FOUNDATION HOME LOANS

Transcription

1 FOUNDATION HOME LOANS Product Guide For intermediary use only Effective from April 2015 Foundation Home Loans is a trading style of Paratus AMC Limited who are incorporated in England and Wales with company number ay, Bracknell, Berkshire RG12 1WA. Paratus AMC Limited is authorised and regulated by the Financial Conduct Authority. Calls may be monitored or recorded Page 1 of 18

2 Introduction FHL is a 21st century Buy to Let lender with good old fashioned values. Our service is everything, our attitude is key and our products... well you be the judge. We believe that, when it comes to specialist buy to let lending, you need experienced staff, strong infrastructure, positive values and heaps of integrity to ensure a smooth transition from application to completion. Useful Contacts Telephone: info@3-mc.com Content Prime Fixed 3/4 Prime Discounted Tracker Prime Variable Light Adversed Fixed Light Adversed Discounted Tracker Light Adverse Variable First Time Landlords Fixed First Time Landlords Discounted Tracker 5/6 7/8 9/10 11/12 13/14 15/16 17/18 Page 2 of 18

3 Prime Fixed Product Specification Product Product Code Rate Type BF00003P 3.99% 2 Year Fixed Fixed Reversion Rate LIBOR plus 4.5% LIBOR 0.57% set on 16/03/2015 Maximum LTV 75% Application Fee Arrangement Fee 125 plus valuation fee (payable on application) 2% of loan amount ( minimum fee. Arrangement Fee can be added to loan to maximum of 80% LTV) ERC 4% in year 1 3% in year 2 Loan Purpose Repayment Type Term Purchase/Re-mortgage Buy to Let Repayment or Interest Only 5 25 years Loan Size 50, ,000 (including all fees) Rental Cover Gross monthly rental income must be at least 125% of the pay rate or 5.25% notional rate, whichever is higher Credit Rules Bankruptcy Order IVA/Administration Order CCJ/Defaults Secured Loan Arrears Unsecured Loan Arrears Credit Card, Mail Order, Communication and Utility provider Arrears Bankruptcy Order within the last six years regardless of whether it has been discharged IVA or Administration Order registered within the last six years regardless of whether it is satisfied/completed CCJ/Default registered or satisfied within the last 24 months missed mortgage payments in the last 24 months. missed payments in the last 12 months. A maximum of two missed payments on up to one account within the last 24 months. Maximum of four missed payments on one account or four missed payments (4 individual instances) across a combination of accounts where the combined value is less than 250 Page 3 of 18

4 Prime Fixed Product Specification continued Additional Criteria Bank Statements First Time Buyers First Time Landlords Last three month s bank statements for all applicants main personal bank account. Where a Buy to Let business is being run from a separate account, these bank statements will also be required. All bank statements must be from a UK bank account The information contained within must not be distributed to members of the public Foundation Home Loans is a trading style of Paratus AMC Limited. Registered Office:.5 Arlington Square, Downshire Way, Bracknell, Berkshire RG12 1WA. Registered in England with Company Paratus AMC Limited is authorised and regulated by the Financial Conduct Authority. Our registration number is Page 4 of 18

5 Prime Discounted Tracker Product Specification Product Product Code BT00003P Rate LIBOR plus 3.19% Type 2 year Tracker Reversion Rate LIBOR plus 4.50% LIBOR 0.57% set on 16/03/2015 Maximum LTV 75% Application Fee Arrangement Fee 125 plus valuation fee (payable on application) 2% of loan amount ( minimum fee. Arrangement Fee can be added to loan to maximum of 80% LTV) ERC 4% in year 1 3% in year 2 Loan Purpose Repayment Type Term Purchase/Re-mortgage Buy to Let Repayment or Interest Only 5 25 years Loan Size 50, ,000 (including all fees) Rental Cover Gross monthly rental income must be at least 125% of the pay rate or 5.25% notional rate, whichever is higher Credit Rules Bankruptcy Order IVA/Administration Order CCJ/Defaults Secured Loan Arrears Unsecured Loan Arrears Credit Card, Mail Order, Communication and Utility provider Arrears Bankruptcy Order within the last six years regardless of whether it has been discharged IVA or Administration Order registered within the last six years regardless of whether it is satisfied/completed CCJ/Default registered or satisfied within the last 24 months missed mortgage payments in the last 24 months. missed payments in the last 12 months. A maximum of two missed payments on up to one account within the last 24 months. Maximum of four missed payments on one account or four missed payments (4 individual instances) across a combination of accounts where the combined value is less than 250 Page 5 of 18

6 Prime Discounted Tracker Product Specification continued Additional Criteria Bank Statements First Time Buyers First Time Landlords Last three month s bank statements for all applicants main personal bank account. Where a Buy to Let business is being run from a separate account, these bank statements will also be required. All bank statements must be from a UK bank account The information contained within must not be distributed to members of the public Foundation Home Loans is a trading style of Paratus AMC Limited. Registered Office:.5 Arlington Square, Downshire Way, Bracknell, Berkshire RG12 1WA. Registered in England with Company Paratus AMC Limited is authorised and regulated by the Financial Conduct Authority. Our registration number is Page 6 of 18

7 Prime Variable Product Specification Product Product Code BV00003P Rate LIBOR plus 4.50% Type Variable Reversion Rate LIBOR plus 4.50% LIBOR 0.57% set on 16/03/2015 Maximum LTV 75% Application Fee Arrangement Fee ERC 125 plus valuation fee (payable on application) ne ne Loan Purpose Repayment Type Term Purchase/Re-mortgage Buy to Let Repayment or Interest Only 5 25 years Loan Size 50, ,000 (including all fees) Rental Cover Gross monthly rental income must be at least 125% of the pay rate or 5.25% notional rate, whichever is higher Credit Rules Bankruptcy Order IVA/Administration Order CCJ/Defaults Secured Loan Arrears Unsecured Loan Arrears Credit Card, Mail Order, Communication and Utility provider Arrears Bankruptcy Order within the last six years regardless of whether it has been discharged IVA or Administration Order registered within the last six years regardless of whether it is satisfied/completed CCJ/Default registered or satisfied within the last 24 months missed mortgage payments in the last 24 months missed payments in the last 12 months. A maximum of two missed payments on up to one account within the last 24 months Maximum of four missed payments on one account or four missed payments (4 individual instances) across a combination of accounts where the combined value is less than 250 Page 7 of 18

8 Prime Variable Product Specification continued Additional Criteria Bank Statements First Time Buyers First Time Landlords Last three month s bank statements for all applicants main personal bank account. Where a Buy to Let business is being run from a separate account, these bank statements will also be required. All bank statements must be from a UK bank account The information contained within must not be distributed to members of the public Foundation Home Loans is a trading style of Paratus AMC Limited. Registered Office:.5 Arlington Square, Downshire Way, Bracknell, Berkshire RG12 1WA. Registered in England with Company Paratus AMC Limited is authorised and regulated by the Financial Conduct Authority. Our registration number is Page 8 of 18

9 Light Adverse Fixed Product Specification Product Product Code Rate Type BF00003L 4.99% 2 year Fixed Fixed Reversion Rate LIBOR plus 5.25% LIBOR 0.57% set on 16/03/2015 Maximum LTV 70% Application Fee Arrangement Fee 125 plus valuation fee (payable on application) 2% of loan amount ( minimum fee. Arrangement Fee can be added to loan to maximum of 80% LTV) ERC 5% in year 1 4% in year 2 Loan Purpose Repayment Type Term Purchase/Re-mortgage Buy to Let Repayment or Interest Only 5 25 years Loan Size 50, ,000 (including all fees) Rental Cover Gross monthly rental income must be at least 125% of the pay rate or 6% notional rate, whichever is higher Credit Rules Bankruptcy Order IVA/Administration Order Bankruptcy Order within the last six years regardless of whether it has been discharged IVA or Administration Order registered within the last six years regardless of whether it is satisfied/completed CCJ/Defaults A maximum of one satisfied CCJ/Default up to the value of 2000 within the last 24 months, with none in the last 12 months. Any CCJ s/ Defaults must be satisfied or brought up to date at time of application Secured Loan Arrears Unsecured Loan Arrears Credit Card, Mail Order, Communication and Utility provider Arrears Maximum of one missed payment in the last 24 months, with none in the last six months. A maximum of two missed payments on up to one account within the last 12 months but none in the last six months Maximum of four missed payments on one account or four missed payments (4 individual instances) across a combination of accounts where the combined value is less than 250 Page 9 of 18

10 Light Adverse Fixed Product Specification continued Additional Criteria Bank Statements First Time Buyers First Time Landlords Last three month s bank statements for all applicants main personal bank account. Where a Buy to Let business is being run from a separate account, these bank statements will also be required. All bank statements must be from a UK bank account The information contained within must not be distributed to members of the public Foundation Home Loans is a trading style of Paratus AMC Limited. Registered Office:.5 Arlington Square, Downshire Way, Bracknell, Berkshire RG12 1WA. Registered in England with Company Paratus AMC Limited is authorised and regulated by the Financial Conduct Authority. Our registration number is Page 10 of 18

11 Light Adverse Discounted Tracker Product Specification Product Product Code BT00003L Rate LIBOR plus 4.19% Type 2 year Tracker Reversion Rate LIBOR Plus 5.25% LIBOR 0.57% set on 16/03/2015 Maximum LTV 70% Application Fee Arrangement Fee 125 plus valuation fee (payable on application) 2% of loan amount ( minimum fee. Arrangement Fee can be added to loan to maximum of 80% LTV) ERC 5% in year 1 4% in year 2 Loan Purpose Repayment Type Term Purchase/Re-mortgage Buy to Let Repayment or Interest Only 5 25 years Loan Size 50, ,000 (including all fees) Rental Cover Gross monthly rental income must be at least 125% of the pay rate or 6% notional rate, whichever is higher Credit Rules Bankruptcy Order IVA/Administration Order Bankruptcy Order within the last six years regardless of whether it has been discharged IVA or Administration Order registered within the last six years regardless of whether it is satisfied/completed CCJ/Defaults A maximum of one satisfied CCJ/Default up to the value of 2000 within the last 24 months, with none in the last 12 months. Any CCJ s/ Defaults must be satisfied or brought up to date at time of application Secured Loan Arrears Unsecured Loan Arrears Credit Card, Mail Order, Communication and Utility provider Arrears Maximum of one missed payment in the last 24 months, with none in the last six months A maximum of two missed payments on up to one account within the last 12 months but none in the last six months Maximum of four missed payments on one account or four missed payments (4 individual instances) across a combination of accounts where the combined value is less than 250 Page 11 of 18

12 Light Adverse Discounted Tracker Product Specification continued Additional Criteria Bank Statements First Time Buyers First Time Landlords Last three month s bank statements for all applicants main personal bank account. Where a Buy to Let business is being run from a separate account, these bank statements will also be required. All bank statements must be from a UK bank account. The information contained within must not be distributed to members of the public Foundation Home Loans is a trading style of Paratus AMC Limited. Registered Office:.5 Arlington Square, Downshire Way, Bracknell, Berkshire RG12 1WA. Registered in England with Company Paratus AMC Limited is authorised and regulated by the Financial Conduct Authority. Our registration number is Page 12 of 18

13 Light Adverse Variable Product Specification Product Product Code BV00003L Rate LIBOR plus 5.25% Type Variable Reversion Rate LIBOR plus 5.25% LIBOR 0.57% set on 16/03/2015 Maximum LTV 70% Application Fee Arrangement Fee ERC 125 plus valuation fee (payable on application) ne ne Loan Purpose Repayment Type Term Purchase/Re-mortgage Buy to Let Repayment or Interest Only 5 25 years Loan Size 50, ,000 (including all fees) Rental Cover Gross monthly rental income must be at least 125% of the pay rate or 6% notional rate, whichever is higher Credit Rules Bankruptcy Order IVA/Administration Order Bankruptcy Order within the last six years regardless of whether it has been discharged IVA or Administration Order registered within the last six years regardless of whether it is satisfied/completed CCJ/Defaults A maximum of one satisfied CCJ/Default up to the value of 2000 within the last 24 months, with none in the last 12 months. Any CCJ s/ Defaults must be satisfied or brought up to date at time of application Secured Loan Arrears Unsecured Loan Arrears Credit Card, Mail Order, Communication and Utility provider Arrears Maximum of one missed payment in the last 24 months, with none in the last six months A maximum of two missed payments on up to one account within the last 12 months but none in the last six months Maximum of four missed payments on one account or four missed payments (4 individual instances) across a combination of accounts where the combined value is less than 250 Page 13 of 18

14 Light Adverse Variable Product Specification continued Additional Criteria Bank Statements First Time Buyers First Time Landlords Last three month s bank statements for all applicants main personal bank account. Where a Buy to Let business is being run from a separate account, these bank statements will also be required. All bank statements must be from a UK bank account The information contained within must not be distributed to members of the public Foundation Home Loans is a trading style of Paratus AMC Limited. Registered Office:.5 Arlington Square, Downshire Way, Bracknell, Berkshire RG12 1WA. Registered in England with Company Paratus AMC Limited is authorised and regulated by the Financial Conduct Authority. Our registration number is Page 14 of 18

15 First Time Landlord Fixed Product Specification Product Product Code Rate Type BF00003F 4.19% 2 Year Fixed Fixed/Variable Reversion Rate LIBOR plus 4.5% LIBOR 0.57% set on 16/03/2015 Maximum LTV 75% Application Fee Arrangement Fee 125 plus valuation fee (payable on application) 2% of loan amount ( minimum fee. Arrangement Fee can be added to loan to maximum of 80% LTV) ERC 4% in year 1 3% in year 2 Loan Purpose Repayment Type Term Purchase/Buy to Let Repayment or Interest Only 5 25 years Loan Size 50, ,000 (including all fees) Rental Cover Gross monthly rental income must be at least 125% of the pay rate or 5.25% notional rate, whichever is higher Credit Rules Bankruptcy Order IVA/Administration Order CCJ/Defaults Secured Loan Arrears Unsecured Loan Arrears Credit Card, Mail Order, Communication and Utility provider Arrears Bankruptcy Order within the last six years regardless of whether it has been discharged IVA or Administration Order registered within the last six years regardless of whether it is satisfied/completed CCJ/Default registered within the last 6 years. missed mortgage payments within the last 6 years missed payments in the last 6 years Maximum of four missed payments on one account or four missed payments (4 individual instances) across a combination of accounts where the combined value is less than 250 Page 15 of 18

16 First Time Landlord Fixed Product Specification continued Additional Criteria Bank Statements First Time Buyers First Time Landlords Last three month s bank statements for all applicants main personal bank account. Where a Buy to Let business is being run from a separate account, these bank statements will also be required. All bank statements must be from a UK bank account. Demonstration of 6 month s rent cash in the bank - based on rent level confirmed by valuer and net of stamp duty + 1,000 to cover associated costs (e.g. solicitor s fees). Yes Page 16 of 18

17 First Time Landlord Discount Tracker Product Specification Product Product Code BT00003F Rate LIBOR plus 3.39% Type 2 year Tracker Reversion Rate LIBOR plus 4.5% LIBOR 0.57% set on 16/03/2015 Maximum LTV 75% Application Fee Arrangement Fee 125 plus valuation fee (payable on application) 2% of loan amount ( minimum fee. Arrangement Fee can be added to loan to maximum of 80% LTV) ERC 4% in year 1 3% in year 2 Loan Purpose Repayment Type Term Purchase/Buy to Let Repayment or Interest Only 5 25 years Loan Size 50, ,000 (including all fees) Rental Cover Gross monthly rental income must be at least 125% of the pay rate or 5.25% notional rate, whichever is higher Credit Rules Bankruptcy Order IVA/Administration Order CCJ/Defaults Secured Loan Arrears Unsecured Loan Arrears Credit Card, Mail Order, Communication and Utility provider Arrears Bankruptcy Order within the last six years regardless of whether it has been discharged IVA or Administration Order registered within the last six years regardless of whether it is satisfied/completed CCJ/Default registered within the last 6 years. missed mortgage payments within the last 6 years missed payments in the last 6 years Maximum of four missed payments on one account or four missed payments (4 individual instances) across a combination of accounts where the combined value is less than 250 Page 17 of 18

18 First Time Landlord Discount Tracker Product Specification continued Additional Criteria Bank Statements First Time Buyers First Time Landlords Last three month s bank statements for all applicants main personal bank account. Where a Buy to Let business is being run from a separate account, these bank statements will also be required. All bank statements must be from a UK bank account. Demonstration of 6 month s rent cash in the bank - based on rent level confirmed by valuer and net of stamp duty + 1,000 to cover associated costs (e.g. solicitor s fees). Yes For unacceptable properties and general criteria please refer to the General Criteria Guide Page 18 of 18