Enhancements include:
Increased maximum loan sizes, term and maximum age (see below for products involved)
- The maximum loan size is now £1 million at 75% loan-to-value (LTV) for self-cert. This applies to both employed and self-employed individuals.
- At 90% LTV, the maximum loan size is now £400,000 for both full status and self-cert.
The maximum term has increased to 40 years. The maximum age at the end of term remains at 75 years. This applies to all products except buy-to-let.
Mortgages plc has also increased the maximum age at the end of the term to 85 years on its buy-to-let products.
Countersignatures
Valuations up to £500,000 no longer need to be countersigned by a second valuer.
Acceptable flats
Flats up to 8 stories high are now accepted as standard. This excludes local authority and ex local authority flats. If over 8 stories, a maximum of 85% LTV applies. In addition, these flats must be covered by an NHBC, Zurich or architects certificate. This applies to all products except right-to-buy.
Repossession condition
Mortgages plc has removed the discretionary repossession condition on its heavy and unlimited adverse products up to 80% LTV.
Direct Debit Mandates
It will accept Direct Debit mandates from a joint account where only one party is named in the mortgage application.
New LTV for self-certified, self-employed applicants
In addition, any self-certified, self-employed clients trading for more than 6 months but less than a year will now be considered up to a maximum of 75% LTV. All LTVs are available with a minimum 12 month trading period.
Updated Right to Reside Policy
Mortgages plc now accepts foreign nationals who have a permanent 'Right to Reside' and can produce one of the following items of documentary evidence:
- A signed current passport which states 'indefinite leave to remain' or an acceptable equivalent stamp.
- A signed expired passport with 'indefinite leave to remain' or acceptable equivalent stamp, accompanied by a signed current passport.
