Century
Building Society Mortgage Providers / Lenders
Century
Building Society Mortgage Providers / Lenders
As
mortgage applicants have differing needs and requirements
as well as credit ratings, Century Building Society consider
it inappropriate to set blanket criteria but prefer to consider
individual applications on their specific merits. Where at
all possible they endeavour to be flexible in their decision-making.
Century
Building Society will consider applications on a capital and
interest/endowment/interest only basis but, where at all possible,
they can also "tailor make" a mortgage to suit personal
requirements.
As
stated above Century Building Society believe flexibility
is important but they can advise of the undernoted general
criteria:
1.
Gross Interest Rate
Variable depending on the merits of the application, nature
of the loan and valuation of the property.
2.
Valuation Report
The property will, of course, require to be professionally
valued by a firm of Chartered Surveyors approved by the Society.
You should therefore agree with the Building Society, in advance,
the firm of surveyors to be appointed.
3.
Income Multipliers
The Society will generally advance up to 2.5 times the main
income plus a quarter of the second income. They do not, however,
wish to generalise on this as no two cases are alike and they
will consider individual cases on their own merits. In other
words, Century Building Society have lent more than three
times in some circumstances and less in others.
4.
Type of Mortgage
Mortgages may be approved on the follwing basis:
(i)
Capital and interest mortgage
On
this type of mortgage you are given a monthly repyment which
will repay the interest and also the capital balance. In other
words on expiry of the term (which may be up to 25 years)
you should have no further indebtedness to the Society.
(ii)
Endowment mortgage
On
this type of mortgage you repay the interest only to the Society.
In other words the mortgage balance does not reduce year by
year. You would however be required to take out a policy with
an insurance company which would provide for repayment of
the mortgage on expiry of the term.
(iii)
Interest only
Under
certain circumstances the Society will consider advances on
an interest only basis. This may be suitable for an elderly
applicant who wishes to release the value of his/her property.
The mortgage would be paid by the executry on the death of
the borrower.
For
further information on a Century Building Society Mortgage
visit the Century Building Society Website.
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