Criteria

Flexible mortgage conditions

• Flexible products cannot be mixed with any other product type.
• We will accept a minimum of 14 days and up to 3 months notice of the applicant’s intention to use any of the features.
• A regular instruction cannot be accepted e.g. miss every December payment.
• Drawdown facility must be for a minimum of £25,001.There must be sufficient equity, in addition to the minimum initial advance of £25,001 to offer a drawdown facility. The drawdown facility must be taken in withdrawals of no less than £1,000.
• This mortgage is not available for stand alone Additional Borrowing. Only accounts whose main loan is Flexible can have Additional Borrowing on the Flexible product.
• Secured personal loans cannot be taken on a Flexible basis.
• Additional Borrowing will only be allowed once the drawdown facility has been used up, e.g. should the applicant have a £10,000 drawdown facility remaining and they would like Additional Borrowing for £25,000, they must use the £10,000 drawdown facility and take Additional Borrowing for £15,000. In addition, stored overpayments will also need to be used prior to additional borrowing being agreed.
• Flexible features will be withdrawn under certain circumstances outlined in the terms & conditions.
• A Flexible loan is fully portable to a new home purchase, but the drawdown facility will need to be re-assessed on each application.
• Drawdown facility is valid for three years after completion.
• The applicant can miss two payments per rolling 12 month period subject to no arrears within the last six months and six consecutive payments have been made since taking the mortgage.
• The applicant will receive written notification of any agreement to adjust payments / take payment holiday etc.
• Underpayments may be made providing the applicant has made previous overpayments, and at least six months consecutive payments have been made since taking the mortgage. They may reduce their payments until the effect of any overpayments have been eroded.
• The General Range Flexible mortgage is also available to both expatriates residing in the UK and British expatriates abroad (subject to expatriate terms and conditions).
• Overpayments, drawdown facility, drawdown of overpayments and daily interest are available immediately. The drawdown facility will not be available on Additional Borrowing.
• Repayment holidays and underpayments are available after the first six monthly payments have been made (subject to terms and conditions).