Even if you benefit from a Vicarage, Manse or staff accommodation there is the challenge of where you might live in the long term, perhaps in retirement or if you change job. For many it makes practical sense to plan for this before the time comes. We have a number of different options designed to suit your needs.
We know that most missionaries have somewhere to live whilst working abroad but this can often create a problem when you return to this country. We have a number of different mortgages designed to suit your needs, whether you need a Buy to Let or Consent to Let mortgage.
Kingdom Bank wants to partner with people who are bringing life and hope to places where it seems there is none. We have already helped fund projects which are providing accommodation for ex-offenders, people who are vulnerably housed, people who are seeking refuge, asylum seekers, people battling addictions/other life controlling situations, people with special needs and people in need of care as they reach the end of their lives.
On the Bank’s variable rate products this is possible although if you transfer the mortgage to another lender, an early repayment charge equivalent to up to 3 months’ interest may apply for a period of up to 5 years (depending on the product).
For the Bank’s fixed rate product there are restrictions to the amount of overpayment or lump sum payments possible each year without charge and details of these restrictions can be found on our interest rate sheets.
From time to time we are able to offer fixed rates. All of our interest rates are quoted on our ’current rates’.
We can consider mortgages secured against some flats but there are circumstances when this may not be possible. Examples of these may be high-rise flats or those situated over shops, restaurants or offices. As flats are most often sold as leasehold the remaining term on the leasehold is also an important factor. Please contact us on 0115 921 7280 to discuss in more detail if it is a flat you are considering purchasing.
It is free to make an enquiry and to go through our Fact Find process (if applicable). When you submit a full application, we will ask you to pay the mortgage application fee. The total cost of taking a mortgage from Kingdom Bank consists of a mortgage application fee, property valuation fee, Solicitors fees and the Bank’s fixed rate fee (if applicable).
A term of up to 30 years is available but we realise that sometimes a shorter term is more appropriate.
Yes - the Bank has now launched Personal Mortgages for Missionaries, Ministers and Church Workers and we are happy to receive enquiries from those seeking a mortgage for their home.
Yes - there are options we can look at if these are your circumstances. If you intend to live in the property again in the future then we can consider a Personal Mortgage with Consent to Let. If you have no intention to live in the property again then we can consider a Consumer Buy to Let Mortgage.
Yes - the Bank can consider enquiries for a Personal Mortgage with Consent-to-Let which enables you to let the property until you are ready to live in it.
To make a preliminary enquiry please call us on 0115 921 7280. We can then talk through our application process with you as this may vary depending on your circumstances.
We will require documents from you to verify your identity, income and expenditure. The exact documentation needed will vary depending on your particular circumstances. Please contact us on 0115 921 7280 to discuss further.
APRC stands for Annual Percentage Rate of Charge. Mortgage Lenders now have to include any mortgage related fees, redemption charges and valuation fees as part of the annual interest calculation when quoting an interest rate and this is referred to as the APRC.
Initially, please get in touch. Every member of staff is trained to assist you, and we aim to resolve any issues that might arise as quickly as possible. In the unlikely event that you are still dissatisfied, please see our leaflet 'Your Guide to Customer Complaints' which provides details of how to pursue your complaint. We are members of the Financial Ombudsman Service.
Stamp Duty Land Tax (also known as SDLT) must be paid if you buy a property or land over a certain price in England, Wales and Northern Ireland. The Money Advice Service offers a Stamp Duty Calculator within the tools on their website www.moneyadviceservice.org.uk.
Business buy to let:
For the majority of buy-to-let transactions, the borrower is making an active decision to become a landlord, an activity for which they will receive an income and for which they will be taxed as a business.
In addition, they will have to comply with a number of legal obligations placed on landlords, for example around fire and electrical safety standards and the use of a government-backed tenancy deposit scheme.
Consumer buy to let:
There are some situations where borrowers do not seem to be acting in a business capacity. Examples of this may be where the property has been inherited or where a borrower has previously lived in a property, but is unable to sell it so resorts to a buy to let arrangement.
In these cases, the borrower is a landlord as a result of circumstance rather than through their own active business decision.
A Fact Find is a detailed questionnaire that looks at your circumstances and your personal preferences to enable a recommendation to be made for advised mortgages.
For a repayment mortgage, each monthly payment consists of repaying capital and accrued interest – this means that over the term of the mortgage the amount outstanding decreases. The monthly payments on an interest only mortgage consist of just the interest and so at the end of the term the amount borrowed is still owed to the lender. Please note that Kingdom Bank is only able to offer repayment mortgages.
For details of the rates that we currently offer, please see our current rates, or call us on 0115 921 7280.
The Bank will appoint its own Solicitor to oversee the transaction and you will be responsible for meeting the Banks Solicitor’s fees. Using the same Solicitor to also act on your behalf can often save on costs but you are free to choose your own Solicitor if you prefer.
We need this report to ensure the property is suitable as security. Once the mortgage has been approved by the Bank’s Credit Committee we will arrange a valuation by an approved Valuer. We will obtain quotations from our panel of Valuers to give you an indication of the costs involved before any arrangements are made.