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Mortgage Lending criteria

Mortgage Lending Criteria - Abbey


Notes: The following information is general and may not apply to your mortgage. We have not verified this information with the lender.

Ask your broker to confirm any aspects that are important to you. The main features of this mortgage will be confirmed in the Key facts Illustration. Please ask your broker for a Key facts Illustration

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Up to 1,000,000 75% LTV (Rmg 75%)

Mortgage is Portable, Mortgage is Flexible, Overpayments allowed.
If you move house you may be able to transfer this mortgage to another property as long as you meet the conditions set out in the mortgage conditions booklet under 'Transferring your loan to a new mortgage'.

Shared Ownership
Minimum Share 25% LTV
Maximum Share 90% LTV
Maximum 90% of Share (subject to maximum LTV of product).

Fast Track Options - refer to Lender for details
Family Business: 3 months bank statements showing the salary required and an accountant's letter.

We will undertake a review of sample cases (pre and post completion) where we may request evidence of income to confirm that this matches the information supplied to us when submitted.

The customer may transfer their mortgage to another property subject to the following conditions:

These offers are subject to availability and may be withdrawn at any time.
All offers meet Lender's normal lending policy.

Lender reserves the right to withdraw the Fixed/Variable Tracker/Capped / Rate and reclaim the Cashback if the property is no longer owner occupied or the customer does not comply with the conditions of their mortgage.

The mortgage must remain with the Lender until the charge end date or a charge will apply.

If the benefit end date is before the charge end date, the mortgage must remain at the appropriate Tracker rate until the charge end date. For products with Standard Variable Rate collars, customers will be required to stay on the Standard Variable Rate or the collar rate, whichever is the higher, until the charge end date.

We accept gifted deposits provided no interest in the property is registered by a third party. Please refer to Lender's website for full details.

You may make lump or regular overpayment at any time. Please refer to section 10 for details of any early repayment charges that may apply.
If there is an early repayment charge referred to in section 10, you may, without having to pay an early repayment charge, make additional capital repayments of up to 10% of the loan for each year.

Overpayments in excess of 10% each year will attract an early repayment charge on the amount of the excess.

If the overpayment is used to reduce the amount you owe then the interest you pay will be recalculated immediately.

This mortgage includes a facility for additional borrowing without further approval. You may borrow additional money up to 750 to be able to complete your mortgage. Your conveyancer will tell you that additional money is required and request your written agreement to this.

Alternatively, you should confirm this in writing to your conveyancer so that they may request it on your behalf. This would increase the total amount borrowed. Your monthly payment would increase based on the product rate in section 4 charged on the additional money. The same early repayment charge would apply as section 10 on the additional amount borrowed. This will be in addition to the early repayment charge payable on the money already borrowed. All money borrowed will need to be paid back in full by the end of the mortgage term. The total loan must not be above 90% LTV. If you wish to use this feature please contact Abbey for a revised KFI.


For interest-only applications the maximum LTV is 50%, however we can consider part and part applications up to 75% LTV provided the interest-only amount is not greater than 50% and the remainder is on a capital and interest basis.
For interest only applications with a repayment vehicle, Abbey will assess affordability on a capital and interest basis.

Let to Buy : Accepted
Capital Rest Period : Daily

Repayment Types
Repayment Yes
Endowment 50% LTV
Pension No
Interest only (no RV) No
With Profits 50% LTV
Unit Linked 50% LTV
Split Repayment 75% LTV


Arrangement : varies
Booking : varies

Early Repayment Charges

Higher Lending

upto 50,000 - 185
upto 100,000 - 220
upto 150,000 - 260
upto 200,000 - 295
upto 250,000 - 330
upto 300,000 - 365
upto 400,000 - 430
upto 500,000 - 490
upto 600,000 - 550
upto 700,000 - 615
upto 800,000 - 680
upto 900,000 - 740
upto 1,000,000 - 805
upto 1,500,000 - 940
upto 2,000,000 - 1065
upto 2,500,000 - 1190

upto 50,000 - 350
upto 100,000 - 400
upto 150,000 - 450
upto 200,000 - 500
upto 250,000 - 550
upto 300,000 - 600
upto 400,000 - 700
upto 500,000 - 800
upto 600,000 - 875
upto 700,000 - 950
upto 800,000 - 1000
upto 900,000 - 1050
upto 1,000,000 - 1100
upto 1,500,000 - 1385
upto 2,000,000 - 1700
upto 2,500,000 - 2025

The Mortgage Account Fee can be paid on completion or deferred until the end of the mortgage.

All properties valued over 1 million must be referred to Abbey prior to submission.

The arrangement / booking fees are not refundable.

There is a Reinspection of 55 if one of the Lenders surveyors has to make an additional visit to a property before the lender releases any retained funds.

Borrowers to pay by direct debit.
For the valuation fee scale for SCOTLAND, please refer to Lenders website
A product change fee of 199 is payable by the customer if they want to change to another product after their mortgage application has been transmitted and prior to the product expiry/completion deadline.
If the customer has already paid a booking fee upfront for the original product and wants to change to another product, the new product booking fee would be payable as well.

Higher Lending Charges are calculated on the difference between 75% of the value of your home and the amount you wish to borrow. Added fees will not be included in this calculation.

Lenders Conveyancing Fee - 126.00 Payable on completion. A non-refundable legal fee must be paid to your conveyancer before the mortgage starts. The amount shown here is an estimate and covers the work carried out by the conveyancer for Santander for looking into the legal title.

Telegraphic Transfer - 35.00 Payable on completion.
Mortgage Account Fee - 225.00 Payable on redemption. A Mortgage Account Fee for the provision and general administration of your mortgage. This fee can be paid on completion or deferred until the end of your mortgage. If you defer the payment, this fee will not increase

Acceptable Property Types

Freehold Flat No
Purpose Built Flat Yes
Converted Flat Yes
Flat Over Shop Refer
Maisonette Yes
Studio Flat Yes
Flying Freehold Refer
Thatched Yes
Timber Framed Refer
Concrete Refer
Agricultural Tie No
Flat Over 4 Storeys Refer
Listed Building Yes

Max Discount% 100
Max Market Value%
New Build acceptable. All properties may be considered subject to survey.

Please contact Lender for unusual or non-standard construction.

Leasehold properties must have 55 years minimum in England & Wales or 99 years minimum in Northern Ireland. There must be 30 years remaining at the expiry of the mortgage term.

We ONLY accepts Builder Deposits and DO NOT accept Vendor Deposits.
Sitting Tenants are accepted on RTB cases.

New Builds: where construction completed within the last 12 months or:
- where property not previously occupied (for converted properties - that is since the conversion has been undertaken); or
- where property being sold/marketed by the builder or developer; or
- where the property is within a development that was once used for commercial or other use, i.e. not previously used for residential purposes

- Product specific LTVs apply

- Builders may offer sales incentives to prospective buyers to encourage them to purchase their properties. An incentive is anything the builder gives or provides to the buyer in cash or goods. We will accept up to 5% cash back towards the purchase price (no financial limit) and builder's payment of legal fees and stamp duty only. Any reasonable non-cash incentives, e.g. white goods, carpets, curtains etc. will be ignored.

Maximum LTV for New Build flats is 75% and 85% for houses.

Flats above the 6th storey subject to survey. Suitability of the property must be established

The maximum LTV for Flats is 85%
Second Homes/Holiday Homes for owner occupation only max LTV 80%.
Property occupied by a dependant relative maximum 80% LTV.

Accepted Locations : England, Scotland, Wales, N Ireland
Shared ownership : Accepted


Bank Statements No
At Least 3 Months Pay Slips No
P60 No
Proof Of Residency No
Life Policy To Be Assigned No
Previous Lender References No

Buildings Conditional

Min Loan 25,000/Rmg 25,000
Max Loan 1,000,000/Rmg 1,000,000
Max Portfolio of BTL Loans 5,000,000
Min Age 18 years
Max Age 75 years
Min Term 5 years
Max Term 35 years
For interest-only applications the maximum LTV is 50%, however we can consider part and part applications up to 75% LTV provided the interest-only amount is not greater than 50% and the remainder is on a capital and interest basis.

3 years address history required.

Maximum number of applicants is 2.

Maximum age limit of 75 years at the end of mortgage term.

Where commission, overtime or bonuses are to be included, a cumulative Year to Date figure must be available on the payslip, or you must provide the latest P60

For large loans, payslips will often not provide sufficient information, for example where bonuses form a large proportion of income, where bonuses are not paid wholly in cash or where income is derived from more than one source. If this is the case submit available evidence of income.

Family Business: 3 months bank statements showing the salary required and an accountant's letter.

Lender reserves the right to ask for additional information if necessary to approve an application.

Full Status Employed applicants latest monthly payslip required.

Self employed

Self-employed applicants less than 90% LTV must provide latest 2 years signed accounts or self-assessment and tax calculation forms or an accountant’s letter.

Self-employed applicants for 90% LTV or over must provide latest 2 years signed accounts or self-assessment and tax calculation forms.

Arrears of more than 1 month in the previous 12 months are not acceptable

Where there are two applicants both guaranteed incomes can be used together with 50% of any other regular income.

If 20% or more shareholding in a company treat the applicant as Self-employed. For family business employment, we require
three months’ bank statements showing the salary and an Accountant’s letter.
We will not accept applications from customers who have been self-employed or owned their business for less than two years.

Minimum term is 5 years unless the product term exceeds this.
We do not accept applications from customers with five or more existing secured commitments and a total balance
exceeding 150,000.

Let to Buy
The maximum LTV on the let property if remaining mortgaged with Santander UK plc is:
Houses - 75%
Flats - 75%

We also require the following evidence:
Rental Income Calculator output 
Proof of deposit

Foreign Citizens Refer
Ex-Patriates Not Accepted

Income Multiples

Based on Income > 1
3.8 + 0 or 3.8 joint

Based on Income > 20000
4 + 0 or 4 joint

Based on Income > 25000
4.3 + 0 or 4.3 joint

Based on Income > 35000
4.8 + 0 or 4.8 joint

Based on Income > 80000
5 + 0 or 5 joint

Min months in current position none
Min months in continuous service none
Min no. of years accounts 2
Average years taken to calculate income 3
Will consider declining profit Yes

Standard income multiples: they are a guide only.

Where the existing property is being retained and let out, please refer to lender for policy

Lender will consider applicants on non-permanent employment contracts. Income will be treated as guaranteed, subject to evidence of the following:

Regular monthly income

Continuous employment for the last 12 months

Confirmation from employer of long term employment arrangement, or

Confirmation from reputable agency of secure further positions

Other Regular Income types considered:
Carers Allowance
Child Tax Credits and Child Benefit.* Where you are using Child Benefit and/or Child Tax Credit as Other Guaranteed income, you need to ensure that the mortgage will remain affordable when the benefits end. You must record this fact in the Notes section on Introducer Internet.

Where there are two applicants
Both guaranteed incomes can be used together with 50% of any other regular income.

Online payslips are acceptable with a copy of the latest bank statement showing the salary credit.

Accounts marked with 'going concern' are not acceptable

Mortgages into retirement - please refer to lender with regards income evidence required.
With regards 'Guaranteed/Regular/Irregular' income, please refer to the Abbey for Intermediaries Lending Guide for confirmation of acceptable income types and amounts.

Hire Purchase Taken into account
Personal Loans Taken into account
Overdraft Taken into account
Credit/Store Cards Taken into account
Child Maintenance Taken into account
Child Education Taken into account
Extra Income:-
Other Income - Guaranteed Add 100% to income before multiply
Other Income - Regular Add 100% to income before multiply
Other Income - Irregular Add 50% to income before multiply
Investment Income Add 50% to income before multiply
Mortgage Subsidy Add 50% to income before multiply
Large Town Allowance Add 100% to income before multiply
Maintenance Payments Add 50% to income before multiply
Non Contributory Pension No
Car Allowance Add 100% to income before multiply


Capital Raising 75%
Home Improvements Acceptable
Debt Consolidation 75%
School Fees 75%
Holidays/Cars 75%
Buy Other Property 75%
Business Purposes Not accepted
Divorce Settlement 75%
Unencumbered 75%

Debt Consolidation limit - 35,000 or 35% of the total LTV.

Adverse Credit

CCJs : Refer to lender
Defaults : Refer to lender
Arrears : Refer to lender
Bankrupt : Not Acceptable
Current IVA : Not Acceptable
Repossession : Refer to lender

Refer all adverse credit to Lender for initial assessment.
Any applicant who has ever been bankrupt will be declined. If there is a Notice of Correction on the bureau data the case will be referred.

November 2013