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.