Product feature

Product detail

Plan Type

• · Ijara mode of Finance based on Residential Lease Purchase; Capital Repayment with fixed rent initially.

Property types

• · HSBC standard domestic residential property criteria – Freehold. Leasehold property acceptance will depend upon any existing lease restrictions but as a minimum must adhere to the following criteria:
• · Freeholder/Landlord consent obtained to purchase.
• · Unexpired lease term of 50 years plus finance term
• · Existing lease does not forbid sub-letting or contain any other restrictions to this type of financing
• · Local Authority Right to Buy cases will be accepted if written confirmation is held confirming the Council’s agreement to the bank purchasing the property on the customer’s behalf.

Plan term

• · Minimum term 7 years.
• · Maximum term 30 years or aged 70 with proof of income after retirement.

Flexibility

• · Lump Sum reductions allowed – Min £5000 – payable on the 25^th of January and/or July.

Portable

• · No

Ownership To Valuation (OTV %)

• · Advances up to £299,999 90% OTV
• · Advances £300,000 to £399,999 85% OTV 
• · Advances £400,000+ 80% OTV

Balance of Finance

• · Minimum £25k (minimum valuation £28,000)

Eligibility

Criteria

Applicant/s

• · Employed, self employed and retired borrowers, not commercial or corporate
• · Sole or joint personal applicants, to maximum number of 6 applicants.
• · Minimum age of applicants 18 years. Maximum age at finance maturity 70 years with proof of income after retirement.
• ·   Amanah Home Finance is available to personal customers
• and non-customers aged 18 years and over and resident in the UK for the purchase or refinance of UK domestic residential property, subject to satisfactory credit assessment.
• · When assessing whether the applicant meets our criteria of UK      residency (for Amanah Finance assessment purposes), the following applies:
• - the applicant must have been resident in the UK for the previous 6 months
• - it is their intention to live permanently in the UK in the property being purchased
• -    there are reasonable prospects for ongoing and sustainable       employment in the UK

Max Advance

( Salary multiples )

Income and employment verification

For advances up to 70% Property Valuation:

• · Sole applicant: 3.5 x Gross Income
• · Joint applicants: 3.5 X Higher Income + 1.5 Lower Income OR 2.75 X Jnt

• · Sole applicant: 3.25 x Gross Income
• · Joint applicants: 3.25 X Higher Income + 1.25 Lower Income OR 2.5 X Jnt

Employed:

• · Full income must be stated on the application form.
• · PAYE – Must have been in continuous employment for the last 3 years and in current job for at least 3 months.
• · No more than 2 employers in the last 12 months (exceptions considered).
• · Latest P60 + latest 3 months’ computerised wage slips or employer’s reference.

• · Suitably qualified accountant’s certification of necessary income
• · Must have been in current business for a minimum of 2 years and able to provide 3 years’ continuous employment history details.

• · Verifiable pension income that meets above income multiples