First Start Criteria (Please also see "How First Start Works")

Criteria Type	Description
Minimum Loan	£15,001 for purchases, £25,001 for remortgages.
Maximum Loan	£1 million.
Loan Tiers	95% up to £350,000, 90% up to £500,000, 85% up to £750,000, 80% up to £850,000, 75% up to £1m. Fees may be added. Conditions apply.
Age	Minimum Age for child at application is 18. Maximum age for sponsor at application is 60.
Term	To normal Retirement Age of the child subject to a minimum term of 10 years (shorter terms considered by exception where the underwriter is satisfied that ability to pay exists). Maximum of 35 years.
Overpayments	Up to 10% of the mortgage balance may be repaid each year without incurring any early repayment or administration charges providing each overpayment is a minimum of £2,000. This is calculated on the outstanding mortgage balance as at the previous 31st March each year.
Income Multiples	Uses the main earning sponsor's income as the primary source and the main child's income as the secondary source, either on a joint or + 1 basis. 4.5 x main allowable income plus 1 x second allowable income or 4 x joint income.
Refinance	Debt Consolidation up to 95% LTV subject to clean credit history (see General Lending Criteria) where all other standard lending criteria is satisfied.
Transfer of Equity	No borrower can be released from the mortgage unless at the time of application for release, the loan to value is less than 95%. Should we require a valuation report, the borrower will be responsible for the cost.
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.
Lending Fee	£195 (due on completion but payment can be deferred until the mortgage is fully repaid).

Please note our First Start product is a joint mortgage between a parent (sponsor) and child. Not available to sole applicants. Our normal application form should be used.

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 Mortgages is a trading name of the Governor and Company of the Bank of Ireland which is incorporated in the Republic of Ireland with limited liability and registered in England and Wales with branch number BR000459. Authorised by the Irish Financial Regulator and authorised subject to limited regulation by the Financial Services Authority. Details about the extent of our authorisation and regulation by the Financial Services Authority are available from us on request.

Bristol & West Mortgages: One Temple Back East, Temple Quay, Bristol BS1 6DX, Telephone: (0117) 979 2222. Fax: (0117) 929 3787. Website: www.bristolandwest4brokers.co.uk