Key Features
- Standard (code S08111) - up to 80% finance to value (FTV)
- Occupancy Payment Rate = Base Rate + a Margin of 3.99%, currently 4.49% (see note1):
- Minimum finance is £70,000 and maximum finance is £750,000
- Minimum property value of £100,000 (subject to meeting minimum finance)
- Minimum term is 7 years and maximum term is 30 years
- Available for new purchases, refinancing and releasing additional capital
- Administration fee of £299
- Valuation and legal fees paid by the customer (see note 2)
- Customers can sell the property at any time subject to clearing the Bank’s finance in full
- Customers can make full payment at any time without any penalties
- Income from up to four people can be taken into account when assessing an application (see note 3)
- An affordability criteria is used in which a customer’s income and expenditure are assessed
- Minimum age of applicants is 21 years old
- Occupancy Payment Rate is reviewed quarterly in March, June, September and December, with the new Occupancy Payment Rate effective from 1st April, 1st July, 1st October and 1st January
- Payments can be made from your IBB account or by Direct Debit from other UK accounts
Notes:
1. The Bank reserves the right to change the margin on its product. The maximum increase in the margin will be 2% above the initial margin that applied at the outset. Customers will be given at least 30 days advance notice of any changes in the pricing structure.
2. Fees: The Bank will pay up to £400 towards the costs of its own solicitor's fees.
3. The four people must be owner occupiers of the property being financed.
Click here to apply or for more information
click here for a FREE NO OBLIGATION QUOTATION. (Please note, you will be directed a secure server page).
YOUR HOME MAY BE AT RISK IF YOU DO NOT KEEP UP THE PAYMENTS ON YOUR HOME PURCHASE PLAN
The Home Purchase Plan facility is only available for purchases in England, Scotland and Wales.