We’ve made the following changes:

First Time Buyer product to 92.5% LTV – We have a new First Time Buyer product with the following key highlights:

  • 5% maximum loan to value (Houses only. Flats/Maisonettes 75% LTV)
  • Available only for properties purchased in postcode areas LE, CV9-13 inclusive or DE11-15 inclusive
  • Available for First Time Buyers for purchase only (At least one applicant can never have owned a property)
  • Standard Variable Rate (SVR) less 1.60% for 5 Years, giving an initial pay rate of 3.29%
  • £125 Booking Fee payable upfront and non-refundable, and £999 Arrangement Fee (The Arrangement Fee can be added provided the LTV to include the fee does not exceed 92.5%)
  • No Higher Lending Charge
  • Free standard valuation (up to £540)
  • There is a collar of 2.5% on this mortgage which means that the rate of interest charged will not fall below 2.5%
  • There is an Early Repayment Charge if the mortgage is redeemed or rearranged in the first 5 years, calculated as follows:
    • 2% of the redemption balance is payable within the first 2 years
    • 5% of the redemption balance is payable in years 3 and 4
    • 1% of the redemption balance is payable in year 5
  • Minimum mortgage amount – £100,000
  • Maximum mortgage amount – £250,000
  • Product number 266

Product number 238 (SVR less 1.65% 5 year discount) is now product 265 – The £125 upfront Booking Fee and £699 Arrangement Fee have been removed and replaced with a £825 arrangement fee which can be added.

Valuation Fees – We have a new scale of valuation fees, including a new band for properties between £1m and £1.5M.