Charles Derby Mortgage Bureau"Thank you for your help and assistance in this case, it takes me back to the good old days of everything being manually underwritten."Peter Matthews
2 year discount 75% LTV [RMD193]
Discounted for 2 years
Early Repayment Charges apply.
This product may be withdrawn at any time.
arrangement fee
£999
This fee can be paid upfront or added to the mortgage amount. If the fee is added to the mortgage then interest will be payable on the fee at the same rate as the mortgage.
booking fee
no fee
This fee must be paid on application. We are unable to accept payment of the fee by credit card.
initial rate
1.94%
3.00% discount from our SVR for 2 years
followed by our SVR
4.94%
The overall cost for comparison is
4.6%
APRC
Product key features
- Product related fees
- Product incentives
- Mortgage amounts
- Interest rate floor
- Mortgage repayment terms
- Early Repayment Charges
Product related fees
There is an arrangement fee of £999. This fee can be paid up front by deducting the fee from the amount borrowed. Alternatively you can add the fee to the mortgage amount. 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.
Product incentives
Free standard valuation: We'll cover the cost of one standard mortgage valuation on a property valued up to £400,000. Your client can choose to have a RICS Homebuyers Report, however they'll have to cover the difference in cost.
Fees assisted legals: We'll cover the costs of any standard legal fees involved. Any non-standard costs will be payable by your client. You'll be advised of any non-standard costs should any apply. If your client chooses to use our own conveyancers they'll only act for us and not for the customer during the remortgage transaction. If your client needs to add or remove a name on the mortgage they must appoint their own solicitors, and they'll receive £250 cashback towards their costs.
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.
This product has a maximum mortgage amount of £1,000,000.
There is a minimum property value of £75,000 increasing to £250,000 for properties located within the M25 corridor.
The maximum loan to value for this product is 75%.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Interest rate floor
Your clients interest rate is floored and therefore cannot reduce below 1.94%.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Mortgage repayment terms
Your client can repay their mortgage over a minimum of 5 years, or a maximum of 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:
- 2% of the amount repaid during the first year; and
- 1% of the amount repaid during the second year.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Tools to get you started
tools and guides
FAQs
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- How do I get an update on my case?
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If you've submitted a full application and know the name of your designated Case Officer please call us on 0121 521 4048 and ask for your Case Officer, who'll be happy to help. If you're at the decision in principle stage of your application please call our Business Development Team on 0121 521 4000 or email newbusiness@thetipton.co.uk.
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- How long is a mortgage offer valid for?
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When we've issued your client with a mortgage offer this is valid for six months.
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- Do you accept benefit payments as income?
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We'll accept up to 50% of any benefit income to support an application. However, the total benefit income cannot exceed 25% of your clients total income.
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- Will you consider lending into retirement?
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Our Retirement Interest Only product range allows your client to use the sale of their property as their repayment strategy (provided they are receiving pension income and have a minimum of 40% equity in the property).
In contrast to our standard later life lending products, our RIO mortgages have no fixed term, and can run until a life changing event occurs.
If your client wishes to gift some equity to a family member, enjoy some holidays or give their home a face-lift with some home improvements, up to 25% of the property value can be released for these purposes.
Joint applications for a RIO mortgage can be considered when both applicants are aged 55 or over, and can satisfy affordability checks individually.
With our standard later life lending products, your clients can borrow up to their 95th birthday, meaning your clients can borrow into retirement or if they’re already retired.
With our Standard Later Life products, if both applicants are retired but cannot prove affordability in sole name, applications will be considered where there is enough equity available to downsize to a two bedroom flat/house within 5 miles of the mortgage property.
For more information please discuss your case with our Business Development Team by calling 0121 521 4000 or emailing newbusiness@thetipton.co.uk.
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- How do I get an ESIS?
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To obtain an ESIS please email us at newbusiness@thetipton.co.uk with the following details:
- Your company name along with your FCA number, email address and a contact telephone number;
- Your client(s) name(s);
- The product you're interested in;
- The mortgage amount and purchase price;
- The valuation type required;
- The term your clients would like their mortgage over;
- Details of any fees you are charging; and
- Details of selected payment route for procuration fee.
Once we have completed your ESIS we will send it to you via email.
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Our Head of Mortgage Sales, Richard is happy to help
0121 521 4000*
Getting in touch
Our lines are open:
*Calls from landlines are charged at the standard rate. Calls from mobiles may vary.
| Monday - Friday | 9:00 - 17:00 |
| Saturday - Sunday | Closed |
Here to help you with...
- Your potential new case with us
- Process your decision in principle
- Explain our lending criteria
- Talk through affordability
Your home may be repossessed if you do not keep up repayments on your mortgage.