GENERAL MORTGAGE TERMS AND CONDITIONS
The mortgage will be subject to the Society's Mortgage Terms and Conditions
The Society only lends within Northern Ireland
Minimum mortgage: £30,000
Maximum mortgage: £500,000 (For larger mortgage loans refer to local branch)
Minimum purchase price: £75,000
Min Term: 5 years
Max Term: 40 years subject to repayment in full within the applicants expected working lifetime.
You must be 18 or over
Annual capital rests
Maximum LTV 50% for Interest Only lending.
Remortgages are not available on Interest Only.
For interest only mortgages borrowers should note that it is their responsibility to ensure that an adequate repayment vehicle is in place to repay the capital at the end of the term.
The application will be subject to satisfactory proof of income, an affordability and credit check and a satisfactory valuation.
You may reduce your balance by 10% p.a without an early repayment charge being levied (Minimum - £500)
No Higher Lending Charge fee payable up to 90% LTV (inclusive) for cases that fully meet Society's criteria. The Society will pay the charge on the customers behalf where the loan to value is less than 90%.
For mortgages exceeding 90% of the purchase price/valuation (whichever is the lower), a Higher Lending Charge will be levied.
If charged the Higher Lending Charge Fee may be added to the mortgage account.
For Stage Payment Mortgages, a fee of £100 is applicable in addition to Valuation and Booking fees.
A redemption administration fee, currently £170, will be payable on full repayment of your mortgage account.
Maximum LTV 80% for Local Authority / Ex Local Authority properties.
Maximum advance on Apartments restricted to 70% LTV.
For Re-mortgages the mortgage is restricted to 80% of the purchase price/valuation (whichever is the lower)
Valuation fee for Re-Mortgages to be paid with application and will be refunded upon completion of loan.
The Society makes a charge for other services. Details will be given on the Fees & Charges page.
Your home will be used as security and you must have adequate buildings insurance.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE