Gibraltar Services
Gibraltar Mortgages - Important Notes
The Completion Fee detailed on our Rates Page is payable on completion.
If you decide to move home during the fixed, capped, tracker or discounted rate period, you can (subject to your income and financial commitments at that time and a valuation of the new property) have your new mortgage charged at the same rate of interest for the remainder of the fixed, capped, tracker, or discounted rate period.
Other notes
- If you are entitled to cashback, a telegraphic transfer will be sent to you direct shortly after (within 10 days) completion of your mortgage or as otherwise stated in the product terms.
- All monthly repayments must be made by Direct Debit.
- Discounted rates of interest are calculated from the Society’s Gibraltar Variable Rate of interest.
- At the end of a fixed, capped, tracker or discounted rate period, the Society’s Gibraltar Variable Rate of interest, applicable at that time will be charged.
- An Early Repayment Charge will be payable if the mortgage is repaid within the period shown on the Rates Page under ‘Early Repayment Charge applies until’. The amount of the charge is also shown on the Rates Page.
- If a partial repayment of your loan is made, the Early Repayment Charge will be calculated only on the amount repaid. If an Early Repayment Charge will not be charged, the word ‘None’ will be shown on the Rates Page under the heading ‘Early Repayment Charge’.
- For individual completion fees see on the Rates Page. Please note that completion fees for loans of £ 500,000 are by referral.
- A £35 Telephone Transfer Fee will be payable on all completions
Employment
- Applicants must have been in continuous employment for 6 months.
- Last three months’ payslips, income reference or P60 and bank statements will be required - please send originals.
Self-employed
Sub-contractors and company directors with more than 33% shareholding are classified as being self-employed.
If the accountant is not chartered or certified, Self-Assessment terms are required, which must be stamped and verified by HM Revenue & Customs, or signed-off by a qualified accountant.
- Up to 95% LTV - Society’s Accountants Certificate to be completed.
- 3 years accounts prepared by a Chartered or Certified Accountant are required.
Where the length of trading is less we will also consider the following:
- 2 years accounts, plus 100% of a satisfactory projection - loans up to 95% LTV
- 1 years accounts, plus 100% of a satisfactory projection - loans up to maximum 80% LTV
Proof of Mortgage Payments
- Up to 80% LTV - latest mortgage statement
- Over 80% LTV - last 12 months proof of mortgage payment on an existing mortgage or last annual mortgage statement if year end statement date is within 6 months of mortgage application.
All Applicants
The following will be required:
- Proof of identity
- A bank statement will be required for the last month showing the salary/wage credit
- 24 months proof of occupancy (if not on electoral roll)
Second job
Income from a second job can be considered provided the applicant has held both jobs for at least 6 months and the employment can be established as permanent. Applicants must demonstrate they can sustain both jobs.
Guarantors
Consideration for close relationships (e.g. parent and child) where there is a shortfall of income. The guarantor must be able to demonstrate their ability to cover the whole of the advance, plus any outstanding commitments they may have.
Income: other
The following will be taken into account in assessing income:
| Guaranteed | Regular | |
|---|---|---|
| Bonus | 100% | 50% |
| Commission | 50% | 50% |
| Overtime | 100% | 50% |
| Shift Allowance | 100% | 100% |
| Car Allowance | 100% | 100% |
| London/location allowance | 100% | |
| Private Pension income | 100% | |
| Mortgage subsidy/net allowance | 100% |
Valuation Fees
Relevant fees should accompany the application form.
Current Scale:
| Purchase Price or Valuation not exceeding | Fee |
|---|---|
| Up to £100,000 | £210 |
| Up to £150,000 | £245 |
| Up to £250,000 | £305 |
| Up to £300,000 | £360 |
| Up to £500,000 | £495 |
| Up to £750,000 | £695 |
| Up to £1m | £895 |
| Up to £2m | £1,225 |
| Over £2m | By referral |
Higher Lending Charge Premium Rates:
When the percentage loan to value is from 90.01% to 95% the premium rate is 8.95%. The Higher Lending Charge will always be calculated from 75% LTV and will be payable on loans above 90% LTV. The minimum charge is £250.
1. Loan to value is calculated against the lower of property valuation or purchase price.
Income: multiples
| Standard Income Multiples | |||
|---|---|---|---|
| Loan to Value | Loan Amount | Single (up to) | Joint (up to) |
| 95% max | Up to £300,000 | 3.75 x | 3.00 x or 3.75 x main plus 1 x second |
| 90% max | Up to £400,000 | 4.00 x | 3.25 x or 4.00 x main plus 1 x second |
| 85% max | Up to £500,000 | 4.25 x | 3.50 x or 4.25 x main plus 1 x second |
| 80% max | Up to £750,000 | 4.50 x | 3.75 x or 4.50 x main plus 1 x second |
| 75% max | Up to £750,000 | 4.75 x | 4.00 x or 4.75 x main plus 1 x second |
| 50% max | Up to £750,000 | 4.75 x | 4.00 x or 4.75 x main plus 1 x second |
Our requirements
Full written details and quotations are available on request. The mortgage must be secured by a first charge on the property. All loans are subject to a satisfactory appraisal of status, financial standing and valuation. Loans are only available to persons aged 18 years or over. In certain instances, a one-off Higher Lending Charge may be payable. Insurance may be required. Any endowment premium will be paid directly to the life assurance company. Applications are subject to normal lending criteria.
About us
Head office: Leeds Building Society, 105 Albion Street, Leeds LS1 5AS. Telephone: +44 (0)113 225 7777.