LENDING CRITERIA

At least one customer must be either employed, self-employed, or in receipt of an occupational pension. If using two incomes for affordability assessment, at least one of the customer’s will need to be employed, self-employed or in receipt of an occupational pension.

The maximum loan to value allowable is 75% LTV (plus fees).

A suitable repayment strategy needs to be in place to fully repay the outstanding mortgage balance at the end of the term. The following are acceptable repayment strategies:

• Cash ISA or other savings
• Stocks, Shares, ISA or other liquid investment
• Endowment policy
• Pension (Personal, Executive or Employed pension plan)
• Sale of another mortgaged property. Up to 100% of the current available equity can be used.
• Sale of the customer's main residence (downsizing) - customers are expected to have a minimum amount of equity remaining in the property at the end of the mortgage term in order to repay the mortgage debt and also feasibly purchase another property:
• £150,000 equity required at the start of the mortgage for securities located in the rest of the UK
• £200,000 equity required at the start of the mortgage for all securities located within London and the South East of England