest is calculated on a daily basis and therefore the amount on which interest is charged is reduced immediately following an overpayment.
You may make overpayments of up to £5,000 each year without incurring any early repayment charges

Capital Rest Period : Daily

Repayment Types
Repayment Yes
Endowment Yes
PEP Yes
Pension Yes
Interest only (no RV) 25% LTV
With Profits Yes
Unit Linked Yes
ISA Yes
Split Repayment Yes

Fees

Arrangement : £1895 Can be Added
Booking : None

Early Repayment Charges
None

Higher Lending
None

Valuation
Basic:
upto £80,000 - £150
upto £100,000 - £170
upto £120,000 - £190
upto £150,000 - £210
upto £200,000 - £240
upto £250,000 - £260
upto £300,000 - £290
upto £350,000 - £330
upto £400,000 - £360
upto £450,000 - £410
upto £500,000 - £450
upto £700,000 - £580
upto £900,000 - £690
upto £1,100,000 - £820
upto £1,250,000 - £920
upto £1,500,000 - £1100
upto £1,750,000 - £1250
upto £2,000,000 - £1450

Homebuyers:
upto £80,000 - £350
upto £100,000 - £375
upto £120,000 - £400
upto £150,000 - £450
upto £200,000 - £500
upto £250,000 - £550
upto £300,000 - £600
upto £350,000 - £650
upto £400,000 - £700
upto £450,000 - £750
upto £500,000 - £800

Completion Fee and Telegraphic Transfer Fee can be added to the loan. The Application Fee must be paid up front.
For properties valued over £2,000,000, please refer to Lender for valuation fee.
Homebuyer Reports by arrangement for properties over £500,000.


Mortgage Discharge Fee - £130.00 Payable on redemption.
Telegraphic Transfer - £25.00 Payable on completion.
Deeds Release Fee - £40.00 Payable on redemption.
Lenders Conveyancing Fee - £200.00 Payable on completion. A legal fee will be payable to your conveyancer for the work they will carry out on behalf of MBS Lending Limited. This is an estimated fee and only covers part of the costs of legal work that you might need to pay.
Title Insurance - £94.50 Added to loan.
Application Fee - £150.00 Payable upfront. Non-refundable and payable on application

Acceptable Property Types

Freehold Flat No
Purpose Built Flat Yes
Converted Flat No
Flat Over Shop No
Maisonette Yes
Studio Flat No
Flying Freehold No
Thatched No
Timber Framed No
Concrete No
Agricultural Tie No
Flat Over 4 Storeys No
Listed Building No

Not Accepted

Properties in London not accepted.

Accepted Locations : England, Wales

Requirements

Bank Statements 3 months
At Least 3 Months Pay Slips Yes
P60 Yes
Proof Of Residency Yes
Life Policy To Be Assigned No
Previous Lender References Yes

Insurance
Buildings Conditional

Conditions On Loan
Min Loan £25,001/Rmg £25,001
Max Loan £500,000/Rmg £500,000
Max Portfolio of BTL Loans none
Min Age 18 years
Max Age 70 years
Min Term 5 years
Max Term 40 years
You must arrange buildings insurance on the property. It is your responsibility to ensure that the property is always insured and premiums are kept up to date.
Foreign Citizens Accepted
Ex-Patriates Not Accepted

Income Multipliers

Based on Income > 0
9.99 + 9.99 or 9.99 joint

Min months in current position 3
Min months in continuous service 12
Min no. of years accounts 2
Average years taken to calculate income 3
Will consider declining profit No

Outgoings

Affordability Calculator can be found on MBS Lending website.


Mininum Income £10000
Hire Purchase Taken into account
Personal Loans Taken into account
Overdraft Taken into account
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 No
Other Income - Irregular No
Investment Income Refer to Lender
Mortgage Subsidy Refer to Lender
Large Town Allowance Add 50% to income before multiply
Maintenance Payments Add 50% to income before multiply
Non Contributory Pension No
Car Allowance No

Remortgage

Capital Raising 60%
Home Improvements 60%
Debt Consolidation 60%
School Fees Not accepted
Holidays/Cars Not accepted
Buy Other Property 60%
Business Purposes Not accepted
Divorce Settlement 60%
Unencumbered 60%

Adverse Credit

CCJs/Defaults : Accept:
1) There must be no Defaultss in the last 3 months. This condition does not incur any rate loading.
2) Max £1,500.00 in CCJs unsatisfied. There must be no CCJss in the last 6 months. This condition does not incur any rate loading.
Ignore:
1) CCJs registered 24 months ago or over.
Arrears : Accept:
1) Max 2 missed payments in the last 12 months, which may be unpaid at the time of application. No arrears (paid or unpaid) in the last 3 months. This condition does not incur any rate loading.
Bankruptcy/IVAs : Accept:
1) Bankruptcy must be discharged at least 3 years prior to application. This does not incur any rate loading.
2) IVA must be discharged at least 3 years prior to application. This does not incur any rate loading.
Repossessions : Ignore Repossessions 36 months ago or over.Repossessions settled 36 months ago or over will be accepted, and do not incurr any rate loading.