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Mortgages for high net worth individuals, SME business owners and clients with atypical income streams

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Personalised

Mortgages for home purchase and re-mortgaging in England & Wales for affluent / high net worth clients or those with atypical circumstances.

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Development Loans

For residential self-build, custom build, renovation or conversion.*

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Foreign Income

Accepted from the following currencies: Canadian Dollar, Chinese Yuan, Euro, Indian Rupee, Japanese Yen, Swiss Franc and US Dollar.*

Mortgage lending

OakNorth offer a choice of lifetime tracker mortgages (with and without early repayment charges) and fixed rate mortgages.

We offer up to 75% loan to value from £500,000 upwards*.

*Please see our Full Mortgage Lending Criteria page in the OakNorth Mortgage Documents section below.

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Trusted

Our open and honest approach to finding the right solution for our clients has seen us lend over £3 billion since September 2015.

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Tailored

Solutions designed specifically for every client’s individual requirements.

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Transparent

Clear channels of communication with simple and speedy procedures.

OakNorth Mortgage Documents

Your home may be repossessed if you do not keep up repayments on your mortgage

Changes in the exchange rate may increase the sterling equivalent of your debt.

You may have to pay an early repayment charge to your existing lender if you remortgage.

Interested?

If you are interested in taking out a mortgage with us, please call us on 0203 884 0914 or email us at mortgages@oaknorth.com

Our office hours are from 9am to 5:30pm (BST) Monday to Friday.

What are the main types of mortgages OakNorth offers?

OakNorth offer a lifetime tracker mortgage (with and without early repayment charges) and fixed rate mortgages.

Please contact our Mortgage Advisors by phone on 0203 884 0914 or by email at mortgages@oaknorth.com to discuss this in detail.

What is a lifetime tracker mortgage?

A Lifetime tracker mortgage follows the Bank of England base rate (floor limit applies). This product comes with two options: –

  • Without early repayment charges (ERC) – allows flexibility to overpay or exit the mortgage early without the usual fees, should your circumstances change during the term of the mortgage.
  • With early repayment charges (ERC) – if you repay the mortgage within a specified time period or make an overpayment greater than the overpayment allowance, an early repayment charge may be payable.
  • A floor limit is a minimum rate that once reached the payment rate will not go lower, regardless of what happens to the Bank of England base rate.
What is a fixed rate mortgage?

A fixed rate mortgage is where the interest rate and mortgage payments remain the same for an agreed period. OakNorth currently offers 1, 2 or 3 year fixed rates. These mortgages often carry an early repayment charge (ERC) which means if you repay the mortgage or make an overpayment greater than the overpayment allowance, an early repayment charge may apply. After the fixed period ends, you will then revert to a lifetime tracker with no ERCs.

Do you offer foreign income mortgages?

Yes. We do offer foreign currency mortgages, and these are available to customers who earn income in another currency. The loan will be in sterling and you will need to have a UK bank account and pay the mortgage in sterling from that account. Please talk to our Mortgage Advisors for more information about foreign currency mortgages.

What currencies do you accept for a foreign income mortgage?

We consider income from the following currencies: US Dollar, Canadian Dollar, Euro, Japanese Yen, Chinese Yuan, Indian Rupee and Swiss franc.

Do you offer mortgages for home development or self-build mortgages?

Yes. We offer mortgages for self-build, custom build, renovation and conversion. The mortgage will be released to you in stages, so that you can manage the project effectively. The funds will be released in advance or in arrears (after the work is completed) depending upon the nature of the project. For example, we can release funds in advance where new methods of construction are used, and where, for example parts for a pre-fabricated building may require payment before being released from the manufacturer. Please talk to our Mortgage Advisors for more information about self-build mortgages.

What experience do I need to carry out a self-build mortgage?

We would expect that someone managing the project (that could be you the borrower or your project manager) to have experience of self-build projects. They can be complex and need careful planning to manage timings, budgets and suppliers and contractors. We would also expect that contractors employed to deliver the project would have relevant experience. This helps ensure that your project runs to time and budget.

What repayment types do OakNorth offer me?

OakNorth offer a choice in how your mortgage can be repaid.

  • Capital & interest. Your monthly payments will be made up of capital repayments and paying the interest due. This means that at the end of the mortgage term your loan will be paid off. We will typically lend up to 75% loan to value (LTV) on a capital & interest repayment loan (although in exceptional circumstances we may lend up to 85% LTV).
  • Interest only. Your monthly payments will be made up of the interest payable on the loan only. This means that at the end of the mortgage term the capital lump sum will be outstanding and will need to be paid off. You will have to provide evidence of a suitable repayment vehicle to pay off the capital at the end of the mortgage term.
  • Part & part: A part & part mortgage is where part of the mortgage is capital and interest repayment and the other part is interest only. At the end of the mortgage term the capital lump sum of the interest only part will be outstanding and you will need a suitable repayment vehicle to pay this lump sum off.

Our Mortgage Advisors will be happy to talk to you about your options.

What is the standard monthly mortgage payment and how is it calculated?

If your loan is capital repayment, your standard monthly payment is the amount you need to pay each month to cover both the interest that has accrued on the capital balance of your loan and part of the capital. It is calculated to ensure that, if you make all of the required payments in full and on time, your loan will be repaid by the end of the term.

If your loan is interest only, your standard monthly payment will be the amount you need to pay each month to cover the interest that has accrued on the capital balance of your loan. It is based on how much interest will be paid over the term divided by the number of monthly payments.

If your loan is part capital repayment and part interest-only, the monthly repayment for the capital repayment part will be calculated on a capital repayment basis as mentioned above, and the monthly repayment on the interest-only part will be calculated as interest-only, as mentioned above.

How long will this process take? And can I get a mortgage offer before finding a new home?

At OakNorth we aim to ensure all our customers are able to move quickly once they have found their ideal home. The first step is to contact one of our Mortgage Advisors so that we can ascertain your current position and discuss how we might be able to assist you. A mortgage offer is usually made once you’ve had an offer accepted on a property.

However, you can find out if you can get a mortgage and how much you can borrow, prior to finding a property, by approaching us for an ‘Agreement in Principle’ or a ‘Decision in Principle’. The Decision or Agreement in Principle gives you an indication of how much you can borrow. For further details- please contact our Mortgage Advisors by phone on 0203 884 0914 or by email at mortgages@oaknorth.com.

Do you lend to first-time borrowers?

Yes, we do. Given that as a first-time buyer you are likely to be new to the mortgage process, we suggest that as a first step, you contact one of our qualified Mortgage Advisors who will be able to answer any of your questions, review your personal circumstances and recommend the most appropriate mortgage for you. Please call us on 0203 884 0914  or email mortgages@oaknorth.com. We allow first time buyers to borrow up to 75% of the purchase price of the property.

How do I find out more about the type of mortgages you offer?

Please contact our Mortgage Advisors by phone on 0203 884 0914 or by email at mortgages@oaknorth.com.

Do you offer mortgages to the self-employed?

Yes, we base our decisions on underwriting rules that take into account individual circumstances. You will need to have been trading for at least three years and be able to provide all the relevant documentation i.e. certified accounts.

I have some further questions about OakNorth’s mortgages, who can I speak to?

Our qualified Mortgage Advisors are available to take your queries. Either call us on 0203 884 0914 or email us on mortgages@oaknorth.com.

Where can I find out about interest only mortgages?

For further information on interest only mortgages, please call one of our Mortgage Advisors on 0203 884 0914 or email us at mortgages@oaknorth.com. If preferred, you can also contact the Money Advice Service which is a free, unbiased and independent source of information that is available to everyone at www.moneyadviceservice.org.uk.

Can I extend or reduce the term of my mortgage?

Reducing the term may increase your monthly payments. Please contact us on 0203 884 0914 or email mortgages@oaknorth.com to discuss this.

Can I change my mortgage repayment type?

We have various mortgage repayment types available. Please contact us on 0203 884 0914 or email mortgages@oaknorth.com to discuss this.

What are the charges associated with redeeming my mortgage account?

There may be early repayment charges applicable to your mortgage. Please refer to your mortgage offer for more details. Alternatively, please contact us on 0208 081 0121 or email mortgagedesk@oaknorth.com to discuss this.

Can I change my regular payment date?

Please call us on 0208 081 0121 or email mortgagedesk@oaknorth.com to discuss.

Can I make additional payments?

Please call us on 0208 081 0121 or email mortgagedesk@oaknorth.com to discuss this.

What methods can I use to make payments to my mortgage?

Our only method of collecting payment is direct debit.

What if I am having problems making my mortgage payment?

The first step is to contact your Mortgage Adviser as soon as possible so that we can look at ways in which we can assist you. You may wish to seek independent financial advice and free debt advice from agencies such as Citizens Advice Bureau or National Debtline.

Is the amount that I can borrow based on the value of the property I wish to buy? What percentage of the property’s value will you lend against?

The value of the property is one of the factors we take into consideration. We lend up to 75% of a property’s value (In exceptional cases, we can consider a maximum Loan to Value (LTV) of 85% if there is rapid amortisation to within normal limits), however each property is assessed on a case by case basis. If you are interested in taking out a mortgage with us, please call us on 0203 884 0914 to talk to one of our Mortgage Advisors or email mortgages@oaknorth.com.

I want to sell one of the properties mortgaged with you? Can I do this?

We do allow customers to sell a property mortgaged with us. Please call us on #02080810121 or email mortgagedesk@oaknorth.com to discuss this with one of our Mortgage Advisors.

My circumstances have changed, and I wish to add someone to my mortgage. How can I do this?

The first step is for you and the person you wish to add to the mortgage to contact us on 0203 884 0914 or email mortgages@oaknorth.com to talk to one of our experienced Mortgage Advisors.

They will be able to answer any of your questions and talk you through the process.

What is loan-to-value (LTV)?

The LTV is the total mortgaged value expressed as a percentage of the property’s value as determined by an independent valuer. For further information please see the money facts website here.

What documents do I need to apply for a mortgage?

There are different document requirements depending on your circumstances. Please contact one of our Mortgage Advisors by phone on 0203 884 0914 or by email mortgages@oaknorth.com.

Is there a minimum loan value?

Yes, the minimum loan value is £500,000. In exceptional cases, we can consider a minimum loan value below £500,000. Please contact us on 0203 884 0914 or email mortgages@oaknorth.com to discuss this.

Why am I charged a product fee on a new mortgage?

This is charged on some mortgages for arranging the product as part of the agreement. This product fee can be paid up-front or can be added to the total mortgage amount. If you add it to your mortgage, you will pay interest on it at the same rate as the rest of your borrowing. It may be a flat fee, or a percentage of the loan amount.

How many people can apply for a mortgage from OakNorth?

At OakNorth, a maximum of two people can apply for a mortgage.

How old must I be to be eligible for a mortgage?

To be eligible for a mortgage with OakNorth, you must be between 18 and 65 years old. We can potentially consider lending to clients older than 65 years old, but this will be determined by the client’s individual circumstances.

What is your minimum and maximum term?

The minimum mortgage term is 5 years, and the maximum mortgage term is 25 years. In some cases, we can consider higher term than 25 years if rationale can be clearly explained.

Do you offer payment holidays?

OakNorth do not currently offer payment holidays on mortgages. For more information on payment holidays please visit the Money Advice Service website here.

Do you lend to people who do not reside in the UK and do not have a UK tax status?

Yes, we lend to people who do not reside in the UK. Please call us on 0203 884 0914 or email mortgages@oaknorth.com for further information.

Am I able to make overpayments without incurring any fees?

The type of mortgage will determine whether fees apply to overpayments. Please refer to your mortgage contract for details of fees.

I am currently switching my mortgage product. Can I change my mind?

If you change your mind after submitting your application, you will need to contact us on 0203 884 0914 immediately.

How often should I review my additional payment arrangement on my mortgage?

It will depend on the type of rate chosen by you. Please call us on 0208 081 0121 or email mortgagedesk@oaknorth.com for further information.