Buy For Uni Mortgage Lending Criteria and Information

Buy For Uni Mortgage Lending Criteria and Information

Buy For Uni Mortgage Lending Criteria and Information

Loan size

Minimum £30,000, Maximum £300,000

Property

Minimum property value £60,000

Term

Minimum 5 years Maximum 40 years

Age

Minimum 18 years, no maximum subject to income at retirement

Repayment Types

Repayment, interest only

Loan to value

Up to 100%, to include fees where added available subject to conditions, see underwriting below.


Underwriting

Mortgage can be in the name of the parent and the student, or of the student on their own. Mortgages in the name of the student will require a guarantee from a parent. Property must be within a 10 mile radius of the university attended. Evidence will be required of university place. For loans greater than 75% loan to value, additional security will be required in the form of a charge over the parental property. This means you may find it more difficult to raise capital against the equity in your home and in the event of default, your home may be at risk. Maximum total charges over additional security must not exceed 70% of its value. We do not credit score.The actual rate and APR for your case will depend upon your circumstances and our assessment of the risk.


Income 

Rental / Income requirements

Combination of rent and parental income can be considered.
Rent to cover 125% of interest at pay rate
Income can be used to cover any shortfall in rental cover

Valuation Fee Scale
Fees include VAT

Property Value

Standard Valuation Fee
Home Buyer Report Fee

Up to £100,000

£120.00

£285.00

£100,001 – £150,000

£170.00

£340.00

£150,001 – £200,000

£205.00

£390.00

£200,001 – £250,000

£240.00

£430.00

£250,001 – £300,000

£275.00

£470.00

£300,001 – £400,000

£310.00

£510.00

£400,001 – £500,000

£350.00

£550.00

£500,000 – £600,000

£400.00

£600.00

£600,000 – £700,000

£450.00

£650.00

£700,000 – £800,000

£500.00

£700.00

£800,000 – £900,000

£600.00

£800.00

£900,000 – £1M

£650.00

£850.00

Over £1M

By negotiation

By negotiation

 

 

 

Drive-by Valuations

 Up to £500,000:  £75.00

N/A

 

 £500,000 and over,

 as standard valuation fee scale 

Re-inspections

£75.00

N/A

All fees include VAT


Contact Details
Please contact Ben Hutchings on 01225 475702 or mobile 07738 321946 to discuss your requirements
Alternatively email bhutchings@bibs.co.uk or click here to request a call back
Head Office: 15 Queen Square, Bath BA1 2HN

We are participants in the Financial Ombudsman Service. We have a complaints procedure which we will provide on request. Most complaints that we cannot resolve can be referred to the Financial Ombudsman Service.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

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