Guide to submitting Shared Ownership applications

Transcription

1 INTERMEDIARIES & INVESTMENT PROFESSIONALS ONLY: NOT FOR PUBLIC DISTRIBUTION Guide to submitting Shared Ownership applications January 2017

2 Contents In this guide we ll cover the key screens on Introducer Internet for submitting a Shared Ownership application Throughout this guide we ll use the following example Purchase price = 200,000 50% share being purchased = 100,000 Mortgage = 90,000 Deposit = 10,000 (90% LTV) Shared ownership rent of 250 pcm Before submitting the application Introducer Internet - AIP > Budget planner > Loan required Introducer Internet - FMA > Property details > Loan purpose Where to get more help? Tips on using this guide Clicking on this icon throughout the guide will link you to more information on the topic We ll also provide the screenshots for scenarios where the applicant s are remortgaging and looking to buy further shares or the final share Buying an additional share Buying final share Information that you ll need to know when completing the application form Top tips for completing the application form Important information that you must be aware of when completing the application form These buttons move you forward and back, home brings you back here

3 Before submitting a Shared Ownership application 1 Visit our website - we have a dedicated page on Shared Ownership that includes detailed criteria 2 Complete our affordability calculator to check how much your client could borrow Affordability calculator Applicant details Expenditure details Make sure the deposit figure entered is based on the share your client is purchasing In Any other expenditure you think we ll need to consider include the cost of Shared Ownership rent ( 250 in this case) and also add in monthly equivalent for ground rent and service charge ( 25 in this case)

4 New Application > Financial > Budget planner In this section you complete your applicant s budget planner on Introducer Internet Don t include the Shared Ownership rent, ground rent or service charge, here as we ll ask for it later when you get to the FMA.

5 New Application > Loan required > Loan details In this section you can provide details of the loan your applicant requires Make sure you input the mortgage required. The maximum we can lend is 90% of the share. Make sure you enter the full purchase price/ valuation and not the value of the share

6 New Application > Loan required > Loan purpose In this section you can provide details of the loan your applicant requires Select Shared Ownership as the loan purpose and input the percentage of the initial share the applicant will own. Check our Shared Ownership page on our website for full details of our policy.

7 New Application > Loan required > Loan breakdown In this section you can provide details of the loan your applicant requires The deposit in the loan breakdown includes the deposit that the applicant has provided, plus the amount owned by the Shared Ownership provider

8 Full Mortgage Application > Property to be Purchased >Property details Within this screen complete the property details for the address being purchased Make sure the tenure of the property is leasehold Shared Ownership. Don t forget to include an amount for ground rent and service charge (monthly equivalent)

9 Full Mortgage Application > Loan required > Loan details On this screen you only need to answer the mandatory questions Provide details of the Shared Ownership rent and address details of the provider

10 Remortgaging and raising additional borrowing to purchase an additional share Loan required > Loan details Make sure you input the mortgage required. The maximum we can lend is 90% of the share. Don t forget to enter the full purchase price/ valuation and not the value of the share.

11 Remortgaging and raising additional borrowing to purchase an additional share Loan required > Loan purpose Select Shared Ownership + Additional and input the current share and the additional share being purchased. Check our Shared Ownership page on our website for full details of our policy

12 Remortgaging and raising additional borrowing to purchase an additional share Loan required > Loan breakdown Enter the amount required to purchase the additional share

13 Remortgaging and raising additional borrowing to purchase property outright Loan required > Loan details Complete these details similar to a standard remortgage with capital raising application

14 Remortgaging and raising additional borrowing to purchase property outright Loan required > Loan purpose Select capital raising as the loan purpose and not Shared Ownership final

15 Remortgaging and raising additional borrowing to purchase property outright Loan required > Loan breakdown Enter the amount required to purchase the final share under To use for personal purposes

16 Where can I get more help? Visit our website > Literature to access our Introducer Internet guides Speak to your dedicated contact Enter your Introducer Internet code into the dedicated contact search on our homepage to find their details Call our Introducer Internet helpdesk if you need technical support on Aimed at intermediaries and investment professionals only. Not for public distribution. Santander for Intermediaries is a brand of Santander UK plc and is not a regulated company. Santander UK plc. Registered Office: 2 Triton Square, Regent's Place, London, NW1 3AN, United Kingdom. Registered Number Registered in England and Wales. Telephone Calls maybe recorded or monitored. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Our Financial Services Register number is Santander and the flame logo are registered trademarks.