
Mortgage Prisoner 3 year discount [DU001]
Discounted for 3 years
Early Repayment Charges apply.
This product may be withdrawn at any time.
Product key features
- Who's the product for?
- Product related fees
- Mortgage amounts
- Interest rate floor
- Mortgage repayment terms
- Early Repayment Charges
Who's the product for?
Mortgage Prisoner Notes
This product is specifically available for customers whose mortgages are currently held in closed books.
Following new FCA rules, they can qualify for our modified affordability calculation (further detailed below) where they fit the below criteria:
- They are up to date with their current mortgage payments;
- They are not looking to move house;
- They are not looking to borrow more;
- They are unable to switch to a better deal due to strict criteria changes; and
- Their mortgages are held in closed books by inactive lenders or by unregulated firms.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Product related fees
There is an arrangement fee of £999 that can be deducted from the mortgage amount or added to the amount borrowed. If your client chooses to add the fee to their mortgage, they will pay interest on the fee at the same rate as their mortgage.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Mortgage amounts
There is a minimum mortgage amount of £100,000 and a maximum mortgage amount of £500,000.
There is a minimum property value of £75,000 which increases to £250,000 for properties located within the M25 corridor.
The maximum loan to value is 75%.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Interest rate floor
The interest rate is floored and cannot fall below 2.24%.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Mortgage repayment terms
The minimum repayment term is 5 years and the maximum repayment term is 35 years.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Early Repayment Charges
Early Repayment Charges apply during the product term. Up to 10% of the original mortgage amount can be overpaid each year without charge, however, if the mortgage is redeemed or switched to another product during the product term, then the Early Repayment Charge will apply.
The Early Repayment Charge will be calculated at:
- 3% of the amount repaid for the first year;
- 2% of the amount repaid for the second year; and
- 1% of the amount repaid for the third year.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
All the tools you'll need
tools and guides
FAQs
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- What are your service levels?
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We aim to provide you with a lending decision within 24 hours of receipt of a completed decision in principle.
When we've received a fully packaged application we'll obtain any fees and instruct a valuation within one working day.
As we underwrite each case individually timeframes can change due to complexity and the amount of involvement needed in each case. Your mortgage Case Officer will give you more information when your application has been passed over to our Mortgage Processers.
On receipt of a fully packaged application we aim to get it to offer within 14 working days.
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- What is your lending area?
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We lend on properties located across England and Wales. The minimum property valuation is £75,000. This increases to a minimum valuation of £250,000 if the property to be mortgaged is located within the M25 corridor.
We are unable to accept applications on properties located in Scotland, Northern Ireland or the Isle of Man.
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- How do I register with you?
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Our registration process is simple. There's no need to pre-register if you're sending us a decision in principle. We'll require a completed registration form to accompany your first submitted mortgage application. You can complete and sign the form and then email a scanned copy to us at newbusiness@thetipton.co.uk.
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- How do I submit business?
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We always recommend that you initially complete a decision in principle which allows us to have a look over your case to see if your clients meet our lending criteria, and there's no need to register with us before submitting a decision in principle.
You can access our online form from our decision in principle page. Alternatively you can download a pdf form to complete, we'll require a scanned copy to be emailed to newbusiness@thetipton.co.uk. You're able to sign on behalf of your client at this stage.
When we receive your completed decision in principle form, we aim to get back to you within 24 hours with an initial lending decision.
To submit an application using our online submission process you must have previously completed an online decision in principle.
We don't require you to enter any information you've previously provided in a decision in principle, so there's no time wasted duplicating data. If there's any supporting documents you need to send to us, you can attach these to the application using the attachment buttons in the additional information section.
At the end of the form ensure your electronic signature has been entered and click 'Finish' to send the application direct to your client for them to add their own electronic signature. The submission process will not be complete until your clients have signed the form. You're able to save a copy of the form for your own records.
Electronic signatures will enable us to begin processing your application however we'll require a completed Direct Debit form to be sent to us by post at our Tipton head office.
If you've previously completed a paper-based decision in principle for your client or if you'd prefer to complete our paper-based application, you can download copies of our PDF forms.
When you're ready to submit an application with us, complete the form and scan a copy into us at newbusiness@thetipton.co.uk. If you send an electronic copy, we'll require the original signed document to be posted to us to confirm your clients signatures on the application form.
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- Do you credit score?
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We don't credit score mortgage applications. All cases are underwritten on an individual basis by a real person. At decision in principle stage we'll complete a credit quotation and when a full application is submitted we'll carry out a full credit application that'll leave a footprint on your clients credit file.
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Monday - Friday | 9:00 - 17:00 |
Saturday - Sunday | Closed |
What do you need to know?
- Discuss affordability
- Process your decision in principle
- Help you understand our criteria
- Answer any queries
Your home may be repossessed if you do not keep up repayments on your mortgage.