Mortgage Product Guide

Transcription

1 Nov 2015 Issue 04/15CPI Mortgage Product Guide For intermediary use only These products are available exclusively through the selected distributors below. Benefits of using The Mansfield: No automated credit scoring Each case individually underwritten Dedicated Intermediary Sales support NEWS: See page 1 for changes to Right to Buy and Other Information 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.

2 Product Information Key Product Information 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 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 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 Maximum LTV is inclusive of fees Completion Fee - If a product states there is a completion fee, this is payable before completion. Where product features and maximum LTV limits 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 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. Downsizing from current property, subject to a minimum equity of 150,000, will be considered on a case by case basis Right to Buy (houses only) up to 100% of the purchase price plus a further 10% for home improvements, subject to maximum 75% LTV and a minimum loan size of 75,000 Other Information The Society will consider the following applications: Bankruptcy and IVA if discharged more than 3 years ago Maximum of 3 CCJs/Defaults satisfied in the last 3 years up to 500 (total) with none in the last 6 months Sale to a family member up to 100% of the discounted price, subject to overall 75% LTV limit Protected family gift (i.e. under a trust deed) where the funds are repayable on the future sale of the property Debt management plans considered if completed within the last 3 years The Society will endeavour to provide decisions in principle and confirmation of product pricing within 48 business hours subject to all information requested being provided. 1

3 Variable Rate Scheme Products House Purchase or Remortgage Mortgage Product Information - For Intermediary use only Mortgage Product Product Code Initial Variable Rate Payable Currently Discount Off APR Maximum LTV Maximum Loan Application Fee Completion Fee Early Repayment Charge Product Features 70% 400,000 CPI % 1.90% 5.6% None 2% of advance 2% Basic valuation fee payable by applicant(s) 2 Year Discount 80% 300,000 70% 400,000 CPI % 1.40% 5.7% None 2% of advance 2% Basic valuation fee payable by applicant(s) 80% 300,000 2

4 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. Legal Fees The solicitor/licensed conveyancer fees will be your clients responsibility unless stated in product features. Remortgage Clients When remortgaging to The Mansfield 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. Procuration Fee On completion of the mortgage The Mansfield Building Society will pay the distributor and the mortgage intermediary a fee totalling 1% of the mortgage value. Purchase Price (Not exceeding) Report and Mortgage Valuation Purchase Remortgage Home Buyers 50, , , , , , , , , , , , , ,050 1,000, ,150 1,200, ,350 1,400,000 1, ,550 1,600,000 1, ,750 3

5 Documentation & Address Submission Criteria Please ensure supporting documents are submitted as stated on the mortgage application form. Application fee cheque payable to The Mansfield Building Society (or alternatively, The Mansfield 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: Minimum 1 years accounts plus a projection for the current year OR 1 years accounts plus 6 months management accounts The Mansfield Building Society, Regent House, Regent Street, Mansfield, Nottinghamshire, NG18 1SS. Tel: