|Must have maturity value in GBP at least equivalent to the loan amount
||Production latest annual/bonus statement or forecast. The cost of the premiums is to be included in the affordability statement.
|Sale of Property
||There must be sufficient equity to sell the mortgaged property and purchase another property without the requirement of a mortgage - at current prices, not replying on future price increases. Moving into rented accommodation is unacceptable. The property must be located in England or Wales.
||Confirmation from the customer of the property type/area they would move to. Verified by an online property search and/or property sales particulars.
|Other Assets (Property/Land)
||These must be wholly owned by the applicant (with or without a mortgage), located in England or Wales, by readily saleable and the equity in the property must be of equivalent current value to the proposed Interest Only loan.
||Production of the Property Title Deeds/Legal Document of Ownership provides evidence that the asset exists and is owned by the applicant. It also highlights where any debt is secured against it. To assess its current value a drive-by valuation arranged by the Society and paid for by the applicant would be acceptable or indexation based on purchase price if shown on title information or AVM desktop valuation paid for by the applicant.
||The customer must be financially be in a position to make these on a regular basis (subject to product Terms & Conditions)
||The net disposable income of the customers must illustrate the ability to make regular meaningful capital repayments to reduce the debt. The cost of any capital repayment is to be included in the Affodability Assessment.
||These must be in an accessible account, held in England and Wales in GBP and have the potential to repay the mortgage based upon a reasonable rate of return.
||Production of Account Book or Bond Statement. The cost of any contribution is to be included in the Affordability Assessment.
|Pension Lump Sum
||This must be equivalent to the amount of the interest only element of the loan.
||Confirmation of the current value (in GBP), and estimated final value of lump sum. The cost of any contribution is to be included in the Affordability Assessment.