• All fixed rates removed across the range
• All discount, tracker and reversionary rates have been increased

• Employed:  NRM to LTM 2 - 80%; GEM 1 to 6 - 70% and GEM 7 - 60%
• Self Employed: NRM to GEM 1 - 70%; GEM 3 to 7 - 60%

Arrears and CCJs*

	Arrears	CCJs
NRM	0 in 24	0 in 36
LVM0/LTM0	0 in 12	0 in 24
LTM2	Up-to-date/1 in 12	0 in 24
GEM1	1 in 12 (0 in 3)	0 in 24
GEM3	1 in 12	1 in 24
GEM4	2 in 12 (0 in 3)	2 in 24
GEM6	3 in 12 (0 in 3)	3 in 24
GEM7	3 in 12 (2 in 6)	4 in 24

*igroup will credit score all applications above 60% LTV and in doing so all credit bureau information will be taken into account in the decision making process.

Loan sizes

• Up to 60% - NRM – GEM3 maximum £750k
• Up to 70% - NRM – GEM3 maximum £500k
• All other Maximum Loan sizes remain unchanged

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

Up to 60% LTV

Up to 65% LTV

Up to 70% LTV

Up to 75% LTV

Private converted flats and private houses with flat roofs

Y

Y

Y

Y

Acceptable non-traditional properties (Wimpey No Fines - 75%)

Y

Y

N/A

Flats above acceptable commercial uses

Y

N/A

Ex-Local Authority/RTB flats and maisonettes

Y

N/A

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 also will 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
• 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)

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 6574.

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.