Mortgage Product Guide For intermediary use only NEWS: New Shared
22 October 2014 Issue 14/14 Mortgage Product Guide For intermediary use only Our Product Range includes: • House Purchase & Remortgage • Help to Buy:Equity Loan Scheme • Buy to Let/Let to Buy • Shared Ownership Available for: • Employed/Self employed • Contractors • Professionals • Multiple applicants Benefits of using The Mansfield: • No credit scoring • Each case individually underwritten • Dedicated Intermediary Sales support NEWS: New Shared Ownership products (see over for details) A range of specialist mortgage products for customers with unusual income make ups including the self-employed are exclusively available from our distribution partners. Contact us for more details. The information contained in this document is a summary of our mortgage products and lending criteria. We reserve the right to withdraw or amend mortgage products without notice. Contact intermediary sales support 01623 676360 [email protected] www.mansfieldbs.co.uk CURRENT SVR 5.59% Product Information Key Product Information • Basic Valuation fee refunded on completion up to £400 unless stated • Early Repayment Charges - An early repayment charge (ERC) equivalent to a percentage of the agreed advance including any fees added will be made if redeemed at any time during the initial fixed or discounted period. If a new consecutive mortgage for at least the same amount as the total mortgage balance outstanding is taken out with us then any early repayment charge will be waived. If a new mortgage for at least the same amount as the total mortgage balance outstanding is taken out within 3 months of full repayment then any early repayment charge will be refunded to you • Up to 10% of the agreed advance can be repaid each year with no ERC during the initial fixed or discounted period • Maximum term 35 years available on residential owner-occupied mortgages subject to the loan being repaid before the oldest applicant reaches the age of 70 unless stated • Maximum LTV is exclusive of fees unless stated • If a product has an application fee, this is payable at the time of application. This fee is non-refundable • Completion Fee - If a product states there is a completion fee, this is payable before completion. Where product features allow, customers may positively elect to add the completion fee to the loan amount. If the completion fee is added to the loan amount this will become interest bearing and will be reflected in the monthly repayment over the term of the mortgage • No Higher Lending Charge payable by borrower • Minimum loan amount of £25,000 (unless stated) • All discounted rates have a minimum payable rate of 2% during the discounted period • Interest is calculated daily • Repayment options unless stated: Capital repayment. Interest only is also available provided the loan to value does not exceed 75%. Part capital repayment/part interest only available subject to the interest only element not exceeding 75%. Evidence of an acceptable repayment strategy to repay any interest only element of the loan must be available on application. 1 For expert help, call 01623 676360 Residential Products House Purchase only CURRENT SVR 5.59% Product Code Initial Variable Rate Payable Currently Discount Off SVR APR Maximum LTV DID114 2.45% 3.14% 5.1% 85% DID116 4.05% 1.54% 3 Year Discount DID108 4.49% Mortgage Product Product Code 5 Year Fixed DIX175 Mortgage Product 2 Year Discount Early Maximum Application Completion Repayment Loan Fee Fee Charge £300,000 £199 £800 2% 5.5% over 80% and up to £200,000 95% £199 None 2% 1.10% 5.4% over 80% and up to £200,000 95% £199 £300 3% Initial Fixed Rate Payable Discount Off SVR APR Maximum LTV Maximum Loan 5.75% N/A 5.9% 95% £200,000 Early Application Completion Repayment Fee Fee Charge £199 £600 5% Product Features • Capital repayment only • £50,000 minimum loan • Free basic valuation • Capital repayment only • Free basic valuation • Basic valuation fee refunded up to £400 • Capital repayment only • 95% LTV inclusive of completion fee Product Features • Basic valuation fee refunded up to £400 • Capital repayment only • 95% LTV inclusive of completion fee • Exclusively available in Nottinghamshire, Derbyshire and South Yorkshire 2 For expert help, call 01623 676360 Residential Products Remortgage only Mortgage Product Product Code DID112 DID113 Initial Variable Rate Payable Currently 2.69% 2.65% Discount Off SVR 2.90% 2.94% CURRENT SVR 5.59% APR 4.9% 4.9% Maximum LTV 80% 85% Early Maximum Application Completion Repayment Loan Fee Fee Charge £300,000 £300,000 None None None None None • Capital repayment only • £50,000 minimum loan • Free legal fees via our nominated solicitor# • No chaps/telegraphic transfer fees • Free basic valuation 2% • Capital repayment only • £50,000 minimum loan • Free legal fees via our nominated solicitor# • No chaps/telegraphic transfer fees • Free basic valuation • Capital repayment only • £50,000 minimum loan • Free legal fees via our nominated solicitor# • No chaps/telegraphic transfer fees • Free basic valuation 2 Year Discount 3 Year Discount DID111 3.49% 2.10% 5.1% DID115 2.99% 2.60% 5.3% DID110 3.39% 2.20% 5.2% 85% Product Features £300,000 None None None over 80% and up to £300,000 90% £199 £800 2% • £50,000 minimum loan • Free legal fees via our nominated solicitor# • Free basic valuation 3% • Capital repayment only • £50,000 minimum loan • Free legal fees via our nominated solicitor# • Free basic valuation 90% £300,000 £199 £800 # Please note where applicant wishes to use own solicitor, an Illustration cannot be produced via our website. To request one visit www.mansfieldbs.co.uk/intermediaries 3 For expert help, call 01623 676360 Residential Products House Purchase or Remortgage Mortgage Product 3 Year Discount Product Code Initial Variable Rate Payable Currently Discount Off SVR APR Maximum LTV CURRENT SVR 5.59% Early Maximum Application Completion Repayment Loan Fee Fee Charge Product Features DID107 2.05% 3.54% 4.7% 60% £300,000 £199 £800 3% • £50,000 minimum loan • Basic valuation fee refunded up to £400 • Maximum amount outstanding on any unsecured borrowing and/or similar financial commitments must not exceed £5,000 in total at the date of the application DID106 2.35% 3.24% 4.8% 80% £300,000 £199 £800 3% • £50,000 minimum loan • Basic valuation fee refunded up to £400 DID102 3.05% 2.54% 5.1% 85% £300,000 £199 £800 3% • £50,000 minimum loan • Basic valuation fee refunded up to £400 DID096 3.43% 2.16% 5.3% 90% £300,000 £199 £800 3% • Basic valuation fee refunded up to £400 5 Year Discount DID109 4.39% 1.20% 5.2% 60% Mortgage Product Product Code Initial Fixed Rate Payable Discount Off SVR APR Maximum LTV DIX180 2.45% N/A 5.3% DIX181 3.99% N/A 5.6% 2 Year Fixed £300,000 £199 £800 None Early Maximum Application Completion Repayment Loan Fee Fee Charge 75% £400,000 80% £300,000 over 80% and up to £300,000 90% • • • • £50,000 minimum loan Capital repayment only Basic valuation fee payable by applicant(s) Capital raising/debt consolidation restricted to 20% of existing mortgage balance • Maximum term 30 years subject to loan being repaid before the oldest applicant reaches the age of 80. Product Features £199 £800 2% • £50,000 minimum loan • Basic valuation fee refunded up to £400 £199 £800 2% • £50,000 minimum loan • Basic valuation fee refunded up to £400 4 For expert help, call 01623 676360 CURRENT SVR 5.59% Shared Ownership Products House Purchase only Mortgage Product Product Code Initial Fixed Rate Payable APR Maximum LTV (see notes^) Maximum Loan Application Fee Completion Fee Early Repayment Charge 2 Year Fixed SX-006 4.99% 5.7% 90% £300,000 £199 None 2% Mortgage Product Product Code Initial Variable Rate Payable Currently APR Maximum LTV (see notes^) Maximum Loan Application Fee Completion Fee Early Repayment Charge SO-012 3.99% 5.5% 90% £300,000 £199 None 2% • Basic valuation fee refunded up to £400 • Capital repayment only SO-011 4.49% 5.7% 95% £300,000 £199 None 2% • Basic valuation fee refunded up to £400 • Capital repayment only 2 Year Discount Product Features • Basic valuation fee refunded up to £400 • Capital repayment only Product Features Shared Ownership Schemes - Available on residential owner occupied property (excluding flats) in Nottinghamshire, Derbyshire, South Yorkshire, Lincolnshire, Leicestershire, Northamptonshire, Rutland, Cambridgeshire, Oxfordshire, Hertfordshire, Buckinghamshire, Bedfordshire or Warwickshire for qualifying applicants purchasing property on a shared ownership basis from pre-approved housing associations registered with the Homes and Communities Agency. Please note that a specimen housing association lease must be approved by the Society before the mortgage funds are released. ^Maximum LTV - 95% of the borrowers share, where no more than 60% of the property is being purchased 90% of the borrowers share, where no more than 75% of the property is being purchased 5 For expert help, call 01623 676360 Help To Buy: Equity Loan Scheme Mortgage Product 3 Year Discount Product Code SEODO8 Initial Variable Rate Payable Currently 2.99% Discount Off SVR 2.60% CURRENT SVR 5.59% APR 5.0% Maximum LTV 75% Maximum Loan £450,000 Early Application Completion Repayment Fee Fee Charge £199 £800 3% Product Features • NEW BUILD HOUSE PURCHASE ONLY • Basic valuation fee refunded up to £400 • Capital repayment only The Help to Buy: Equity Loan Scheme (operated by the Homes & Communities Agency (HCA) or Help to Buy Wales Ltd) is available to qualifying applicants on residential owner-occupied property in England or Wales up to a maximum loan of 75% of the purchase price or valuation whichever is the lower, subject to the purchaser(s) providing a minimum cash deposit of 5% of the value. The scheme offers an equity loan provided by the Government of up to 20% of the cost of the property. Help to Buy homes are only available from registered house builders and applications must be accompanied by confirmation that applicants are eligible for the Scheme. The maximum amount of loan is £450,000 in England and £225,000 in Wales. Please note that Illustrations for Shared Ownership and Help to Buy: Equity Loan Scheme products are not currently available via our website. They are available from the majority of sourcing systems, or to request one from us visit www.mansfieldbs.co.uk/intermediaries. 6 For expert help, call 01623 676360 Buy To Let Products House Purchase only Mortgage Product 2 Year Discount Product Code DIB029 Initial Variable Rate Payable Currently 2.65% Discount Off SVR 2.94% CURRENT SVR 5.59% APR Maximum LTV Maximum Loan 5.4% 70% £300,000 APR Maximum LTV Maximum Loan Application Fee £199 Early Completion Repayment Fee Charge £999 2% Product Features • £50,000 minimum loan • 70% LTV inclusive of completion fee • Free basic valuation • NOT AVAILABLE FOR REGULATED BUY TO LETS Buy To Let Products Remortgage only Mortgage Product Product Code DIB027 Initial Variable Rate Payable Currently 2.65% Discount Off SVR 2.94% 5.3% 70% £300,000 Early Application Completion Repayment Fee Fee Charge £199 £1,300 2% • • • • 2% • • • • 2 Year Discount DIB028 2.99% 2.60% 5.2% 70% £300,000 £199 £300 Product Features £50,000 minimum loan 70% LTV inclusive of completion fee Free basic valuation Free legal fees via our nominated solicitor# • NOT AVAILABLE FOR REGULATED BUY TO LETS £50,000 minimum loan 70% LTV inclusive of completion fee Free basic valuation Free legal fees via our nominated solicitor# • NOT AVAILABLE FOR REGULATED BUY TO LETS Please note for Products DIB027# and DIB028# where applicant wishes to use own solicitor, an Illustration cannot be produced via our website. To request one visit www.mansfieldbs.co.uk/intermediaries For expert help, call 01623 676360 7 Buy To Let Products House Purchase or Remortgage Mortgage Product 2 Year Fixed Mortgage Product 3 Year Discount Product Code Initial Fixed Discount Off Rate SVR Payable XIB013 3.99% Product Code Initial Variable Rate Payable Currently DIB022 3.59% APR Maximum LTV Mortgage Product Product Code 3 Year Discount DIB026 4.19% Maximum Loan N/A 5.6% 70% £300,000 Discount Off SVR APR Maximum LTV Maximum Loan 2.00% 5.0% 70% Buy To Let Product Specialist Initial Variable Rate Payable Currently CURRENT SVR 5.59% £300,000 Early Application Completion Repayment Fee Fee Charge £199 £999 2% Product Features • £50,000 minimum loan • 70% LTV inclusive of completion fee • Basic valuation fee payable by applicant(s) • NOT AVAILABLE FOR REGULATED BUY TO LETS Early Application Completion Repayment Fee Fee Charge £199 £999 3% Product Features • • • • £50,000 minimum loan 70% LTV inclusive of completion fee Basic valuation fee payable by applicant(s) For remortgages only - free legal fees via our nominated solicitor or £250 cashback towards fees • NOT AVAILABLE FOR REGULATED BUY TO LETS Available for Ex-Pats, Light Refurbishment and Regulated Buy to Let Discount Off SVR APR Maximum LTV Maximum Loan 1.40% 5.5% 70% £300,000 Early Application Completion Repayment Fee Fee Charge £199 Please note for Product DIB026 an Illustration cannot be produced via our website. To request one visit www.mansfieldbs.co.uk/intermediaries £1,300 3% Product Features • £50,000 minimum loan • 70% LTV inclusive of completion fee • Basic valuation fee payable by applicant(s) 8 For expert help, call 01623 676360 CURRENT SVR 5.59% Buy To Let Criteria • R ental income must be at least 130% of monthly interest calculated at a notional rate of 5% • W ritten confirmation required of rental income from a recognised professional letting agent who preferably should deal with the tenancy • U p to a maximum of 5 BTL properties allowed with The Mansfield providing the total mortgages with the Society do not exceed £500,000 • U p to a maximum of 10 BTL mortgages remain outstanding with other lenders accepted • A vailable for capital raising purposes on an unencumbered property providing the monies are used for property related purposes • A pplicant (or one of the applicants in the case of a joint application) must be an existing owner occupier at the time of the application or have been an owner-occupier in the 12 months prior to application • N ot available on new build city centre or converted flats, properties over retail outlets, Homes in Multiple Occupation (HMO) or to Limited Companies • T enants in the following categories are not acceptable: students, multiple tenancies, tenants who are claiming housing benefit, asylum seekers, persons who have or require diplomatic immunity, social landlords (such as housing associations), holiday lets, Rent Act protected tenants, or agents of any of these • M aximum term 25 years • M inimum age of 25 at date of application • M aximum age of 85 at the end of the mortgage term • T he applicant’s income from either employment or self employment must be at least £20,000 per year. In the case of a joint named application, the income of the highest earning applicant must be at least £20,000 per year Let to Buy - Applications where the existing mortgage is not being repaid and the applicants are intending to let the property will be considered and should be referred. 9 For expert help, call 01623 676360 CURRENT SVR 5.59% Lending Policy Features Affordability To access our Affordability Calculator please visit www.mansfieldbs.co.uk INCOME & EXPENDITURE CALCULATIONS - PLEASE USE ANNUAL EQUIVALENTS Income %age for use Expenditure %age for use Gross Basic Salary/Pension Income 100% Existing loan/hire purchase with more than 6 months remaining, this includes shared equity loan payments 100% Guaranteed overtime, bonus, commission & shift allowances^^ 100% If LTV< = 80% credit cards/store cards/ 3% of balance outstanding x 12 mail order with balance > £2,000 Regular overtime, bonus, commission & shift allowance^^ 50% If LTV> 80% all credit cards/store cards/mail order balances 3% of balance oustanding x 12 Employment allowances: Employment weighting (i.e. London or regional); housing allowance/ subsidy; and similar^^ 100% Other secured lending 100% Car Allowance (but not mileage reimbursement)^^ 100% School fees or university fees 100% Income from 2nd job if permanent & employment longer than 6 months 100% Maintenance payments 100% Net Profit (if self-employed sole trader or partner) 100% Rental payments under a Shared Ownership Scheme 100% Gross Dividend (if self-employed director of limited company) 100% When interest only any payments made to a repayment vehicle 100% Directors remuneration (if self-employed director or limited company) 100% Payments made for protection 100% Average Net Rental Income (over a period of at least 2 years) 100% Universal Credit/Invalidity/Disability Benefits 50% Working Tax Credit/Child Tax Credit (youngest child under 13) 50% Child Maintenance by Court Order*/CSA**/private arrangement** 100% Bursaries for Nurses 100% Ex Spouse Maintenance by Court Order 100% Average investment income (over a period of at least 2 years) 100% ^^ the total amount for these allowances is limited to 100% of gross basic salary. Subject to *sight of court order/**bank statements required as evidence of receipt of credits/maximum LTV 80%. For expert help, call 01623 676360 10 CURRENT SVR 5.59% Product Information Valuation Fee Scale Valuation fees are payable to Gateway Surveyors and they will request payment when arranging the valuation. If the application does not proceed, the initial valuation fee will be non-refundable if the valuation has been carried out in the meantime. If we conduct a drive-by valuation, the valuation fee will be £61.00. For most remortgages on residential owner-occupied properties with a maximum of 5 bedrooms, up to a maximum of 80% LTV, our panel valuer will only conduct a drive-by valuation. This means that the interior of the property will not be inspected and your client may not receive a copy of the drive-by valuation report. This ensures that costs are kept to a minimum. We do however reserve the right at all times to carry out a full valuation. Purchase Price (Not exceeding) Legal Fees The solicitor/licensed conveyancer fees will be your clients responsibility unless stated in product features. Remortgage Clients When remortgaging to us using a product where your client is responsible for payment of the fees your client can opt to use our nominated solicitor for a fixed fee of £250. Under this shortened legal process the solicitor will be acting on behalf of the Society and not on your client’s behalf. Normal conveyancing checks including local and Land Registry searches will not be made as your client already lives in the property. Please note that the cost of postponing any charge or any other legal work relating to the property or any fees or charges imposed by the present lender will be your client’s responsibility but we may be prepared to include these in the new mortgage with us. If your client decides to use their own solicitor/licensed conveyance, the shortened legal process cannot be used. Report and Mortgage Valuation Home Buyers Purchase Remortgage £50,000 £102 £120 £260 £75,000 £112 £120 £280 £100,000 £138 £160 £317 £150,000 £169 £160 £383 £200,000 £194 £160 £434 £250,000 £225 £160 £490 £300,000 £266 £160 £541 £400,000 £347 £160 £575 £500,000 £383 £160 £674 £600,000 £429 £225 £750 £700,000 £511 £225 £850 £800,000 £592 £225 £950 £900,000 £674 £225 £1,050 £1,000,000 £725 £225 £1,150 £1,200,000 £868 £475 £1,350 £1,400,000 £1,011 £475 £1,550 £1,600,000 £1,149 £475 £1,750 Procuration Fee Residential owner occupied completions - 0.35% of mortgage value Buy to Let completions - 0.40% of mortgage value 11 For expert help, call 01623 676360 CURRENT SVR 5.59% Documentation & Address Supporting documents Please ensure supporting documents are submitted as stated on the mortgage application form. • Application fee cheque payable to The Mansfield Building Society (or alternatively, we will contact the customer directly to obtain the fee). • Last 3 months bank statements • Latest mortgage statement or rent book • Proof of income in retirement, e.g. pension statement or illustration, if you are already retired or the mortgage term extends into planned retirement • Right to Buy offer letter (if purchasing from the local authority) If employed: • Latest P60 • Last 3 months payslips If self-employed: • For loans up to 90% LTV last 2 years accounts • For loans greater than 90% LTV last 3 years accounts OR Where you need to send any correspondence Mortgage Department The Mansfield Building Society Regent House Regent Street Mansfield Nottinghamshire NG18 1SS For updates on applications that have been submitted and are being processed contact our Mortgage Department on: Tel: 01623 676340 Fax: 01623 676357 Email: [email protected] DX number: 10400 Lines open: 9.00am - 5.00pm Monday to Friday and 8.45am - 12.15pm Saturday • Copies of the last 3 self-assessment tax calculation forms (SA302) 12 For expert help, call 01623 676360
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