We have no current plans to withdraw these products but they may be withdrawn without notice. Please ask for a personalised illustration
PAMS Mortgage Lending Criteria and Information
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Loan
size
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Minimum £30,000, Maximum £250,000 |
Property |
Minimum property value £60,000 |
Term |
Minimum 5 years Maximum 40 years |
Age |
Minimum 21 years, no maximum subject to income at retirement |
Repayment Types |
Repayment, interest only |
Loan to value |
Up to 90%, to include
fees where added available subject to conditions, see
underwriting below.
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Underwriting
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All mortgages will require a guarantee
from a parent. Property must be within a 30 mile radius of the
applicants place of work. For loans greater than 80% 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.
Tenancies must be on an assured Shorthold or license basis for
no more than 12 months (renewable) and no more than 3 tenants.
We take a flexible approach to underwriting and will consider
each application on it's merits. We do not credit score. The
actual rate and APR for your case will depend upon your circumstances
and our assessment of the risk.
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Income
Rental / Income requirements
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Combination of applicant's income and rent from one tenant can be considered. Rent to cover 125% of interest at pay rate.
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Income Multiples
The amount we will lend will depend onthe 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. We apply the following multipliers to the amount remaining.
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Sole Borrower |
Joint Borrowers |
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3.5 x higher + 1 x lower, or 3 x joint incomes
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3.75 x higher + 1 x lower, or 3.5 x joint incomes
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These multiples are for guidance only. We will consider increases to these multiples where it can be justified.
Valuation Fee Scale
Fees include VAT
Property Value – Up to: |
Valuation report |
Homebuyers report |
£80,00 |
£110 |
£265 |
£100,000 |
£120 |
£285 |
£110,000 |
£130 |
£295 |
£120,000 |
£140 |
£305 |
£130,000 |
£150 |
£315 |
£140,000 |
£160 |
£325 |
£150,000 |
£170 |
£340 |
£175,000 |
£185 |
£360 |
£200,000 |
£205 |
£390 |
£250,000 |
£240 |
£430 |
£300,000 |
£275 |
£470 |
£400,000 |
£310 |
£510 |
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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
Bath Investment & Building Society is authorised and regulated by the Financial Services Authority for advising, lending and administering Regulated Mortgage Contracts. Our FSA registration number is 206026. English law applies and we will communicate with you in english. 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.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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