Our lending criteria
Below you'll find our mortgage specific lending criteria from Bristol & West Mortgages which you should read together with our general lending criteria.
Check through this information carefully to make sure you're eligible before you apply.
- Standard mortgages (Fixed, discount & easyflex)
- Self Certification mortgages (Fixed, discount and easyflex)
- Buy to Let mortgages (Fixed, tracker and easyflex)
- First Start mortgages (Fixed and discount)
- Professional mortgage
- General lending criteria
General lending criteria
Employment Status:
Employed, Self Employed, Fixed Term Contracts, Short Term Contracts, and Probation periods are all considered.
Loan Types:
Repayment and Interest Only. These rates are not applicable to Further Loans.
Lending Areas:
England, Scotland and Wales (unless otherwise stated).
Property:
Properties built within the last 12 months, or that are being purchased for the first time since conversion are acceptable up to 75% LTV. Please note that for Buy to Let mortgages, we do not accept flats or maisonettes built within the last 12 months or being purchased for the first time since conversion.
Property Owner:
We only accept transactions where the seller is the owner or registered proprietor of the property, and has been so for at least 12 months.
For all remortgage business the registered owner or proprietor must have owned the property for a period of at least 12 months.
Early Repayment Charge:
In addition to any product specific early repayment charge there will be a mortgage release fee to cover our reasonable costs and a charge for the title documents. For part repayments, an additional administration fee applies, except for easyflex Offset mortgages.
Clean Credit History:
For last 3 years:
- No mortgage/rent/loan arrears
- Max 2 consecutive missed payments on credit/store cards
- Max 1 CCJ to £250, not in the last 12 months
- Comms/mail order arrears ignored unless scale/frequency is a cause for concern.
Portability:
All mortgages are portable when redeeming and completing on a new Bristol & West Mortgages product. Conditions apply - please ask for details.
Insurance:
If applicants arrange their own buildings insurance a fee of £25 is payable to Bristol & West Mortgages to cover our additional administration costs.
All Standard and Self Cert applicants are eligible for 3 months' free Mortgage Payment Protection Insurance (MPPI). This offer is only open to applicants who purchase MPPI through Bristol & West Mortgages' relationship with Pinnacle Insurance and is subject to insurance underwriting criteria.
Free Legals for Remortgages:
If stated in the Offer of Loan, Bristol & West Mortgages will pay for the legal fees and disbursements (excluding additional work, see below) and any additional leasehold charges providing the remortgage transaction is handled via Legal Marketing Services, and is completed. The firm of Solicitors is instructed to act for us only. If applicants wish to arrange their own legal representation they will be responsible for the legal costs and disbursements incurred. Please Note: Bristol & West Mortgages will not pay for charges relating to additional work outside the scope of a standard remortgage transaction. This includes further valuation reports, related legal services, transfer of equity, deed of postponement, deed of grant, deed of variation, merger of freehold or leasehold title, change of name, telegraphic transfer of surplus funds to borrower, local searches for loans over £750,000, or if an exceptional amount of work is required to correct a defective title. For further details please see our 'Free Legals for Remortgagers' information sheets.
Arrangement Fees:
Payments should not be made at application stage. Bristol & West Mortgages will deduct the fee from the loan amount upon completion or add it to the loan amount.
Valuation fee scale
| Purchase Price/ Valuation | Mortgage Valuation Report | Homebuyer's Report | ||
|---|---|---|---|---|
| Rates correct at 16/04/2007. Available to all new customers. | ||||
| Up to £50,000 | £180 | £310 | ||
| Up to £75,000 | £200 | £350 | ||
| Up to £100,000 | £220 | £390 | ||
| Up to £150,000 | £240 | £430 | ||
| Up to £200,000 | £270 | £470 | ||
| Up to £250,000 | £310 | £520 | ||
| Up to £350,000 | £360 | £570 | ||
| Up to £500,000 | £470 | £770 | ||
| Up to £750,000 | £610 | £840 | ||
| Up to £1m | £790 | £930 | ||
| Up to £1.5m | £890 | £1,090 | ||
| Up to £2m | £990 | £1,230 | ||
| Up to £2.5m | £1,090 | £1,440 | ||
| Up to £3m | £1,190 | £1,590 | ||
| Over £3m | By negotiation | By negotiation | ||
The valuation fee includes an administration fee of £90. Re-inspections minimum charge £50 per visit (this includes an adminstration fee of £8.50)