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Mortgage Lending criteria

Mortgage Lending Criteria - The Mortgage Works

The Mortgage Works

Notes: The following information is provided by a third party organisation. 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 750,000 85% LTV (Rmg 85%)


Mortgage is Portable, Mortgage is Flexible, 10% Overpayments allowed per year.
Your mortgage is portable. This means that if you move house and we are able to offer you a new mortgage. You can transfer the amount you owe on the same terms without having to pay any early repayment charges. If you carry forward less than the amount you owe, any early repayment charge payable will be calculated on the difference.

The decision whether or not we will be able to offer you a new mortgage will depend upon the circumstances at the time including the type of property you want to buy, you personal circumstances and the amount you want to borrow.

Further Advances: May be considered after a minimum of six full consecutive monthly payments have been made. Further advances subject to revaluation in all instances. The minimum amount for further advances is 2,500 (unless otherwise stated)

An overpayment is a payment that is in addition to the minimum payment you must make each month. The minimum payment is shown in Section 6.
You can make lump sum or regular overpayments up to 10% of the mortgage, in each 12 month period from the date the mortgage starts until the end of the redemption tie in period without having to pay an early repayment charge. Amounts above this are subject to an early repayment charge (as detailed in Section 10).

After this date there are no restrictions on the amounts that you can overpay.
If you make an overpayment the amount you owe us will be reduced immediately, and the amount of interest you pay, will be reduced from the first day of the following month.

The property must be in England, Wales or mainland Scotland.
Repayment Only

Let to Buy : Accepted
Capital Rest Period : Monthly

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


Arrangement : refer
Booking : refer

Early Repayment Charges

Higher Lending

upto 100,000 - 365
upto 150,000 - 390
upto 200,000 - 430
upto 300,000 - 490
upto 400,000 - 555
upto 500,000 - 615
upto 600,000 - 695
upto 700,000 - 755
upto 800,000 - 795
upto 900,000 - 865
upto 1,000,000 - 910
upto 1,250,000 - 1125
upto 1,500,000 - 1275
upto 1,750,000 - 1475
upto 2,000,000 - 1675

upto 100,000 - 450
upto 150,000 - 535
upto 200,000 - 620
upto 300,000 - 720
upto 400,000 - 820
upto 500,000 - 930
upto 600,000 - 975
upto 700,000 - 1035
upto 800,000 - 1115
upto 900,000 - 1200
upto 1,000,000 - 1275

Min Valuation 50000
Minimum Arrangement Fee 595 where Arrangement Fee applicable
Valuation fee (where applicable) includes 150 application fee (non refundable).

Where a product offers a free valuation, no payment is required. Where a product offers a refunded valuation fee, this will be refunded on completion less the 150 application fee.

For properties valued over 1 million please refer to Lender for the valuation fee.

Higher Lending Charges are calculated on the difference between 75% of the value of your home and the amount you wish to borrow.
Lenders Conveyancing Fee - 100.00 Payable on completion. A non refundable fee to your conveyancer for acting on behalf of The Mortgage Works (UK) plc payable before the mortgage starts. The figure quoted here is an estimate - the total fee for conveyancing may be higher. You should ask your conveyancer for further details.
Booking Fee - 99.00 Payable upfront.
Insurance Admin - 30.00 Payable on completion.
Sealing Fee - 145.00 Payable on redemption.
Telegraphic Transfer - 35.00 Added to loan.

Acceptable Property Types

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

Not Accepted
New Build acceptable.
Properties over commercial premises may be considered (excluding restaurants, bars, takeaways, launderettes or pet shops), please refer to lender.
Ex-council properties may be considered, if in a building not exceeding 5 storeys with a maximum LTV of 75%
Studio flats may be considered, please refer to lender.
Properties with agricultural ties may be considered, please refer to lender.
Not available to Limited Companies.
Purpose built studio / bedsit flats
Provided the internal floor area is not less than 30sq. meters and they contain a separate bathroom and separate kitchen.

Accepted Locations : England, Scotland, Wales


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

Buildings Conditional

Conditions On Loan
Min Loan 25,001/Rmg 25,001
Max Loan 750,000/Rmg 750,000
Max Portfolio of BTL Loans none
Min Age 18 years
Max Age 75 years
Min Term 5 years
Max Term 35 years

Foreign nationals must have been resident in the UK for at least 2 years and must apply on an owner occupier basis. They must have a permanent right to reside in the UK and have their salary
paid into a UK bank account.

Buildings insurance, to cover the full cost of rebuilding your home.
You can arrange this through the lender or make your own arrangements. If you make your own arrangements a non-refundable Insurance Administration Fee of 30 will be deducted from the mortgage amount we send to our conveyancers at completion. This fee is not charged if the property is leasehold.
Foreign Citizens Accepted
Ex-Patriates Not Accepted

Income Multipliers
Based on Income > 0
5 + 0 or 5 joint

Min months in current position none
Min months in continuous service 12
Min no. of years accounts 2
Average years taken to calculate income 1
Will consider declining profit Refer

If the commitment is for more than 12 months the annualised payments are deducted from income. If the commitment is for less than 12 months it is ignored.

Loan based on affordability

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 NOT 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 No
Investment Income Add 100% to income before multiply
Mortgage Subsidy Add 100% to income before multiply
Large Town Allowance Add 100% to income before multiply
Maintenance Payments Add 100% to income before multiply
Non Contributory Pension No
Car Allowance Add 100% to income before multiply

Remortgage Max LTV Max% increase

Capital Raising Refer to Lender
Home Improvements 85%
Debt Consolidation Refer to Lender
School Fees 85%
Holidays/Cars 85%
Buy Other Property 85%
Business Purposes Refer to Lender
Divorce Settlement 85%
Unencumbered 85%

Remortgages: only acceptable if the property has been owned for a minimum of 6 months.

Maximum LTVs for capital raising, debt consolidation and business purposes vary by product, please refer to lender.

Adverse Credit

CCJs : Not Acceptable
Defaults : Not Acceptable
Arrears : Not Acceptable
Bankrupt : Not Acceptable
Current IVA : Not Acceptable
Repossession : Not Acceptable

- The Lender will consider cases of financial difficulty and mortgage arrears sympathetically.
- The Lender follows the general principles of the Council of Mortgage Lenders' Statement of Practice on Handling Arrears and Possessions, including:
a) with your co-operation, developing a plan with you for dealing with your financial difficulties and clearing the arrears, consistent with both your interests and those of the Lender.
b) possession of your property will be sought only as a last resort when attempts to reach alternative arrangements with you have been unsuccessful.