Fee-free Britannia Exclusive - Criteria

• Available up to 90%, i.e. minimum deposit of 10%, but a minimum deposit of 15% is required on new build houses AFTER taking any builder's deposit and/or incentives into account and new build flats are not accepted at all. A 25% deposit is required if there are going to be any other mortgages (including buy to let or residential) in the background or you own other mortgage-free property in the UK or abroad which will not be sold.
• This product is only available on a capital repayment basis. Interest only mortgages are not accepted.
• Maximum purchase price at 85% is £500,000. For 90%, minimum purchase price of £75,000 and maximum purchase price of £350,000.
• Purchase only. Free valuation up to a purchase price of £500,000 (but if you withdraw from the purchase after the valuation has been carried out Britannia may charge you for the valuation fee, and there is only a free valuation on the first property you apply for, not on subsequent properties). If you wish to have a home buyers' report, the cost of a standard valuation is deducted from the total fee so that you still benefit from the free valuation offer, but again Britannia may charge you retrospectively for the cost of a standard valuation if you withdraw after the survey has happened.
• Minimum of two applicants who can be friends, married or unmarried couples, or family members. 3.75x two incomes, or 4.25 + 1. For 3 or 4 applicants, use 2.5x all incomes or 3.75x the two highest earners (note that where there are more than two applicants, all applicants must sign and accept the conditions of the Share to buy legal agreement). All applicants must reside in the property, up to a maximum of four. Minimum total household income of £20,000 per annum.
• 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. Nursing/midwifery diplomas, CIPD, HNDs/HNCs and other chartered qualifications generally accepted. Commissioned officers in the armed forces are acceptable but should note that the Longer Service Advance of Pay (LSAP) and similar such schemes are not acceptable as a source of deposit.
• Employment: applicants must either be in full time employment, or have been self employed for three years and for employees with a deposit less than 25%, the higher earner must have been in their current job for 6 months. For applicants on short term contracts, they must have at least 6 months left on a 12 month contract. Where there are two applicants but one is not working (for example, a home-maker or on maternity leave) this is acceptable provided that both applicants fit the graduate/professional criteria and that there is sufficient income to support the mortgage.
• 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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