Mortgages at a glance

effective from 31st January 2005

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		Flexible Tracker Fixed to March 2008 Fixed to March 2010 Minimum Age 21 21 21 Minimum Down Payment 20% 20% 20% Term of Loan 5 Years to 25 Years 5 Years to 25 Years 5 Years to 25 Years Rates for Purchase and Refinance Variable Base Rate (2) + 3.00% (Typical APR 8.4% Variable) (3) Initial Rate: 7.95% (Typical APR 8.5% Variable) (3) Reversionary Rate: Variable Base Rate (2) + 3.00% Initial Rate: 8.05% (Typical APR 8.6% Variable) (3) Reversionary Rate: Variable Base Rate (2) + 3.00% Advance (Min/Max) £35,000 /£1million £35,000 /£1million £35,000 /£1million Status UK residents (4) UK residents (4) UK residents (4) Individual Annual Income (Min) £10,000 £10,000 £10,000 Multiples Singles/Joint Annual Income 3.5 x 1 + 1 or 2.75 x joint 3.5 x 1 + 1 or 2.75 x joint 3.5 x 1 + 1 or 2.75 x joint Rental Income 25 x anticipated weekly rental quoted on Comparable Rent Schedule 25 x anticipated weekly rental quoted on Comparable Rent Schedule 25 x anticipated weekly rental quoted on Comparable Rent Schedule Proof Of Residency (Last 3 Years) All parties must show voters roll or affirmative credit history for each of the last 3 years All parties must show voters roll or affirmative credit history for each of the last 3 years All parties must show voters roll or affirmative credit history for each of the last 3 years Address History 3 years history required 3 years history required 3 years history required Poor Payment Profile No missed credit payments within last 12 months No missed credit payments within last 12 months No missed credit payments within last 12 months Existing Mortgages No missed mortgage payments within last 12 months No missed mortgage payments within last 12 months No missed mortgage payments within last 12 months CCJ's/Defaults No CCJs/defaults in the last 12 months. 1 CCJ/ default up to £1,000 within the last 60 months. No CCJs/defaults in the last 12 months. 1 CCJ/ default up to £1,000 within the last 60 months. No CCJs/defaults in the last 12 months. 1 CCJ/ default up to £1,000 within the last 60 months. Prior Repossession, IVA's No No No Early Repayment Fees No No No Funds Drawdown Subject to agreed loan limit. After 6 consecutive repayments have been made. 7 days’ written notice is required. Not available during fixed period. Becoming available when on Flexible Tracker Not available during fixed period. Becoming available when on Flexible Tracker Payment Holiday Subject to agreed loan limit. After 6 consecutive repayments have been made. Maximum 6 months in any 12 months. 1 month’s written notice is required. Not available during fixed period. Becoming available when on Flexible Tracker Not available during fixed period. Becoming available when on Flexible Tracker Supporting Information ID for all parties. Verification call to employer or accountant in addition to the following:- Below 75% LTV - Income Certification. No proof of mortgage payments. Above 75% LTV - Last cumulative printed payslip or last year’s audited accounts. Last 12 months proof of all existing mortgage payments. ID for all parties. Verification call to employer or accountant in addition to the following:- Below 75% LTV - Income Certification. No proof of mortgage payments. Above 75% LTV - Last cumulative printed payslip or last year’s audited accounts. Last 12 months proof of all existing mortgage payments. ID for all parties. Verification call to employer or accountant in addition to the following:- Below 75% LTV - Income Certification. No proof of mortgage payments. Above 75% LTV - Last cumulative printed payslip or last year’s audited accounts. Last 12 months proof of all existing mortgage payments. 5.99 Starter Fixed to March 2006 Minimum Age 21 Minimum Down Payment 20% Term of Loan 5 Years to 25 Years Rates for Purchase and Refinance Initial Rate: 5.99%. Reversionary Rate: Variable Base Rate (2) + 3.5% (Typical APR 8.7% Variable) (3) Advance (Min/Max) £35,000 /£1million Status UK residents (4) Individual Annual Income (Min) £10,000 Multiples Singles/Joint Annual Income 3.5 x 1 + 1 or 2.75 x joint Rental Income 25 x anticipated weekly rental quoted on Comparable Rent Schedule Proof Of Residency (Last 3 Years) All parties must show voters roll or affirmative credit history for each of the last 3 years Address History 3 years history required Poor Payment Profile No missed credit payments within last 12 months Existing Mortgages No missed mortgage payments within last 12 months CCJ's/Defaults No CCJs/defaults in the last 12 months. 1 CCJ/ default up to £1,000 within the last 60 months. Prior Repossession, IVA's No Early Repayment Fees 1st year 3% of outstanding balance 2nd year 3% of outstanding balance 3rd year 2% of outstanding balance Funds Drawdown Not available during fixed period. Becoming available when on Flexible Tracker. Payment Holiday Not available during fixed period. Becoming available when on Flexible Tracker Supporting Information ID for all parties. Verification call to employer or accountant in addition to the following:- Below 75% LTV - Income Certification. No proof of mortgage payments. Above 75% LTV - Last cumulative printed payslip or last year’s audited accounts. Last 12 months proof of all existing mortgage payments. Fees (5)   The charges to be levied by British Mortgages Abroad are to be split into two stages. Firstly, there will be a payment made at application stage via credit card/Delta debit card. Secondly, additional charges will be payable to British Mortgages Abroad at closing and deducted from the advance. Both these payments will be made up from the following: Charges at Application Amount Underwriting Fee $330* Document Preparation Fee $320* Appraisal $350* Additional appraisal/report costs may be incurred dependent on the type and location of property proposed as security. Written details will be provided by British Mortgages Abroad in full where applicable. The Interest Rates advertised are effective as at 31 January 2005. The Rates are variable unless stated. The Variable Base Rate for the Flexible Tracker product may vary from the date of the issue of any Offer of Advance. Variable Base Rate is the Bank of England Base Rate which is subject to increase/decrease. Please see typical example overleaf. Including those with an indefinite right to reside in the UK (minimum 3 year residency), who primarily live and own a home in the UK. Additional Fees will be payable to complete your transaction – please refer to your intermediary for full details. The APR figures shown above and the typical examples below have been calculated on the following assumptions: The British Pounds Sterling/US Dollar exchange rate applied is $1.90 to the £1.00 as at 4 January 2005. At the end of the fixed rate period prevailing Flexible Tracker rates will apply. A 25 year capital repayment loan of £80,000 with a down payment of £20,000 and security over a property valued at £100,000. Non interest bearing Charges on Application (sum of those marked with *) of US $1000 (£526.32) and Loan Origination Fee of 1.5% of £80,000 (£1,200) plus interest bearing Charges on Closing (sum of those marked with **) of US $1080 (£568.42). Total charges £2,294.74 (US $ converted to British Pounds Sterling using the rate quoted above). The current Bank of England Base Rate is 4.75%. YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER LOAN SECURED ON IT. Written quotations are available on request Total charges at application $1,000. We will refund any of the fees that have not been utilised in processing your application should you decide to cancel. This document contains product information on British Pounds Sterling Mortgages. Our lending criteria is subject to change without notice and certain mortgages and repayment options may not always be available. Please refer to your Product Guide for full details or contact your intermediary for confirmation if in doubt. Charges at Closing Amount BMA Standard Other Exchange Rate Fee   $750** Courier Fees   $100** Tax Service Fee   $75** Wire Funding Fee   $85** Flood Certification Fee   $20** Loan Assignment Fee   $50**   Loan Origination Fee usually 1.5% of the requested loan amount   Comparable Rent Schedule $150   Re Draw Fee (where applicable) $225 Typical Examples - purchase and refinance 5.99% Starter fixed Rate to March 2006 12 monthly repayments of £514.95, thereafter 288 monthly repayments of £627.40. Total amount payable of £186,870.60 Typical 8.7% APR variable. Flexible Tracker Rate 300 monthly repayments of £604.26. Total amount payable of £181,278.00. Typical 8.4% APR variable. Fixed Rate to March 2008 36 monthly repayments of £614.81, thereafter 264 monthly repayments of £605.19. Total amount payable of £181,903.32. Typical 8.5% APR variable. Fixed Rate to March 2010 60 monthly repayments of £620.11, thereafter 240 monthly repayments of £606.49. Total amount payable of £182,764.20. Typical 8.6% APR variable. Definitions: Variable Base Rate Bank of England Base Rate APR Annual Percentage Rate LTV Loan to Value
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