Valuations

• Minimum property valuation £100,000
• Maximum property valuation £1,500,000 in London and South East, £1,000,000 for the rest of UK

Full details can be found on the attached Product Guide, Click here.

Pipeline Arrangements

The following rules will apply to managing pipeline business:

New Applications

We need fully packaged cases for the 4108 range in our offices by close of business on Friday 24th October 2008. To speed up processing of your cases you must ensure your packs meet the minimum submission standards. Packs not meeting minimum standards will be returned to you, this will also apply to any existing unworked packs.
 
Minimum pack requirements are:

• Fully signed and completed Mortgage Application form
• Addendum form (where Generic Application forms are used)
• Copy of IDOL submission form and/or IDOL reference number
• Satisfactory Know Your Customer (KYC)
• Proof of last 12 months mortgage payment if not shown on IDOL
• Proof of Residency for last 12 months (if not on Voters Roll)
• Proof of income (if required)
• Credit search if IDOL decision is not required (i.e. semi commercial case)
• Valuation report (plus 4 photos)

If cases are submitted to an onsite underwriter please be aware of their availability on Friday 24th October 2008 ensuring that full packs are submitted either before or by this deadline.

Pre-Offer

All cases that have been submitted on the 4108 range will need to be offered by Friday 31st October 2008.  If cases on the 4108 range are not offered by this date they will be subject to criteria, rates and fees prevailing at the time, and will need to be reassessed via IDOL if you want them to proceed.

Post-Offer
 
All cases submitted on the 4108 range or previous will be honoured on present terms, however, if the offer period expires and customers still wish to proceed with the loan, the reoffer will be subject to criteria, rates and fees prevailing at the time.  

There will be no exception to these rules

If you have any questions please do not hesitate to contact your National Account Manager, Business Development Manager or the Sales Liaison Team on 0845 610 6560.

We apologise for the short timelines in announcing these changes and the disruption this may cause to your business. We hope you appreciate that exceptional market conditions make these changes necessary.

Kind regards

-

Mark Snape
Sales Director Packager Channel

PLEASE NOTE THAT THE ATTACHED IS FOR INTERMEDIARY USE ONLY AND SHOULD NOT BE DISPLAYED WHERE CUSTOMERS MAY VIEW IT NOR SHOULD IT BE SHOWN TO CUSTOMERS.

For intermediary use only.
This promotion is intended to provide information on First National products for mortgage professionals only and is not intended as a promotion to prospective First National customers. Prospective customers interested in First National products should first seek professional mortgage advice from an authorised intermediary before applying for a First National mortgage.

First National is a trading style of GE Money Home Lending Limited. Registered office Building 4, Hatters Lane, Croxley Green Business Park, Watford, Hertfordshire, WD18 8YF. Registered in England no 3770763. GE Money Home Lending Limited is authorised and regulated by the Financial Services Authority.

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