Earl Shilton Building Society criteria changes

Mortgage

Earl Shilton Building Society have made a number of changes to products and criteria that are effective for all new business.​

Article date: 05/04/2018

New ERC free product – Designed for those who desire flexibility to repay at their convenience, or those looking for shorter term finance, this new ERC free product has a £125 booking fee and a 1% arrangement fee, with a minimum loan of £100,000.

New Associate Dentist Product – There are a number of newly qualified Associate Dentists that are self-employed but do not have even one year accounts. Earl Shilton Building Society have launched a product for this group, who only need to have been in an Associate role for three months. Available up to 90% LTV, there is a £125 booking fee, no arrangement fee, a five year ERC period, a minimum loan of £75,000 and a maximum loan of £300,000.

 

  • Restricted properties – all products now available - Acceptable properties with a restriction such as those with an Agricultural tie, a Section 106 discount clause or age related (say over 55) have only been available on certain products. The full product range is now available (subject to the T & Cs of each product).

     
  • Right to Buy – all products now available – Right to Buy and Right to Acquire (where they lend 100% of the purchase price) have only been available on certain products. The full product range is now available (subject to the T & Cs of each product).

     
  • Capital Raising – all products now available – Where general purpose capital raising has been agreed (up to 75% of the valuation), this has only been available on certain products. The full product range is now available (subject to the T & Cs of each product).

 

  • Gifted Deposits and Gifted Equity now accepted – They will now allow 100% of deposit via a gifted deposit or gifted equity, subject to indemnity being arranged. If the LTV is over 75% then a Higher Lending Charge will be required.

     
  • Procuration Fees – They have amended their standard Procuration Fee from a tiered scale to simply 0.4% of the advance, with a minimum amount of £250.
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