This is the information I received regarding the application of mortgage for Scotland property from Bank of China.
Under our lending criteria, the minimum salary requirement is £18,000 per annum. And the minimum loan has to be over £50,000. And if you are buying a new built property, please start the process around 4 month before the completion date because our mortgage offer is only valid for 6 months (the mortgage offer has to be signed and returned within 4 months).
We currently have 2 mortgage products Lifetime Tracker and 3 years Fixed Rate. Lifetime Tracker rate is floating with the changes of Bank of England Base rate. 3 years Fixed rate has a initial rate which is fixed for the first 3 years and then changes back to floating rate after 3 years. Please find some of the key features of these 2 products:
Lifetime Tracker
1 year tie-in period
Unlimited overpayment facility
1% early repayment charge applies to the original loan amount, payable on full redemption only within the tied-in period
3 years Fixed Rate
3 years tie-in period
Overpayment facility of maximum 20% of the original loan amount per annum within the tie-in period
1% early repayment charge applies to original loan amount, payable on full redemption.
Apart from the capital repayment, we can also provide interest only on BTL application with loan amount between £50K to £1m.
Please find the below rate details:
Lifetime Tracker -Buy-to-Let:
Option 1
Loan amount: between £50k & £500k.
Capital repayment Loan-to-Value (LTV): 60%;
Interest Only LTV 55%
Arrangement Fee: £1,895.00
Interest rate: 3.34%
Option 2
Loan amount: between £50k & £500k.
Loan-to-Value (LTV): between 60% to 75%;
Interest Only LTV 55% to 70%
Arrangement Fee: £1,895.00
Interest rate:3.64%
Option 3
Loan amount: between £500k and £1m.
Loan-to-Value (LTV): maximum of 70%;
Interest Only LTV 60%
Arrangement Fee: £3,195.00
Interest rate:3.74%
3 Years Fixed Rate – Buy-to-Let:
Option 1
Loan amount: between £50k & £500k.
Capital repayment Loan-to-Value (LTV): 60%;
Interest Only LTV 55%
Arrangement Fee: £1,895.00 + Booking Fee: £399.00
Interest rate: 3.53% - Final rate after 3 years: 4.34% ( 4.09%+based rate)
Option 2
Loan amount: between £50k & £500k.
Loan-to-Value (LTV): between 60% to 75%;
Interest Only LTV 55% to 70%
Arrangement Fee: £1,895.00 + Booking Fee: £399.00
Interest rate: 3.83% - Final rate after 3 years: 4.64% (4.39%+based rate)
Option 3
Loan amount: between £500k and £1m.
Loan-to-Value (LTV): maximum of 70%;
Interest Only LTV 60%Arrangement Fee: £3,195.00 + Booking Fee: £399.00
Interest rate: 3.93% - Final rate after 3 years: 4.74% (4.49%+based rate)
Please find the attached Agreement In Principle(AIP) which is initial stage to apply for a mortgage with us.(Note: we have not put the attachment in the blog, please contact us if you want a copy)
We will do an affordability check based on the information provided. If you could pass the stress test, then I will submit your AIP to our underwriter for pre-approval (this normally takes 2-3 working days), once your AIP is agreed, I will then send you the list of documents required for full application. The process time for Mortgage offer at the moment is around 3-4 weeks after receiving all the required documents by post.
Under our lending criteria, the minimum salary requirement is £18,000 per annum. And the minimum loan has to be over £50,000. And if you are buying a new built property, please start the process around 4 month before the completion date because our mortgage offer is only valid for 6 months (the mortgage offer has to be signed and returned within 4 months).
We currently have 2 mortgage products Lifetime Tracker and 3 years Fixed Rate. Lifetime Tracker rate is floating with the changes of Bank of England Base rate. 3 years Fixed rate has a initial rate which is fixed for the first 3 years and then changes back to floating rate after 3 years. Please find some of the key features of these 2 products:
Lifetime Tracker
1 year tie-in period
Unlimited overpayment facility
1% early repayment charge applies to the original loan amount, payable on full redemption only within the tied-in period
3 years Fixed Rate
3 years tie-in period
Overpayment facility of maximum 20% of the original loan amount per annum within the tie-in period
1% early repayment charge applies to original loan amount, payable on full redemption.
Apart from the capital repayment, we can also provide interest only on BTL application with loan amount between £50K to £1m.
Please find the below rate details:
Lifetime Tracker -Buy-to-Let:
Option 1
Loan amount: between £50k & £500k.
Capital repayment Loan-to-Value (LTV): 60%;
Interest Only LTV 55%
Arrangement Fee: £1,895.00
Interest rate: 3.34%
Option 2
Loan amount: between £50k & £500k.
Loan-to-Value (LTV): between 60% to 75%;
Interest Only LTV 55% to 70%
Arrangement Fee: £1,895.00
Interest rate:3.64%
Option 3
Loan amount: between £500k and £1m.
Loan-to-Value (LTV): maximum of 70%;
Interest Only LTV 60%
Arrangement Fee: £3,195.00
Interest rate:3.74%
3 Years Fixed Rate – Buy-to-Let:
Option 1
Loan amount: between £50k & £500k.
Capital repayment Loan-to-Value (LTV): 60%;
Interest Only LTV 55%
Arrangement Fee: £1,895.00 + Booking Fee: £399.00
Interest rate: 3.53% - Final rate after 3 years: 4.34% ( 4.09%+based rate)
Option 2
Loan amount: between £50k & £500k.
Loan-to-Value (LTV): between 60% to 75%;
Interest Only LTV 55% to 70%
Arrangement Fee: £1,895.00 + Booking Fee: £399.00
Interest rate: 3.83% - Final rate after 3 years: 4.64% (4.39%+based rate)
Option 3
Loan amount: between £500k and £1m.
Loan-to-Value (LTV): maximum of 70%;
Interest Only LTV 60%Arrangement Fee: £3,195.00 + Booking Fee: £399.00
Interest rate: 3.93% - Final rate after 3 years: 4.74% (4.49%+based rate)
Please find the attached Agreement In Principle(AIP) which is initial stage to apply for a mortgage with us.(Note: we have not put the attachment in the blog, please contact us if you want a copy)
We will do an affordability check based on the information provided. If you could pass the stress test, then I will submit your AIP to our underwriter for pre-approval (this normally takes 2-3 working days), once your AIP is agreed, I will then send you the list of documents required for full application. The process time for Mortgage offer at the moment is around 3-4 weeks after receiving all the required documents by post.