Britannia Exclusive - Criteria

• Maximum Advance £500,000. Minimum deposit of 10% but a 25% deposit is required if there are going to be any other mortgages (including buy to let or residential) in the background. Minimum deposit of 15% on new build houses AFTER taking any builder's deposit into account and new build flats are not accepted for this product.
• Purchase only. Free valuation up to a purchase price of £500,000 (but if you withdraw from the purchase after the valuation has happened Britannia may charge you for the valuation fee).
• Minimum of two applicants who can be friends, married or unmarried couples, or family members. 3.75x two incomes. For 3 or 4 applicants, use 2.5x all incomes. All applicants must reside in the property, up to a maximum of four.
• Open market only, not available for shared ownership with a housing association or other homebuy schemes.
• Applicants must be graduates or hold professional qualifications. For example, an applicant who did not attend university but has an ACA accountancy qualification would be acceptable, as would a commissioned officer in the armed forces.
• Applicants must either be in full time employment, or have been self employed for three years. For applicants on short term contracts, they must have at least 6 months left on a 12 month contract.
• Maximum age at the end of the mortgage term 70, subject to proof of retirement income if appropriate.
• Non-EU foreign citizens not accepted unless they have indefinite leave to remain in the UK. Ex-patriates not accepted.

Outgoings:

• Hire purchase, personal loans, overdrafts, child maintenance and credit card balances must be disclosed but may not be deducted from the income multiples, subject to Britannia's affordability checks.

Next Steps

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