6.75% Term Tracker

6.75% Term Tracker

Upto £450,000 85% LTV (Rmg 85%)

Upto £550,000 75% LTV (Rmg 75%)

Upto £1,000,000 70% LTV (Rmg 70%)

Mortgage NOT portable, Mortgage is Flexible, Under payments allowed., Overpayments allowed.

This product is not portable. If you sell the property, this mortgage must be repaid in full, subject to any early repayment charges. The mortgage on any new property will have to be arranged using a new Product.

- Mortgage is a EXCLUSIVE product

Portfolios up to £2 million allowed.

Maximum term for repayment mortgages is 25 years, for endowment mortgages is 35 years. For Pension/PEP/ISA and Interest Only a maximum of 45 years.

Mortgage is flexible using Choices.

Part/full capital repayments may be liable to Early Repayment Charges. Choices is available on all products; for more information on the specific terms for each product, please contact Mortgage Express.

Product is not CAT standard.

Payment Holidays Allowed. Choices allows you to overpay each month to reduce the term and cost of your mortgage. Once you have built up enough funds from making overpayment, underpayments, payment holidays and cash withdraws are available. The availability of this feature is subject to terms and conditions.

Borrow Back Allowed. Choices allows you to overpay each month to reduce the term and cost of your mortgage. Once you have built up enough funds from making overpayment, underpayments, payment holidays and cash withdraws are available. The availability of this feature is subject to terms and conditions.

Under the ‘Choices’ scheme, which applies to the mortgage, you can make regular overpayments as follows:

The overpayment must be made with the regular monthly payment and the total amount must be paid by direct debit.

Each overpayment must be a sum, which is a multiple of £5.

The minimum overpayment is £25 and the maximum is 100% of the monthly payment.

Please note.

If the debt is decreased by any overpayment you make, the decrease will not reduce the LTV (and will not result in the interest rate or monthly payment being reduced to reflect a reduction in the LTV) until the next anniversary of the loan release date.

When Mortgage Express reviews the mortgage account on the next anniversary of the loan release date (as described in Section 4 above), a reduction in the debt which results from any overpayments you have made will be taken into account in determining the interest rate which applies to the debt. Mortgage Express will recalculate the monthly payments based on the interest rate that applies to the debt and, if the loan is made on the repayment basis, the remainder of the mortgage term.

Choices allows you to overpay each month to reduce the term and cost of your mortgage. Once you have built up enough funds from making overpayment, underpayments, payment holidays and cash withdraws are available. The availability of this feature is subject to terms and conditions.

This mortgage includes a facility for additional borrowing without further approval. If your loan is less than the maximum amount available to you, you can access the difference. The difference is the drawdown amount, which is available in the first 12 months. The maximum amount available will be dependent upon rental calculation according to Mortgage Express policy at the time. The availability of this feature is also subject to terms and conditions.

This mortgage includes a facility for additional secured borrowing. When the drawdown facility lapses after the first 12 months any additional borrowing must be as a Further Loan. If your property increases in value, additional funds over and above the drawdown may be available after the first six months. All further loans are subject to a valuation, at your cost, and further checks. The availability of this feature is also subject to terms and conditions.

The mortgage is available to a maximum of 85% of the property valuation or purchase price, whichever is lower.

Buy to Let : Accepted

Capital Rest Period : Monthly

Capital & Interest Yes

Endowment Yes

PEP Yes

Pension Yes

Interest Only (no RV) Yes

With Profits Yes

Unit Linked Yes

ISA Yes

Split Repayment No

Arrangement : £599 Can be Added

Booking : None

5% of loan to be paid within first 3 Years

None

Basic:

upto £100,000 - £295

upto £150,000 - £315

upto £200,000 - £345

upto £250,000 - £380

upto £300,000 - £410

upto £350,000 - £435

upto £400,000 - £470

upto £450,000 - £500

upto £500,000 - £530

upto £600,000 - £590

upto £700,000 - £665

upto £800,000 - £775

upto £900,000 - £865

upto £1,000,000 - £920

upto £1,200,000 - £960

upto £1,400,000 - £1120

upto £1,600,000 - £1220

upto £1,800,000 - £1320

upto £2,000,000 - £1420

Homebuyers:

upto £100,000 - £485

upto £150,000 - £545

upto £200,000 - £595

upto £250,000 - £660

upto £300,000 - £705

upto £350,000 - £755

upto £400,000 - £800

upto £450,000 - £865

upto £500,000 - £905

upto £600,000 - £985

upto £700,000 - £1135

upto £800,000 - £1235

upto £900,000 - £1335

upto £1,000,000 - £1435

upto £1,200,000 - £1635

upto £1,400,000 - £1835

upto £1,600,000 - £2035

upto £1,800,000 - £2245

upto £2,000,000 - £2435

Min Valuation £30000

For properties valued over £2 million please refer Mortgage Express for valuation fee. This applies to those products which have Mortgage Express fee scale.

For Ltd Company BTL products the Ltd company would be liable for both solicitors costs.

Added fees will not be included in this calculation.

Lender Conveyancing Fee - £177.00 Payable on completion. # A non-refundable fee paid to your conveyancer before the loan starts. The figure quoted here is an estimate and only based on the work that the conveyancer will do for the Lender, the total fee for conveyancing may be higher.

Deeds Release Fee - £60.00 Payable on redemption.

Sealing Fee - £175.00 Payable on redemption.

Telegraphic Transfer Fee - £40.00 Added to loan.

Freehold Flat No

Purpose Built Flat Yes

Converted Flat Yes

Flat Over Shop No

Maisonette Yes

Studio Flat Yes

Flying Freehold Refer

Thatched Yes

Timber Framed Yes

Concrete Yes

Agricultural Tie Refer

Flat over 4 Storeys Refer

Listed Building Refer

Not Accepted

New Build acceptable. Minimum purchase price is £70k for properties within the M25.

Timber framed with brick outer skin. Concrete, subject to type.

Retirement flats/Warden assisted dwellings are unacceptable properties

Some Ex-council flats are acceptable. Please refer to Mortgage Express for further details.

Maximum term for Housing Association and Local Authority tenancy agreements is 5 Years.

Will accept tenancy agreements to a Limited Company for occupation by an employee residing under licence. (No maximum term as long as the agreement is renewable each year.

Will lend on Adjoining properties

Accepted Locations : England, Scotland, Wales, N Ireland

Bank Statements No

At least 3 months pay slips No

P60 No

Proof of residency Yes

Life policy to be assigned No

Previous lender references Yes

Buildings Conditional

Min Loan £40,000/Rmg £40,000

Max Loan £1,000,000/Rmg £1,000,000

Max Portfolio of BTL Loans £2,000,000

Min Age 21 years

Max Age 85 years

Min Term 5 years

Max Term 45 years

Foreign Citizens Not Accepted

Ex-Patriates Not Accepted

Based on Income > 0

Refer to rental income calculations

Min months in current position none

Min months in continuous service 36

Min no. of years accounts 3

Average years taken to calculate income none

Will consider declining profit No

Buy To Let income - 125% of monthly mortgage payment.

No minimum income but income must be stated on the application form.

Hire purchase NOT Taken into account

Personal Loans NOT Taken into account

Overdraft NOT Taken into account

Credit/Store Cards NOT Taken into account

Child Maintenance NOT Taken into account

Child Education NOT Taken into account

Extra Income:-

other income - guaranteed No

other income - regular No

other income - irregular No

investment income No

mortgage subsidy No

large town allowance No

maintenance payments No

non contributory pension No

car allowance No

Capital Raising 85%

Home Improvements 85%

Debt Consolidation 85%

School Fees 85%

Holidays/Cars 85%

Buy Other Property 85%

Business Purposes 85%

Divorce Settlement 85%

Unencumbered 85%

BTL - 85% Capital raising available for equity deposit for another property purchase.

There is no formal time requirement for Remortgages.

CCJs : Acceptable, max number 1, must be satisfied for at least 12 months

Defaults : Considered

Arrears : Not Acceptable

Bankrupt : Not Acceptable

Current IVA : Not Acceptable

Repossession : Not Acceptable

Applicants with defaults and arrears will be considered depending on credit score.

- Will judge customers with previous or existing adverse credit in a flexible manner and every case will be judged on its individual merits, along with the customer's ability to keep up repayments on the mortgage, taking into account his/her existing liabilities.

- Will consider cases of financial difficulty and mortgage arrears sympathetically.

- The Lender follows the general principles of the Council of Mortgage Lenders' Statement of Practice on Handling Arrears and Possessions, including :

- a) with your co-operation, developing a plan with you for dealing with your financial difficulties and clearing the arrears, consistent with both your interests and those of the Lender.

- b) possession of your property will be sought only as a last resort when attempts to reach alternative arrangements with you have been unsuccessful.