ALBA 2007 – 1 plc - Irish Stock Exchange

• the saleability of the property is affected by local factors & demand is poor
Loan Size Verified Self Cert BTL
Minimum £25,001 £25,001 £25,001
Maximum £750,000 £500,000 £500,000
For further advances and porting, the maximum advance will be governed by the maximum LTV of the
existing product.
Loan to Value
The 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). Oakwood's maximum LTV
is 95 per cent. (90 per cent. for self-certified Mortgage Loans, 85 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 prior to completion
of the Mortgage Loan.
(b) A maximum number of 4 Borrowers are allowed to be parties to a Mortgage Loan or 2
Borrowers for BTL Mortgages.
(c)
The applicants must supply a full 3 year address history, and these must be searched. The
credit report will identify any other linked addresses and bring back any adverse data registered
at those addresses. Adverse credit at linked address should be included in the underwriting
decision. The credit report will provide information in respect of:
Voters Roll
Public Information
CIFAS Information
CAIS Information
CML Information
Previous Searches
Credit Criteria
When establishing the credit requirements, Oakwood will endeavour to apply the same criteria which
were used initially to underwrite the original loans. However, Oakwood reserves the right to vary this
approach at any time in order to maintain prudent and responsible lending in any and all economic
climates.