How to add Mortgage Club as a payment route with this lender
When registering with this lender, please inform them that Legal & General Mortgage Club will be one of your nominated routes for payment.
You will need to tick the box for “Legal & General Mortgage Club” as your assigned mortgage club on the application form, which can be downloaded from their website.
Why choose Stafford Railway
We’re proud to say we have been offering mortgages since 1877. We are strongly committed to the principles of mutuality, and are firm believers in ‘customer-first-and foremost’.
What makes us different?
- Individual Manual Underwriting
All our cases are looked at on an individual basis meaning that we are not a “computer says no” Society.
- No Fees
None of our mortgage products have set-up fees. The only fee your clients will pay is a valuation fee on application and a £25 TT fee on completion which is deducted from the mortgage advance.
- 24 Hour Agreement In Principle
You will get an agreement in principle within 24hours of us receiving your case.
- Personal Service
We are a small team so you will always be able to speak to someone who understands your case.
- No Cross Selling
We do not offer any insurance options for our members allowing customers to take out cover with whoever they choose.
- No Credit Scoring
We credit check rather than credit score.
What does Stafford Railway provide?
Visit our intermediary website for information on the range of mortgage products we offer including:
- Lending into retirement
Mortgage to be finished by the oldest applicant’s 85th birthday
Available on all residential and BTL products
Earned income used up to age of 70 (job dependent)
Affordability is run on current circumstances at time of application
When mortgage goes beyond the age of 70 or from the stated retirement age the affordability takes into account earnings post-retirement
- Residential mortgages
Low deposit: 10%
New build houses: up to 90% LTV
New build flats: up to 90% LTV
Remortgage: up to 90% LTV
No arrangement fees
Day 1 remortgage
Gifted deposits from non-family members accepted
Interest only: subject to criteria
Guarantor mortgages: up to 90% LTV (not restricted to family)
- Buy to Let mortgages - No Consumer Buy to Let
Max LTV: 70%
Minimum income can be shared between joint borrowers
Day 1 remortgage
Ex pats: see lending criteria and restrictions apply
Holiday lets: 50% LTV
HMO’s: 50% LTV
Portfolio: no limit on number of properties but max value limits apply.
- Self Employed
Minimum of 2 years accounts with a predicted for the third year
Limited Companies: dividends and salary used
Sole Trader and Partnerships: net profit used
If income has increased year on year we will use the latest figures, if income has fluctuated we will use an average of all three years
A change of business entity, (e.g. a sole trader becomes a ltd company) above criteria apply
PLEASE REFER TO OUR PRODUCT GUIDE FOR FULL PRODUCT DETAILS
How to submit an application
- By Email
We can start work on the case by email firstname.lastname@example.org the original paperwork will need to be posted to the Society
- By Post
Mortgage Department, Stafford Railway Building Society, 4 Market Square, Stafford, ST16 2JH
Visit our website where you will find affordability calculators, lending criteria, application submission checklists and application forms all available to download.
If you need any help during the process then please contact us on 01785 223212
||Fee received from
lender (Gross fee)
|We'll pay you
|Buy to Let