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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).

Other notes

  • 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

Employment

  • 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.

Self-employed

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.

All applicants

The following will be required:

  1. Proof of identity
  2. A bank statement will be required for the last month showing the salary/wage credit
  3. 24 months proof of occupancy (if not on electoral roll)

Second job

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.

Guarantors

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.

Income: other

The following will be taken into account in assessing income:

 GuranteedRegular
Bonus 100% 50%
Commission 50% 50%
Overtime 100% 50%
Shift allowance 100% 50%
Car allowance 100% 100%
London/location allowance 100%  
Private Pension income 100%  
Mortgage subsidy/net allowance 100%  

Valuation fees

Relevant fees should accompany the application form.

Current scale:

Purchase price or valuation not exceedingFee
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

Our requirements

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.

About us

Head office: Leeds Building Society, 105 Albion Street, Leeds LS1 5AS. Telephone: +44 (0)113 225 7777.