ALBA 2007 – 1 plc - Irish Stock Exchange

• Properties with land in excess of 5 hectares/12 acres
• Properties subject to local/restrictive covenants
• Where the valuation report indicates:
• The interior/exterior condition of the property is poor & demand is poor
• The saleability of the property is affected by local factors & demand is poor
Loan size
GMAC-RFC will not originate a Mortgage Loan that will be £25,000 or less at the time of completion.
The maximum loan size is £1,000,000 for verified loans and BTL Mortgage Loans and £750,000 for
self-certified Mortgage Loans.
Loan to Value
The loan to value ratio ("LTV") is calculated by dividing the gross principal amount (net of any fees)
committed at completion of the Mortgage Loan by the lower of the valuation of the Property or, in the
case of a Mortgage Loan made for financing the purchase of a Property, the disclosed purchase price
(except in exceptional cases, i.e. where the purchase price that has been paid reflects a discount).
GMAC-RFC does not originate Mortgage Loans with an LTV higher than 95 per cent. (90 per cent. for
self-certified Mortgage Loans (other than mainstream), 89 per cent. for BTL Mortgages), subject to
exceptions in certain circumstances.
Term
Each Mortgage must have an initial term of between 5 and 30 years.
Borrowers
(a)
Borrowers must be natural persons, and have been at least 18 years of age (or, in the case of
BTL Mortgages, the primary applicant must be at least 25 years of age) prior to completion of
the Mortgage Loan and the term of mortgage loa ns usually must end before the primary
applicant reaches his/her 76 th birthday (subject to approved exceptions).
(b) A maximum number of 4 Borrowers are allowed to be parties to a Mortgage Loan or 2
Borrowers for BTL Mortgages.
(c)
The Borrower's credit and employment history will have been assessed with the aid of one or
more of the following:
• Search supplied by credit reference agency
• Confirmation of voters roll entries or proof of residency
• Reduced referencing telephone call to to applicants employer to verify works there unless
selected for audit then a reference from current employers
• Reduced referencing telephone call to accountant to confirm acts for applicant unless
selected for audit then an Accountant's certificate
• Reference from current lenders