Warning: THE MORTGAGED PROPERTY (WHICH MAY BE YOUR HOME) MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Gibraltar Mortgages - important notes
The Product Fee detailed on our Rates Page is payable on application but is refundable should the mortgage not complete.
If you decide to move home during the fixed, capped, tracker or discounted rate period (subject to product availability), you can (subject to your income and financial commitments at that time and a valuation of the new property) have your new mortgage charged at the same rate of interest for the remainder of the fixed, capped, tracker, or discounted rate period (subject to product availability).
- If you are entitled to cashback, a telegraphic transfer will be sent to you direct shortly after (within 10 days) completion of your mortgage or as otherwise stated in the product terms.
- All monthly repayments must be made by Direct Debit.
- Discounted rates of interest are calculated from the Society’s Gibraltar Variable Rate of interest.
- At the end of a fixed, capped, tracker or discounted rate period, the Society’s Gibraltar Variable Rate of interest, applicable at that time will be charged.
- An Early Repayment Charge will be payable if the mortgage is repaid within the period shown on the Rates Page under ‘Early Repayment Charge applies until’. The amount of the charge is also shown on the Rates Page.
- If a partial repayment of your loan is made, the Early Repayment Charge will be calculated only on the amount repaid.
- For individual Product Fees please see the Rates Page. Please note that Product Fees for loans of £500,000 are by referral.
- A £35 Telephone Transfer Fee will be payable on all completions
- Applicants must have been in continuous employment for 6 months.
- Last three months’ payslips, income reference or P60 and bank statements will be required - please send originals.
Company directors with less than 25% shareholding are classified as being employed.
- Up to 90% LTV - Society’s Accountants Certificate to be completed.
- 3 years accounts prepared by a Chartered or Certified Accountant are required.
Proof of mortgage payments
- Last 12 months proof of mortgage payment on an existing mortgage or last annual mortgage statement if the year end statement date is within 6 months of mortgage application.
The following will be required:
- Proof of identity
- A bank statement will be required for the last month showing the salary/wage credit
- 24 months proof of occupancy (if not on electoral roll)
Income from a second job can be considered provided the applicant has held both jobs for at least 6 months and the employment can be established as permanent. Applicants must demonstrate they can sustain both jobs.
Consideration for close relationships (eg parent and child) where there is a shortfall of income. The guarantor must be able to demonstrate their ability to cover the whole of the advance, plus any outstanding commitments they may have.
The following will be taken into account in assessing income:
|Private Pension income||100%|
|Mortgage subsidy/net allowance||100%|
Relevant fees should accompany the application form.
|Purchase price or valuation not exceeding||Fee|
|Up to £100,000||£210|
|Up to £150,000||£245|
|Up to £250,000||£305|
|Up to £300,000||£360|
|Up to £500,000||£495|
|Up to £750,000||£695|
|Up to £1m||£895|
|Up to £2m||£1,225|
|Over £2m||By referral|
Full written details and quotations are available on request. The mortgage must be secured by a first charge on the property. All loans are subject to a satisfactory appraisal of status, financial standing and valuation. Loans are only available to persons aged 18 years or over. In certain instances, a one-off Higher Lending Charge may be payable. Insurance may be required. Any endowment premium will be paid directly to the life assurance company. Applications are subject to normal lending criteria.
Head office: Leeds Building Society, 105 Albion Street, Leeds LS1 5AS.