England & Wales Mortgage Product Guide - With effect from 7 January 2021 Standard Variable Rate 5.30% For professional use only - Darlington ...
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England & Wales
Mortgage Product Guide
With effect from 7 January 2021 • Standard Variable Rate 5.30% • For professional use only
Reasons to use us
We are an award-winning lender who understands that there is no such thing as a
straight forward mortgage application.
‘We make complex cases simple’
isn’t just our strap line, it’s something we prove with individual, common sense
underwriting of mortgage applications, and flexible lending criteria which underpins our
personalised approach to lending..
We have an experienced business development and underwriting team who are friendly,
knowledgeable people. We work with independent, whole of market mortgage advisors
to find the best solution for their customer.
We can provide comfort that we are experts in our field and part of a Society that you can
trust, we will always give reliable information to help you make the right decisions.
2|
Lending criteria
We have a wide range of flexible lending criteria which underpins our personalised approach to lending.
Whatever your client’s needs we will work with you to find the right mortgage product for them.
Interest Only Mortgages Joint Borrower Complex Incomes Adaptable Solutions
Sole Proprietor (credit repair)
Specialist Let Foreign Currency New Builds Later Life Lending
inc Buy to Let inc. Help to Buy
& Shared Ownership
You can view our comprehensive lending criteria document by visiting www.darlington.co.uk/intermediaries
|3Lending criteria
Standard Residential Specialist Residential Specialist Let
• First-time Buyers • Complex Income • Ex-Pat Buy-to-Let
• Help-to-Buy Purchase • Complex Properties considered - including listed buildings • First Time Buyer/First Time Landlord
• Help-to-Buy Re-mortgage and properties with outbuildings/annexes or agricultural/ • Up to 4 Applicants
• Right-to-Buy planning restrictions • Properties that have been previously occupied by applicant/
• New Build Homes (up to 90% LTV) • Foreign Currency Income family accepted if applicants confirm for business purposes
• Lending in and into Retirement (Repayment only) • Rent-a-Room • Up to 75% LTV
• Joint Borrower/Sole Proprietor • Tier 2 and Spousal Visas considered • Interest Only
• 95% LTV (Local area only inc. New Build) • Interest Only
• Up to 6x income for eligible newly qualified professionals
• Shared Ownership - up to 95% loan to share
• Lending in and into Retirement (Interest Only up to age 85)
• 4 Applicants = 4 Incomes
• Shared Ownership
Adaptable Solutions (Credit Repair) Additional Criteria…
• Missed payments on credit commitments • Intergenerational Mortgages Additional income streams considered;
• Mortgage Arrears • No upper age limit for Residential or BTL mortgages • Zero Hour/Short Term contracts
• Satisfied Payday Loans (Repayment only) • Child Maintenance
• Satisfied Defaults • New maximum mortgage term of 40 years • Stipends/Bursaries
• Satisfied CCJ’s • No credit scoring • Foster income
• Payment/Debt Management Plans • Day 1 re-mortgages • Rent-a-room income
• Satisfied IVA’s • Sale and downsize accepted as a repayment strategy, up to • Benefit income
• Bankruptcy or Previous Repossessions up to 70% LTV 65% LTV and minimum equity levels apply • Contractors
• Share of net profits for Ltd Co directors
4|Standard Residential Products
Our Standard Residential product range is available for capital repayment only and up to a maximum LTV of 90%.
LTV Product Rate Payable Until Fee APRC ERC Product Code Product Type Incentives
£300 Contribution
Product Fee £999 2% in the first year Remortgage to Valuation Fee
2 Year Discount 2.09% 28.02.2023 4.80% D477
Account Fee £120 1% in the second year & Purchase Free Legal Fees
for Remortgages
£300 Contribution
80%
Product Fee £999 3% in the first year Remortgage to Valuation Fee
2 Year Fixed 2.84% 31.01.2023 4.90% FR375
Account Fee £120 2% in the second year & Purchase Free Legal Fees
for Remortgages
5% in the first two years £300 Contribution
Product Fee £499 4% in the third year Remortgage to Valuation Fee
5 Year Fixed 3.09% 28.02.2026 4.40% FR382
Account Fee £120 3% in the fourth year & Purchase Free Legal Fees
2% in the fifth year for Remortgages
3 Year Discount £300 Contribution
3% in the first year
90%
(This product is only Product Fee £999 Remortgage to Valuation Fee
available for DL, TS, 3.74% 28.02.2024 5.10% 2% in the second year D482
Account Fee £120 & Purchase Free Legal Fees
DH, YO, HG or SR 1% in the third year
for Remortgages
postcode areas.)
Key Features Min/Max Loan
- Capital Repayment basis £100,000 new customers out
- Products are portable of area
- No compulsory Insurance £25,000 new customers in Minimum
area
- Legal Fees for remortgages paid by Society when enact are instructed to act on our behalf
in England and Wales only £1,000 existing customers
- All products get one capital repayment up to 10% of balance during fixed period
Up to 70% LTV = £1,000,000
- National availability
Up to 80% LTV = £750,000 Maximum
- Product fees can be added to the loan on all products, excluding 95% LTV products and
Shared Ownership Up to 90% LTV = £400,000
|5Specialist Residential Products
For customers whose circumstances are a little bit different, we offer a range of specialised mortgages from Rent-A-Room to
interest only products. For more information you can find our full lending criteria on www.darlington.co.uk/intermediaries
or speak to one of our team.
Expat Residential
LTV Product Rate Payable Until Fee APRC ERC Product Code Availability
3% in the first year Exclusive to
80% 3 Year Discount
EXPAT ONLY
2.99% 31.03.2024
Product Fee 0.5%
Account Fee £120
4.70% 2% in the second year
1% in the third year
D479 selected
Intermediaries
Key Features Min/Max Loan Complex Categories
- Capital Repayment basis £100,000 new customers out
- Products are portable of area Complex Income
- No compulsory Insurance £25,000 new customers in Minimum Complex Property
area
- Legal Fees payable by applicant Interest Only Mortgages
£1,000 existing customers
- All products get one capital repayment up to 10% of balance during fixed period Rent-a-Room
- National availability Lending into retirement
Up to 70% LTV = £1,000,000
- Product fees can be added to the loan on all products, excluding 95% LTV products and Maximum (on interest only)
Shared Ownership Up to 80% LTV = £750,000
6|Specialist Residential Products
Complex Residential
LTV Product Rate Payable Until Fee APRC ERC Product Code
3% in the first year
Product Fee 0.5%
80% 3 Year Discount 2.59% 28.02.2024
Account Fee £120
4.60% 2% in the second year
1% in the third year
D473
3% in the first year
60%
Product Fee 0.5%
3 Year Discount 2.29% 28.02.2024 4.60% 2% in the second year D472
Account Fee £120
1% in the third year
Key Features Min/Max Loan Complex Categories
- Capital Repayment, Interest Only and Part & Part basis £100,000 new customers out
- Products are portable of area Complex Income
- No compulsory Insurance £25,000 new customers in Minimum Complex Property
area
- Legal Fees payable by applicant Interest Only Mortgages
£1,000 existing customers
- All products get one capital repayment up to 10% of balance during fixed period Rent-a-Room
- National availability Lending into retirement
Up to 70% LTV = £1,000,000
- Product fees can be added to the loan on all products, excluding 95% LTV products and Maximum (on interest only)
Up to 80% LTV = £750,000
Shared Ownership
|7Buy To Let Products
Our Buy-to-Let mortgages are available for up to three properties per client.
We also support the CML Buy-to-Let: Statement of Practice.
Expat Let
LTV Product Rate Payable Until Fee APRC ERC Product Code
3% in the first year
70% 3 Year Discount
EXPAT ONLY
3.39% 31.03.2024
Product Fee 0.5%
Account Fee £120
4.80% 2% in the second year
1% in the third year
D480
Specialist Let
LTV Product Rate Payable Until Fee APRC ERC Product Code
5% in the first two years
70% 5 Year Fixed 3.09% 31.01.2026
Product Fee £499
Account Fee £120
4.40%
4% in the third year
3% in the fourth year
FR376
2% in the fifth year
Key Features Min/Max Loan
- Capital Repayment, Interest Only or Part & Part basis £100,000 new customers out
- Products are not portable of area
- No compulsory Insurance £25,000 new customers in Minimum
area
- Valuation fee & legal fees paid for by applicant
£1,000 existing customers
- All products get one capital repayment up to 10% of balance during fixed period
- National availability Up to 70% LTV = £1,000,000
- Product fees can be added to the loan on all products, excluding 95% LTV products and Maximum
Up to 75% LTV = £750,000
Shared Ownership
8|Shared Ownership Products
Our Shared Ownership mortgage could help your clients purchase a share of the property and pay rent on the remaining
portion. This scheme is available on qualifying properties across England and Wales with pre-approved housing associations
registered with the Homes and Communities Agency.
Shared Ownership
LTS
LTV Product Rate Payable Until Fee APRC ERC Product Code Incentives
(Loan To Share)
5% in the first
two years
71.25% 95%
£300 Contribution
Product Fee £0
5YR Fixed 4.09% 31.03.2026 4.80% 4% in the third year FR385 to Valuation Fee
Account Fee £120
3% in the fourth year Free Legal Fees
2% in the fifth year
Applicants require a minimum 5% deposit on a maximum 75% property share when applying for a Shared Ownership Product.
Key Features Min/Max Loan Min Property Value
- Capital Repayment basis
- Product is not portable £25,000 new customers
Minimum
- No compulsory Insurance £22,000 existing customers
- Darlington Building Society will make up to a £300 contribution to valuation fee £100,000
- Legal fees paid for by society when enact are instructed to act on our behalf in England
and Wales only
Up to 71.25% LTV= £400,000 Maximum
- Product fees can be added to the loan on all products, excluding 95% LTV products and
Shared Ownership
|9Adaptable Solutions Criteria
Our bespoke Adaptable Solutions mortgage range has been designed to support people in England, Scotland or Wales with
credit problems. Our Adaptable Solutions mortgages have been formed across three defined levels:
Level 1 (Non Standard) products for people with minor credit issues;
Level 2 (Credit Repair) products for customers needing additional credit support; and
Level 3 (Extra Support) available for those with more complicated credit circumstances.
The level met will be based on individual circumstances and we have created the below table to help you understand the
criteria for each level.
Missed Payments Payment / Debt Satisfied IVA /
Satisfied Defaults
(Consumer Credit Management Bankruptcy
Maximum Loan Satisfied Payday on Credit Satisfied CCJ’s
LTV excl Mobile Phones, Mortgage Arrears Plans (Satisfactory Previous
Amount Loans Commitments (£500 or less)
Mail Orders & conduct or Repossession
(£500 or less)
Utilities) discharge) (Max 70% LTV)
None in the last 3 None in the last 3
Refer to loan None in the last None in the last No more than 1 in Registered over Satisfied over
Standard Up to 95% years and satisfied years and satisfied
amounts section 3 years 3 years the last 12 months 3 years ago 6 years ago
for at least 3 years for at least 3 years
70.1-80% - £500k None in the last 2 None in the last 2
No more than 2 in Registered over Satisfied over
Non Standard Up to 80% None in the last year None in the last year years and satisfied years and satisfied
70% or less - £750k the last 12 months 2 years ago 5 years ago
for at least 1 year for at least 1 year
Less than Less than 3 or more in the All other satisfied All other satisfied Established over Satisfied over
Credit Repair Up to 70% 70% or less - £500k
12 months 12 months last 12 months defaults CCJ’s 3 years ago 3 years ago
In the last 2 years In the last 2 years
overdue payments overdue payments The customer has
There have been one
3 months or more 3 months or more been subject to an
or more CCJ’s within
Extra Support on a loan, except on a mortgage, Underwriter Underwriter Underwriter IVA / Bankruptcy
Max 65% 65% or less - £300k the last three years
where the late except where the Discretion Discretion Discretion order at any time
with a total value
payment was late payment was within the last
greater than £500
caused by a third caused by a third 3 years
party error. party error.
10 |Adaptable Solutions Products
Level 1 (Non Standard)
Repayment
Product Type Term End Date Rate Discount Fee ERC APRC
Method
2% for the first year
£999 Product Fee Capital Repayment
D483 Discount 2YR 31/03/2023 3.69% -1.61% 1% for the second 5.20%
£120 Account Only
year
Up to a maximum LTV of 80% • Maximum loan £750k
Level 2 (Credit Repair)
Repayment
Product Type Term End Date Rate Discount Fee ERC APRC
Method
3% in the first year
£999 Product Fee Capital Repayment
D484 Discount 3YR 31/03/2024 4.09% -1.21% 2% in the second year 5.20%
£120 Account Fee Only
1% in the third year
Up to a maximum LTV of 70% • Maximum loan £500k
Level 3 (Extra Support)
Repayment
Product Type Term End Date Rate Discount Fee ERC APRC
Method
5% in the first
£999 Product Fee Capital Repayment two years
FR386 Fixed 5YR 31/03/2026 4.49% N/A 5.10%
£120 Account Fee Only 4% in the third year
3% in the fourth year
2% in the fifth year
Up to a maximum LTV of 65% • Maximum loan £300k
Product fees can be added to the loan on all products, excluding 95% LTV products and Shared Ownership
| 11Meet the Team
Chris Blewitt Sheena Hunter
Head Of Intermediaries Business Development Manager
07508 208677 (Mobile) 07973 147425 (Mobile)
cblewitt@darlington.co.uk shunter@darlington.co.uk
North West England and Western Scotland North East England and Eastern Scotland
I started with the Society as Branch Manager, then Mortgage Advisor, Business I have worked for the Society for over 22 years, having been a Mortgage Advisor,
Development Manager before moving into my Head of Intermediaries role in Branch and District Manager, Mortgage Supervisor and now my BDM role.
December 2020.
I have worked supporting our intermediaries both face to face and by telephone for
I enjoy nothing more than supporting brokers with their tricky cases but also 21 of those years! The best part about my role is definitely building relationships
helping them grow their own businesses through niche lending opportunities. and providing support to my clients.
Outside of work I like to spend time with my family and you can often find me When I am not at work you will find me with my family, I have 5 grown up children
shouting on the sidelines coaching the Darlington FC Youth team! and 2 adorable grandchildren - there’s no peace and quiet in my house, but I
wouldn’t have it any other way.
| 11You can also read
