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MORTGAGE OPTIONS

THIS DOCUMENT IS FOR USE SOLELY BY MORTGAGE INTERMEDIARIES AND MUST NOT BE GIVEN TO CONSUMERS

INTRODUCTION

WHY MANCHESTER BUILDING SOCIETY

· No credit scoring

· Tailored underwriting solutions

· Direct access to underwriters from initial enquiry through to completion · Higher Lending Charges usually paid by the Society

· Simple email DIP service - your detailed responses received within 24 hours · Market Relationship Manager is available to provide training, support and product updates

· Standard supporting documents required for each applicant (certified copies by the mortgage adviser accepted): - Latest 3 months payslips - Latest 2 years trading accounts/agreed HMRC Self Assessments

· All applications are paper based, to be submitted to: Manchester Building Society, Lending, PO Box 4255, Manchester, M60 3AT

· Automatic registration upon receipt of your first DIP/application (FSA authorised firms only)

ADDITIONAL INFORMATION

- Personal ID (driving licence or passport) and proof of residency (recent utility bill)

- Latest 3/6 months bank statements (refer to individual product requirements)

· New Build property (properties up to 12 months old) accepted on all products (a re-inspection fee of £65 may apply) · Maximum LTV on new build flats is 80%, houses 85% · Maximum LTV on non new build flats is 85%

· Properties must be located within England & Wales

· Minimum period of property ownership 12 months before re-mortgage allowed

· Minimum property value £125k for residential owner occupied property

· Minimum property value £80k for Buy-to-Let (minimum £30k deposit)

PROPERTY - GENERAL CRITERIA

· Studio flats and flats above commercial premises not accepted · Flats above 4 storeys and ex-local authority flats not accepted

Market Relationship Underwriting Team

CONTACT & DOWNLOADS

0161 923 8014 0161 923 8040

[email protected]

Download our DIP, Application and Assets & Liabilities forms at www.mbsbrokers.co.uk.

[email protected]

PAGE TWO

OFFSET MORTGAGE PRODUCT

PURCHASE AND RE-MORTGAGE

INCOME MULTIPLES ERC LTV RATE & PRODUCT CODE BORROWER TYPE/ CREDIT HISTORY (SEE PAGE 12) REVERSION RATE VALUATION LEGAL FEES ARRANGEMENT FEE *

3.74% 2 Year Discount (Offset Managed Rate minus 0.25%)

ODM2b

FTB, STB Prime OMR 3.99% 4.00 + 1 3.25 x joint None 80% Payable £495

* Arrangement fees can be added to the loan provided that maximum LTV for the product is not exceeded

· No minimum balance to open the offset savings account · Instant access to savings · A minimum of 1 offset savings account must be opened at completion

· Maximum 50% of mortgage balance can be offset

OFFSET FEATURES

· Maximum £30k capital raising for home improvements · Debt consolidation/capital raising for other purposes excluded · Capital repayment only · Minimum property value £125k

· Procuration fee of 0.30%; minimum £150, maximum £1,050

· Minimum term 5 years, maximum 30 years

· Minimum loan £30k, maximum loan £350k

· Minimum age 25 years, maximum age 65 years at loan maturity

· The offset mortgage product is not portable

· Employed: Minimum employment of 6 months in current position. Latest 6 months bank statements and 3 months payslips required

INCOME CRITERIA

· Self-Employed: Latest 2 years certified accounts and 6 months personal & business bank statements

PAGE THREE

PURCHASE AND REMORTGAGE - OWNER OCCUPIED

5.24% Fixed for Term

FIX25a

Prime Like for Like Home Improvements N/A 4.50 + 1 3.25 x joint

RATE & PRODUCT CODE BORROWER TYPE/ CREDIT HISTORY (SEE PAGE 12) REVERSION RATE INCOME MULTIPLES ERC LTV VALUATION LEGAL FEES ARRANGEMENT FEE *

LONG TERM FIXED RATE PRODUCT

* Arrangement fee can be added to the loan, provided the total loan does not exceed 80% LTV

1.50% Months 0-60 0.75% Months 61-84

80%

Payable

£995

· Minimum Loan £30k, maximum loan £350K

LONG TERM FIXED RATE FEATURES

· Minimum age 25 years, maximum age 70 years at loan maturity · Residential owner occupied products are portable · On remortgage maximum additional amount allowed is £30k, capital raising excluded

· ERC free repayments of 10% of the outstanding capital balance allowed each year · Capital repayment only · Minimum term 10 years, maximum 25 years

· Procuration fee of 0.30%; minimum £150, maximum £1,050

· Minimum property value £125k

· Employed: Minimum employment of 6 months in current position. Latest 6 months bank statements and 3 months payslips required · Minimum income of £20k

INCOME CRITERIA

· Self-Employed: Latest 2 years certified accounts and 6 months personal & business bank statements

PAGE FOUR

DISCOUNTED & VARIABLE RATE PRODUCTS

PURCHASE - OWNER OCCUPIED

INCOME MULTIPLES ERC LTV RATE & PRODUCT CODE BORROWER TYPE/ CREDIT HISTORY (SEE PAGE 12) REVERSION RATE VALUATION LEGAL FEES ARRANGEMENT FEE **

3.74% 2 Year Discount (SVR minus 1.75%)

DA3e

FTB, STB Prime SVR minus 0.75% SVR minus 0.75% 4.25 + 1 3.00 x joint

4.24% Self-Employed 2 Year Discount (SVR minus 1.25%)* 4.89% Permanent Discount (SVR minus 0.60%) 5.49% SVR

VA1b VA4c

FTB, STB Other Prime SVR minus 0.60% for term 4.25 + 1 3.25 x joint

3% for 2 yrs 3% for 2 yrs 3% for 3 yrs

80%

Payable

£495

DA4d

STB, Prime

5.00 + 1 3.00 x joint

80%

Payable Free £300 Cashback

£495

80%

(SEE PAGE 12)

£495

FTB, STB Other Prime

SVR for term

4.00 + 1 3.00 x joint

3% for 3 yrs

90%

Free

* Available to sole traders/partnerships only. Income Multiple applied to average last 2 years net profit (net profit to show a positive trend) ** Arrangement fee can be added to the loan, provided the total loan does not exceed 80% LTV

(SEE PAGE 12)

£300 Cashback

£495

· Residential owner occupied products are portable

· Minimum age 25 years, maximum age 70 years at loan maturity

· Minimum Loan £30k, maximum loan £350K (Maximum £200k on product DA4d)

DISCOUNTED & VARIABLE RATE FEATURES

· ERC free repayments of 10% of the outstanding capital balance allowed each year · Minimum term 5 years, maximum 30 years

· Capital repayment only

· Procuration fee of 0.30%; minimum £150, maximum £1,050

· Minimum property value £125k

· A completed Assets & Liabilities form is required for product DA4d

· Minimum income of £17.5k

· Employed: Minimum employment of 3 months in current position. Latest 3 months bank statements and 3 months payslips required

INCOME CRITERIA

· Self-Employed: Latest 2 years certified accounts and 3 months personal & business bank statements

PAGE FIVE

DISCOUNTED & VARIABLE RATE PRODUCTS

REMORTGAGE - OWNER OCCUPIED

REVERSION RATE INCOME MULTIPLES ERC LTV RATE & PRODUCT CODE CREDIT HISTORY/ PURPOSE (SEE PAGE 12) VALUATION LEGAL FEES ARRANGEMENT FEE **

3.74% 3 Year Discount (SVR minus 1.75%)

DA5d

Prime Like for Like and Home Improvements SVR minus 0.75% 4.25 + 1 3.00 x joint

3.89% Self-Employed 2 Year Discount (SVR minus 1.60%)*

DA6c

Prime Like for Like Home Improvements Capital Raising and Debt Consolidation SVR minus 0.75% 5.00 + 1 3.00 x joint 3% for 2 yrs 80%

3% for 3 yrs

80%

Payable

£495

Free (SEE PAGE 12)

£495

4.89% Permanent Discount (SVR minus 0.60%)

Prime Like for Like Home Improvements Capital Raising SVR minus and Debt Consolidation 0.60% for term (Other Prime only available for Like for Like and Home Improvements) Prime Like for Like Home Improvements Capital Raising and Debt Consolidation (Other Prime only available for Like for Like and Home Improvements) 4.25 + 1 3.25 x joint 3% for 3 yrs

VA5c

Refund 80%

Free £495

(SEE PAGE 12)

5.49% SVR

VA2b

SVR for term

4.00 + 1 3.00 x joint

3% for 3 yrs

85%

Payable

£495

* Available to sole traders/partnerships only. Income Multiple applied to average last 2 years net profit (net profit to show a positive trend) ** Arrangement fee can be added to the loan, provided the total loan does not exceed 80% LTV

· Minimum loan £30k, maximum loan £350k

DISCOUNTED & VARIABLE RATE FEATURES

· On remortgages, maximum additional amount allowed is £30k · Minimum age 25 years, maximum age 70 years at loan maturity

· ERC free repayments of 10% of the outstanding capital balance allowed each year · Minimum term 5 years, maximum 30 years · Capital repayment only · Minimum property value £125k

· Residential owner occupied products are portable

· Procuration fee of 0.30%; minimum £150, maximum £1,050

· Minimum income of £17.5k

· Employed: Minimum employment of 6 months in current position. Latest 3 months bank statements and 3 months payslips required

INCOME CRITERIA

· A completed Assets & Liabilities form is required for product DA6c

PAGE SIX

· Self-Employed: Latest 2 years certified accounts and 3 months personal & business bank statements required

HOME FROM HOME - PURCHASE & REMORTGAGE

3.49% 3 Year Discount (SVR minus 2.00%) 3.99% 3 Year Discount (SVR minus 1.50%)

DA8c

Prime Like for Like Home Improvements SVR minus 1.00% 4.00 + 1 2.75 x joint (see below)

RATE & PRODUCT CODE CREDIT HISTORY/ PURPOSE (SEE PAGE 12) REVERSION RATE INCOME MULTIPLES ERC LTV VALUATION LEGAL FEES ARRANGEMENT FEE *

SECOND HOME PRODUCT

DA11a

Prime Like for Like Home Improvements

SVR minus 1.00%

4.00 + 1 2.75 x joint (see below)

3% for 3 yrs

65%

Payable

£495

3% for 3 yrs

80%

Payable

£495

* Arrangement fees can be added to the loan provided that maximum LTV for the product is not exceeded

· Clients must own a residential property with an 80% LTV mortage or less · Second home property must not be Let · Property must be located in England or Wales

PRODUCT FEATURES/CRITERIA

· This product is not portable

· Minimum age 25 years, maximum age 70 years at loan maturity · Procuration fee of 0.30%; minimum £150, maximum £1,050

· Mobile homes, studio flats and flats above commercial premises not accepted · Minimum loan £30k, maximum loan £350k · Maximum additional amount allowed is £5k for home improvements. Capital Raising excluded

· ERC free repayments of 10% of the outstanding capital balance allowed each year · Capital repayment only · Minimum term 5 years, maximum 30 years · Minimum property value £125k

· Income multiples must cover the aggregate of the residential and second home mortgage

· Minimum income of £35k for single and joint applications

· Employed: Minimum employment of 6 months in current position. Latest 3 months bank statements and 3 months payslips required

INCOME CRITERIA

· Self-Employed: Latest 2 years certified accounts and 3 months personal & business bank statements required

PAGE SEVEN

VARIABLE - PURCHASE & REMORTGAGE (NON-RMC)

4.74% 3 Year Discount (BTL Managed Rate minus 0.75%)

BDM5a

BTL Managed Rate 150% Main/single applicant £30K Joint £40K 3% for 3 yrs 75% Payable

RATE & PRODUCT CODE REVERSION RATE RENTAL COVER (AT PAY RATE) MINIMUM INCOME ERC LTV VALUATION LEGAL FEES ARRANGEMENT FEE *

BUY TO LET PRODUCTS

£495

* Arrangement fees can be added to the loan, provided the total loan does not exceed 75% LTV

· Prime applications only

BUY TO LET FEATURES

· Clients must be residential homeowners, with a mortgage of 80% LTV or less · Minimum loan £30k, maximum loan £250k for all products · Additional Home Improvement funds are only allowed for property to be mortgaged · Minimum term 5 years, maximum term 25 years · Minimum age 30 years, maximum age 70 years at loan maturity · On remortgages, maximum additional amount allowed is £30k

· ERC free repayments of 10% of the outstanding capital balance allowed each year · HMOs not allowed · Maximum of 4 BTL properties in total with all Lenders (plus residential property)

· Buy To Let products are portable

· Interest Only available to 65% LTV · Minimum property value £80k

· Maximum LTV for flats is 70% (65% LTV if Interest Only)

· Procuration fee of 0.50%; minimum £150, maximum £1,250

· Minimum deposit £30k

· Personal Covenant: The Society must be satisfied with the applicants financial position

· Employed: Minimum of 6 months in current position required and a satisfactory employment history prior to this period. Last 3 months payslips and last 6 months bank statements required

INCOME CRITERIA

· Assets & Liabilities: An Assets & Liabilities form must be submitted with the application, including details of all existing properties

· Self-Employed: 2 years certified accounts and 6 months personal & business bank statements required

PAGE EIGHT

FIXED - PURCHASE & REMORTGAGE (NON-RMC)

4.74% 3 Year Fixed 4.99% 3 Year Fixed

BFM7a BFM6a

BTL Managed Rate

RATE & PRODUCT CODE REVERSION RATE RENTAL COVER (AT PAY RATE) MINIMUM INCOME ERC LTV VALUATION LEGAL FEES ARRANGEMENT FEE *

BUY TO LET PRODUCTS

150%

Main/single applicant £30K Joint £40K Main/single applicant £30K Joint £40K

3% for 3 yrs

70%

Payable

£995

BTL Managed Rate

145%

3% for 3 yrs

75%

Payable

£995

* Arrangement fees can be added to the loan, provided the total loan does not exceed 75% LTV

· Prime applications only

BUY TO LET FEATURES

· Minimum loan £30k, maximum loan £250k

· Clients must be residential homeowners, with a mortgage of 80% LTV or less · On remortgages, maximum additional amount allowed is £30k · Additional Home Improvement funds are only allowed for property to be mortgaged

· ERC free repayments of 10% of the outstanding capital balance allowed each year where applicable · Maximum of 4 BTL properties in total with all Lenders (plus residential property) · HMOs not allowed · Interest Only available to 65% LTV

· Buy To Let products are portable

· Procuration fee of 0.50%; minimum £150, maximum £1,250

· Minimum term 5 years, maximum term 25 years

· Minimum age 30 years, maximum age 70 years at loan maturity

· Minimum deposit £30k

· Minimum property value £80k

· Maximum LTV for flats is 70% (65% LTV if Interest Only)

· Employed: Minimum of 6 months in current position required and a satisfactory employment history prior to this period. Last 3 months payslips and last 6 months bank statements required · Personal Covenant: The Society must be satisfied with the applicants financial position

INCOME CRITERIA

· Assets & Liabilities: An Assets & Liabilities form must be submitted with the application, including details of all existing properties

· Self-Employed: 2 years certified accounts and 6 months personal & business bank statements required

PAGE NINE

LONG TERM FIXED - PURCHASE & REMORTGAGE (NON-RMC)

5.74% Fixed for Term (Capital Repayment)

BFM10a

N/A 110% Main/single applicant £30K Joint £40K

RATE & PRODUCT CODE REVERSION RATE RENTAL COVER (AT PAY RATE) MINIMUM INCOME ERC LTV VALUATION LEGAL FEES ARRANGEMENT FEE *

BUY TO LET PRODUCTS

5.99% Fixed for Term (Interest Only)

BFM11a

N/A 110%

1.50% Months 0-60 0.75% Months 61-84 1.50% Months 0-60 0.75% Months 61-84

75%

Payable

£749

Main/single applicant £30K Joint £40K

75%

Payable

£749

* Arrangement fees can be added to the loan, provided the total loan does not exceed 75% LTV

· Prime applications only

BUY TO LET FEATURES

· Clients must be residential homeowners, with a mortgage of 80% LTV or less · Minimum loan £30k, maximum loan £250k · No debt consolidation allowed · On remortgages, maximum additional amount allowed is £30k · Additional Home Improvement funds are only allowed for property to be mortgaged

· ERC free repayments of 10% of the outstanding capital balance allowed each year where applicable · Maximum of 4 BTL properties in total with all Lenders (plus residential property) · HMOs not allowed · Maximum LTV for flats is 70%

· Buy To Let products are portable

· Procuration fee of 0.50%; minimum £150, maximum £1,250

· Minimum age 30 years, maximum age 70 years at loan maturity · Minimum term 10 years, maximum term 25 years

· Minimum deposit £30k

· Minimum property value £80k

· Personal Covenant: The Society must be satisfied with the applicants financial position

· Employed: Minimum of 6 months in current position required and a satisfactory employment history prior to this period. Last 3 months payslips and last 6 months bank statements required

INCOME CRITERIA

· Assets & Liabilities: An Assets & Liabilities form must be submitted with the application, including details of all existing properties

· Self-Employed: 2 years certified accounts and 6 months personal & business bank statements required

PAGE TEN

PURCHASE PRICE/ ESTIMATED VALUE NOT EXCEEDING £100,001 - £150,000 £150,001 - £200,000 £200,001 - £250,000 £250,001 - £300,000 £300,001 - £400,000 £400,001 - £500,000 £500,001 - £600,000 £600,001 - £700,000 £700,001 - £800,000 £900,001 - £1,000,000 Over £1,000,000 Re-Inspections: Further Advances: External Drive By: £800,001 - £900,000 £0 - £100,000

VALUATION FEE SCALE

MORTGAGE VALUATION £235 £280 £320 £355 £380 £430 £480 £535 £585 £635 £710 £810 £300 £345 £445 £495 £530 £630 £730 £760 £810 £835 £885 £935 By Negotiation £75 £65 £80

COMBINED RICS CONDITION REPORT & MV

COMBINED RICS HOMEBUYER & MV £380 £430 £530 £580 £630 £730 £830 £860 £910 £935 £1,035 £985

· The valuation fee includes a non-refundable administration fee of £100

· The valuation fee due will always be calculated against the estimated full market value

METHODS OF PAYMENT

Cheques - all cheques to be made payable to the Society together with the applicants name as reference. For example the payee line should read: Manchester Building Society RE: J Smith Credit/Debit cards We accept

· The Society's Standard Variable Rate, Premium Managed Rate and BTL Managed Rates are set at the sole discretion of the Society and are set independently from Bank Base Rate. The setting of these rates reflects the cost of funds that we raise from our savings customer base and rates of interest in the wholesale money markets · The Society's Standard Variable Rate is currently 5.49% with effect from 1st July 2010 · Bank Base Rate is the Bank of England Base Rate, which is currently 0.50% with effect from 5th March 2009

INTEREST RATE BASIS

· The Society's Offset Managed Rate is currently 3.99% with effect from 25th November 2011

· The Society's Premium Managed Rate is currently 4.85% with effect from 1st July 2010

· The Society's Buy To Let Managed Rate is currently 5.49% with effect from 10th December 2009

PAGE ELEVEN

MISCELLANEOUS

CCJ County Court Judgement

DEFINITIONS

ERC FTB Home Improvements Like for Like OMR Non-RMC LTV HMO

DIP

Early Repayment Charge First Time Buyer Funds being raised to improve the property to be mortgaged A remortgage with no additional funds raised Loan To Value A mortgage which is not a Regulated Mortgage Contract under FSA rules House in Multiple Occupation

Decision In Principle

STB

Prime

Other Prime

SVR

Second Time Buyer (or more) Standard Variable Rate

Clients with an unblemished credit history

Clients with a small element of `one-off' minor adverse. Contact the Society to discuss

Offset Managed Rate

PRIME

Client(s) with an unblemished credit history

CREDIT HISTORY

OTHER PRIME

IVAs/Bankruptcy: Settled/satisfied no less than 36 months ago CCJ's/Defaults:

Payment Arrears: Maximum 1 late payment no less than 6 months ago Maximum 2 late payments 24 months ago (or more) Maximum 1 CCJ and 1 Default of less than £500 each, registered at least 12 months ago and satisfied

· For products with legal fees incentive, the cashback will be issued shortly after completion · Free legal fees using the Society's Solicitors only

· For products where the valuation fee is refunded, the refund will be issued shortly after completion

· The Society will provide one free Lender valuation

FEES FREE PRODUCTS

· Additional costs may be chargeable to the applicant for specific non-standard elements of the remortgage process, irrespective of whether legal completion takes place

Manchester Building Society is authorised and regulated by the Financial Services Authority Head Office: 125 Portland Street, Manchester M1 4QD Telephone: 0161 923 8040 Email: [email protected]

Consumer Credit Licence: 208417 Details correct as at 3rd September 2012

MBSPOLF 09/12

PAGE TWELVE

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