Credit Repair mortgages

Proc Fee

We will pay a gross procuration fee of 0.4% on all new introduced business and 0.3% on all product transfers. The fee is usually paid within five working days following completion. Procuration fees may vary for our recognised Clubs & Packagers.

Repayment type

Interest only and repayment options available

Key features

Availability – Purchase & Remortgage up to 70% Loan To Value (LTV). Minimum deposit of 30% required.
Flexibility – Overpayments up to 20% of the capital balance as at 1st January are allowed in each calendar year without penalty.
Portable.

Early repayment

For full repayment of a 5 year fixed product, you will pay 3% of the outstanding balance in years 1, 2, 3 & 4; 2% in year 5, plus a Closing Administration Fee (currently £100).

For overpayments of a 5 year fixed product, you will pay 3% on any amount exceeding your 20% limit in year 1, 2, 3 & 4, 2% in year 5.

For full repayment of a 2 year fixed or discounted product, you will pay 3% of the outstanding balance in the first year and 2% in the second year, plus a Closing Administration Fee (currently £100).

For overpayments of a 2 year fixed or discounted product, you will pay 3% on any amount exceeding your 20% limit in the first year and 2% in the second year.

Product fees

Valuation fee.
Product fee £999.

Lending criteria

Residential Lending Criteria and Information

Loan:	Size: Minimum £50,000, Maximum £500,000. Term: Minimum 5 years, Maximum 40 years.
Property:	Minimum Value: £100,000. Must be in England, Wales or Mainland Scotland, Shetland, Orkney, Arran, Bute, Skye, Harris & Lewis, Mull and Islay. We are also unable to offer a Right To Buy mortgage in Scotland.
All applicants:	Must be UK residents. Minimum age 18. Maximum age is 85, subject to income in retirement.
Income:	Household income must be at least £20,000. No minimum period of employment, but must have passed probation, or have 3 years self employment history.

The amount we will lend will depend on the value of the property and a calculation based on income and expenditure. As a guide, we will take gross annual income and then apply a deduction for the annual amount paid towards any existing debts or other financial commitments. We apply the following multipliers to the amount remaining:

Income After Deductions	Sole Borrower	Joint Borrowers
£20,000-£50,000 single or under £100,000 joint	5x	5x
Over £50,000 single or over £100,000 joint	6x	6x

These multiples are for guidance only and do not guarantee that we will lend the amount indicated. We will carry out a full assessment of your income and expenditure to ensure that you can afford your mortgage both now and in the future.

Underwriting:	We take a flexible approach to underwriting and will consider each case on its merits. We do not credit score. The actual rate and APRC for your case will depend on your circumstances and our assessment of the risk.

Credit Criteria

Criteria	High LTV	Standard	Credit Repair
LTV	95%	80%	70%
Defaults	None in the last 6 years	Satisfied over 2 years	Maximum £2,500 registered over 2 years
CCJ’s / Sheriff Court Decree (Scotland)	None in the last 6 years	Maximum £500 registered in last 3 years, satisfied at application	Maximum £2,500 registered over 2 years
Mortgage/Rent Arrears	None in the last 3 years	Maximum status 1 in the last 2 years, satisfied for at least 12 months	Maximum status 2 in the last 2 years, satisfied for at least 6 months
Unsecured Arrears (loans, credit cards, hire purchase etc.)	None in the last 3 years	Maximum status 1 in the last 2 years. (Utilities & mobiles ignored up to £250)	Maximum status 2 in the last 2 years. (Utilities & mobiles ignored up to £250)
Bankruptcy/IVA/Sequestration/Protected Trust Deed (Scotland)	None in the last 6 years	Satisfied over 3 years	Satisfied over 2 years
Pay day loans	None in the last year	None in the last year	None in the last year
DRO/DPP (Scotland)/DMP	None in the last 6 years	Satisfied over 2 years	Satisfied over 1 year