Agreement In Principle
On this screen, answer a few questions regarding your mortgage needs. This is essential to determine the product offering defined by Configuring the Banking Product Factory.
Fill in the following mandatory fields:
- Choose the Nr of applicants: 1 or 2.
- Estimated Property Value: Move the slider to adjust the sum by dragging the slider or by manual input in the field above the slider. The minimum is 10000 and the maximum value is 15 million pounds. The default value is 300000 pounds. In case you manually input an amount lower/bigger than the minimum/maximum amount permitted, a toast message is displayed.
- Down payment:
- the minimum deposit amount: from all the products available, the system fetches the highest Loan-To-Value (LTV)
LTV is calculated by dividing the deposit by the estimated property value and represented by a %. The system rounds up the % to a full number. available. Using the highest LTV, the system calculates the minimum deposit amount on the selected property value in the previous field. - the maximum deposit amount: based on the property value, it can cover even 99% of the property value. You cannot get a lower loan amount than the product minimum.
NOTE
The down payment cannot be over 85% of the property value. - the minimum deposit amount: from all the products available, the system fetches the highest Loan-To-Value (LTV)
- Your Loan amount will be: The system displays the loan amount based on the estimated property value and the deposit amount.
- Mortgage Period: By default, the value is 25 years. The value is calculated by getting the available products within Banking Product Factory: the minimum and the maximum period from all of the products defined there.
- Choose the Repayment type: Equal instalments or Equal principal payments or Only interest.
- Choose the Preferred Interest type: Fixed or Tracker.
Are you eligible for a green mortgage A green mortgage is a mortgage which offers a lower interest rate to people who are buying a more energy efficient home. In most cases, to qualify for a green mortgage, you need to be buying a home with a Building Energy Rating (BER) of at least B3 or higher.?: Toggle this field to get a green loan. Hover over the tooltip to expand the definition of a green mortgage.
Click Continue. After clicking this button, the system determines the available products for the current configuration. The loan amount, period, LTV The loan-to-value (LTV) ratio is a measure comparing the amount of your mortgage with the appraised value of the property., interest type must be compared to the available parameters for all products. If the value for these parameters inserted by the customer are not within the limits of the products, then no products can be offered.