National Counties replaces its 4.99% Fixed Rate with 4.69% Fixed Rate until 30/09/2014
NCBS replaces its existing Family First Guarantor Mortgage product with a new 4.69% fixed rate to 30/09/2014.
16th September - The new 95% loan to value mortgage offers a competitive rate of 4.69%, fixed to 30/09/2014 for purchases only, as well as £250 cashback on completion. The overall cost for comparison is 5.0% APR.
Keith Barber, Associate Director Business Development at National Counties, said: "The Family First Guarantor Mortgage allows first time buyers to get on the property ladder with a deposit as small as 5%. It also allows their parents to help them achieve their dreams of owning a house and starting a family without having to provide direct financial support, which is ideal for both parties."
The affordability of this mortgage is based on the applicants income only, we will no longer take into account the guarantors income. With this in mind we have introduced a new set of income multiples and will now lend up to 5.33 x income if earnings are over £40,000 per annum.
Notes:
The following criteria apply to the Family First Guarantor Mortgage:
Where our lending is in excess of our standard maximum loan to value (75%) a charge will be taken over the guarantor's main residence.
Guarantor (who must be a parent or grandparent of the borrower(s)) must have sufficient equity to cover the amount in excess of our standard maximum loan to value.
The total of secured lending due to all lenders across both properties, inclusive of the guarantee, must not exceed 75% of the total value of the borrower's and guarantor's properties.
Guarantor(s) will be required to seek independent legal advice before completion of the mortgage to explain their obligations.
The guarantor(s) and/or borrower(s) will be responsible for the cost of arranging the legal charge on the guarantor's main residence and any cost arising from independent legal advice given.
Where a guarantor's property is owned in joint names the application to stand as guarantor must be made in the same names.
Affordability assessment based on borrower's income and expenditure only - guarantor's income and expenditure will not be taken into consideration.
In order that the mortgage balance starts reducing from the outset applications will only be accepted on a capital repayment basis.
Exclusive income multiples applicable to Family First Guarantor Mortgage applications. Applications are available via an intermediary or direct via our Customer Centre on 01372 744 155.
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