Lender Documents
Proc Fee
| Product | Gross Fee paid by lender | Net fee paid to regulated broker | Net Fee paid to non-regulated & client referral service |
|---|---|---|---|
| All Products | 0.80% | 0.40% | 0.225% |
This is great for helping clients maximise their income when purchasing or remortgaging their residential property. To achieve the maximum 6x income the following minimum requirements need to met:
- Very good credit history
- Low commitments
- Income circa £40k (basic) per applicant
- Long term
- Up to 6x income multiple
- Max LTV 85%, £500k
- Purchase rates from 3.14%
- Remortgage rates from 3.24%
- Remortgage free legals & valuation
- Fixed arrangement fee of £1,499
Here are some key lending points:
- Family Assist Product – 100% LTV borrowing, can use parent’s savings or equity to act as security on child’s property purchase.
- Assist To Buy – Allow use of Proportunity, Even or Ahauz loan to increase affordability.
- Rental income – Use an average of the last 2 years SA302s.
- CIS workers – treated as employed, salary based on 6 month average.
- No credit scoring.
- Missed payments – can accept ‘blips’ up to status 2 in the last 2 years.
- Can consider up to 3 payday loans within the last 12 months subject to underwriter agreement.
- Accept up to 4 applicants per application.
- Second homes – allow property to be let on short term basis when not in family use.
- Later life – able to lend to age 95 for standard residential cases and until death or life event for RIO cases.
Residential
- No credit scoring
- CIS treated as employed
- Up to 6x income multiple
- Family concessionary purchase with gifted equity
- Can consider missed payments
- Can allow small CCJs and Defaults
- No minimum income requirement for interest only
- Later life lending products for retired clients
- Retirement properties accepted (min value £200k)
- Second homes can be let on short term rental whilst not in family use
- Like for like re-mortgage product available for mortgage prisoners
- Lending up to 100% using Family Assist product or 95% on standard products
Buy to Let
- ICR from 125% at pay rate
- 5 year fixed products stressed at pay rate
- 1 Applicant must earn £20,000
- Expats accepted including FTB
- LCBTL purchasing using intercompany loan or transferred equity from personal name considered
Proc Fee 0.45%
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