Mortgage Terms and Conditions
Standard Mortgage Terms and Conditions
- The Society will require a first charge over the property.
- The property must be your main residence, except on a Buy to Let or commercial mortgage.
- To apply for a mortgage you must be aged 18 or over.
- All applications will be subject to status and the Society’s mortgage advance conditions.
- A detailed illustration is available on request.
- The minimum application for house purchase is £20,000. For a remortgage the minimum amount is £25,001.
- Minimum term 5 years Maximum term 40 years.
- There are no tied insurances with Earl Shilton Building Society. However, buildings insurance is required.
- All products are limited and may be withdrawn at any time by the Society.
- Maximum loan to value is 90%. Only 50% may be on Interest Only, the remaining amount must be on a Capital and Interest (repayment) basis. Please see the individual product information.
- Arrangement fees can be added to the loan or paid upfront however it should be noted that interest will be charged. This is subject to a maximum loan to value of 75% (excluding the upfront payment). Any arrangement fees paid are not normally refundable.
- There are other fees which could apply to your mortgage. This will be shown in a detailed illustration and will be included in the APRC calculation.
- There is a collar of 2.5% on all mortgages.
- Capital repayments allowed subject to a minimum of £1,000 over the normal monthly payment, interest will then be recalculated immediately.
- Overpayments are permitted subject to a maximum of 20% per financial year of the amount advanced or transferred capital balance.
Additional Terms and Conditions for a Buy To Let Mortgage
- The property must be let subject to a shorthold tenancy agreement of at least 6 months duration and no longer than 12 months.
- The minimum ‘salaried’ income is £35,000, after taking into account other mortgages/loans. Any remaining earnings should cover 50% of Buy to Let mortgage. If rental income alone is to be considered, this should equal at least 140% of the mortgage payment on an Interest Only basis.
Additional Terms and Conditions for Mortgages linked to the Standard Variable Rate
- After any discount period the interest rate will revert to the prevailing standard variable rate.
- If the product offers a free re-mortgage scheme there will be no legal fees subject to using the Society’s appointed panel and a maximum fee of £250. If any additional legal work is required it will be the responsibility of the applicant to pay the additional legal fees incurred.
Additional Terms and Conditions for Self Build Mortgage
- 50% loan to value is the maximum advance on land and this can be increased to 75% of the loan to value at stage releases.
- Each stage release will require a revaluation at a cost of £80.00.
- The Society normally allows 3 stage releases, further releases may be available subject to agreement with the Society.
- Copies of planning permission, detailed plans and full details of either NHBC or Architect Certificate will be required along with a build schedule on application.
- The Society will only lend on a Self Build basis for own residential use.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGEPrint this page