Fee-free Britannia Exclusive - Criteria

• Available up to 85%, i.e. minimum deposit of 15%. Maximum loan £500,000. 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 property which will not be sold. 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 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).
• 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. Nursing/midwifery diplomas and CIPD accepted, and HNDs/HNCs will be considered.
• Employment: applicants must either be in permanent 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. Where there are two applicants but one is not working (for example, 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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