Lifetime Criteria

Criteria Type	Description
Minimum Loan	£15,000.
Maximum Loan	£500,000.
Minimum Age	60 (no maximum age).
Number of Applicants	Maximum of two applicants (must be UK resident). If they are married (and living together) the Lifetime mortgage will need to be in joint names (unless we agree otherwise) and so both parties need to make the mortgage application and obtain legal advice from their solicitor.
Power of Attorney	Accept Enduring Power of Attorney.
Deed of Consent	Anyone living with the borrower in the property at completion who is aged 25 or over will need to sign a Deed of Consent. They will need to obtain independent legal advice before doing so, at no cost to us.
Further Advances	Available after 5 years.
Term	The anticipated term is the remainder of the life of the borrower(s). The mortgage must be redeemed when the last survivor: dies and beneficiaries sell the property, sells the property, or vacates the property for a continuous period of 6 months, e.g goes into long term care. Beneficiaries wishing to buy the house, will be advised to redeem the Lifetime mortgage and take out their own mortgage before moving in. Executors wishing to sell the house will be allowed up to 12 months to do so. In the case of the last surviving borrower going into long term care, we will allow 6 months to repay the loan.
Arrangement Fee	The arrangement fee can be added to the loan amount up to the maximum Loan to Value.
Early Repayment Charge	5% of the initial balance for the first 7 years. Early repayment charges will not apply if the mortgage is fully repaid as a result of: moving home (whether or not the loan is ported), moving into long-term care, residential care or sheltered accommodation, or the mortgage being repaid from the sale of the home, after the death of the last surviving borrower. Part repayments of the mortgage balance are not permitted during the mortgage term.
Lending Fee	£195 (due on completion but payment can be deferred until the mortgage is fully repaid).
Minimum Property Value	£50,000.
Principal Residence	The legal title must be in both names if this is a joint mortgage.
Lending Areas	England and Wales only, residential, owner occupied and of standard construction.
Tenure	Freehold, Leasehold or Commonhold. For Leasehold, the lease must have an unexpired term of at least 85 years.
Minimum Property Value	£50,000.
Property Exclusions	The following property types will normally be excluded: Converted flats Period timber frame housing Thatched houses Properties affected by significant disrepair at the time of initial inspection Ex-local authority flats valued at less than £90,000 Studio flats Properties containing a commercial element Properties involving equity share Section 106 agreements/restrictions (e.g agricultural ties) excluding minimum age restrictions Flats above commercial property Flats in converted office blocks and speculatively converted ex local authority blocks.
Retentions	Part retentions are not available.
Interest	Interest is charged monthly.
Property	Properties that were built within the last 12 months, or that are being purchased for the first time since conversion are acceptable up to 75% LTV.

General Lending Criteria

Criteria Type	Description
Employment Status	Employed, Self Employed, Fixed Term Contracts, Short Term Contracts, and Probation periods are all considered.
Loan Types	Repayment and Interest Only. No Further Loans.
Lending Areas	England, Scotland and Wales (unless otherwise stated).
Early Repayment Charge	In addition to any product specific early repayment charge we also charge a lending fee (£195), which is due on completion but payment can be deferred until the mortgage is fully repaid. For part repayments an additional fee applies.
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 mortgage. 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.
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 instructed will 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 sheet.
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.
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.
Property	Properties built within the last 12 months, or 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.

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Bristol & West and Bristol & West Mortgages are trading names of the Governor and Company of the Bank of Ireland which is authorised by the Irish Financial Regulator and the Financial Services Authority; regulated by the Financial Services Authority for the conduct of UK business.

The address for services is: One Temple back East, Temple Quay, Bristol BS1 6DX. Telephone: (0117) 979 2222. Fax: (0117) 929 3787. Website: www.bristolandwest4brokers.co.uk

The Governor and Company of the Bank of Ireland is incorporated in the Republic of Ireland with limited liability and registered in England and Wales with branch number BR000459. VAT No. GB168 1961 35