Loan Criteria

  • --------------------Start of Accordion---------------------------

    Cashback

    • Applies to new lending only - cashback is payable within one month of draw down, subject to the loan not being redeemed during that time. Cashback applies as follows: 5 Year Fixed Rate mortgage - £1,000; other new business products (e.g. short term fixed rates and discount variable products) - £500. Some exclusions apply: Further Advances, and loans less than £25,000.
    • Paid within one month of drawdown to the payment account indicated on your Direct Debit Mandate, subject to the loan not being redeemed during that time

    --------------------End of Accordion---------------------------

  • --------------------Start of Accordion---------------------------

    Acceptable loan purposes

    First Trust Bank for Intermediaries will consider applications for the following loan purposes providing the application meets all our lending criteria:

     

    • to purchase residential properties for owner-occupation
    • to remortgage residential properties for owner-occupation
    • to improve, repair or maintain residential properties that are owner-occupied
    • to purchase the equity of another party to the mortgage
    • to purchase property through Co-Ownership Schemes (See Co-Ownership section below)

    --------------------End of Accordion---------------------------

  • --------------------Start of Accordion---------------------------

    Unacceptable loan purposes

    First Trust Bank for Intermediaries will not accept applications for the following:

     

    • Buy to let properties
    • Self build properties
    • Debt consolidation
    • Loans used for bridging finance
    • Business investments
    • Payment of taxes
    • Replenishment of savings and investment
    • Purchase of shares

    --------------------End of Accordion---------------------------

  • --------------------Start of Accordion---------------------------

    Source of deposit

    Evidence of the Balance of Purchase Price is required and will be retained on the customer file. This includes:

     

    • Statements of savings/deposit accounts
    • Evidence of investment products to be liquidated
    • In the case of gifted deposits, clear evidence of ability to provide funds together with confirmation from donor that gift is not repayable in the future. You will find our Confirmation of Gifted Deposit form here.

    --------------------End of Accordion---------------------------

  • --------------------Start of Accordion---------------------------

    Minimum repayment term

    A minimum repayment term of 12 months applies to all loan types.

    --------------------End of Accordion---------------------------

  • --------------------Start of Accordion---------------------------

    Maximum repayment term

    The maximum repayment term is 35 years, this may be restricted by our maximum age limits.

    --------------------End of Accordion---------------------------

  • --------------------Start of Accordion---------------------------

    Minimum property value

    Loan applications will only be taken for properties valued in excess of £50,000.

    --------------------End of Accordion---------------------------

  • --------------------Start of Accordion---------------------------

    Minimum loan amount

    A minimum loan amount of £25,000 applies to all loan types.

    --------------------End of Accordion---------------------------

  • --------------------Start of Accordion---------------------------

    Maximum loan amount

    Please refer to our run-by desk for further details if application is for over £1,000,000.

    --------------------End of Accordion---------------------------

  • --------------------Start of Accordion---------------------------

    Repayment types

    Applications will only be accepted on a Capital and Interest repayment basis.

     

    Existing First Trust Bank mortgages which have a built in 'porting clause' may only be ported through the retail First Trust Bank channel.

    --------------------End of Accordion---------------------------

  • --------------------Start of Accordion---------------------------

    LTV

    The appropriate LTV is determined by the total amount of the mortgage (i.e. existing balance plus amount of Further Advance) expressed as a percentage of the lesser of the property value or purchase price.


    Click here to see the maximum LTV table.

    --------------------End of Accordion---------------------------

  • --------------------Start of Accordion---------------------------

    Further advances

    Applications for Further Advances will be subject to the standard assessment and approval process for residential mortgages.

    --------------------End of Accordion---------------------------

  • --------------------Start of Accordion---------------------------

    Lending for business purposes

    First Trust Bank for Intermediaries do not accept applications for this purpose.

    --------------------End of Accordion---------------------------

  • --------------------Start of Accordion---------------------------

    Retentions

    If we make a retention from an advance (for example, for repairs, improvements or road works) we are not obliged to release that retention, or any part of it, if the borrower is in breach of any of his obligations under the mortgage, or if a condition attached to the retention has not been met or if the loan has been repaid in full.

    --------------------End of Accordion---------------------------

  • --------------------Start of Accordion---------------------------

    Co-ownership

    First Trust Bank for Intermediaries will consider applications for properties purchased through the Northern Ireland Co-Ownership Housing Association only.

     

    Where the Co-ownership input is 25% or greater, we do not require any deposit (subject to normal affordability rules). A minimum deposit of 5% is required where the First Trust Bank mortgage application is for over 75% LTV.

     

    Staircasing for Co-ownership buy-out is permitted.

     

    Click here to see more information on Co-ownership. 

    --------------------End of Accordion---------------------------