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Sep 1, 2006
Scottish Widows Bank is offering an
enhancement to the income multipliers available on its Graduate Mortgage
product. The increased multiplier is now available to graduate applicants who need
to borrow more than the Bank’s standard multipliers.
According to the bank, it will initially assess
each borrower’s individual financial circumstances, and where affordability can
be demonstrated, enhanced income multiples may now be offered.
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Gross Income
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Income
Multiplier
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Single
(minimum income £25k)
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5 x
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Joint -
Graduate (minimum income £25k) plus non Graduate
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5 x
Graduate income + 1 x non Graduate
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Joint – 2
Graduates (joint income £30k - £50k)
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3.5 x
joint
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Joint – 2
Graduates (joint income £50k+)
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4 x joint
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Customers who fit the criteria for the 5
times multiplier will be offered a new 5-year stepped fixed rate product. The
new income multiples will be offered to customers on a 5 year stepped fixed
rate basis. The rates are as follows:
- Year 1 5.29%
- Year 2 5.49%
- Year 3, 4 & 5 5.99%
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