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3.99% Exclusive Credit Repair 3 year discount of 1.00% from our SVR [CR02]

Follow on rate SVR currently 4.99%.
The overall cost for comparison is 4.7% APRC

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Exclusive through Complete FS - for employed credit repair borrowers.

  • Max 70% LTV
  • Product fee £999

Exclusive through Complete FS - for employed credit repair borrowers.

  • Initial Rate, a discount of 1.00% from SVR for 3 years
    3.99% variable
  • Followed by our Standard Variable Rate (SVR) for the rest of the term
    4.99% variable
  • Maximum LTV
    70% including fees
  • The overall cost for comparison is
    4.7% APRC
  • Application Fee - payable upfront and non-refundable
    £150
  • Product Fee - may be added to the loan
    £999
  • Early Repayment Charge
    Charges will apply to any lump sum or full redemption paid over 10% of the capital balance
    1% in 1st year
    0.50% in 2nd year
  • Max 70% LTV
  • Product fee £999

Representative Example

A mortgage of £100,000 payable over 12 years initially on a discount of 1.00% from our Standard Variable Rate, currently 4.99%, giving a pay rate of 3.99% for 3 years and then on our Standard Variable Rate, currently 4.99%, for the remaining 9 years would require 36 payments of £884.00 and 108 monthly payments of £922.15.

The total amount payable would be £131,999.20 made up of the loan amount plus interest (£30,392.20), an application fee (150), a valuation fee (£185), legal fees (£148), an exit fee (£100), a product fee (£999) and a funds transfer fee (£25).

The overall cost for comparison is 4.7% APRC representative.

Further Information

Fees

  • Application fee £150. This is payable upfront and is  non-refundable.
  • Product fee £999. This may be added to the loan subject to the maximum LTV.
  • Valuation fees are payable on a set scale.
  • Solicitors fees are not based on a set scale and solicitors must be approved by Buckinghamshire Building Society.
  • Proc fees are 0.80% up to a maximum of £2,000.

Other charges may be made in respect of mortgage services. See our Fees Guide for details.

Acceptable Credit Criteria

This product accepts our credit repair criteria click here for details

Early Repayment Charge (ERC)

A charge of 1% of any lump sum or full redemption  repaid over 10% of the capital balance is payable in the first year. This reduces to 0.50% in the second year.

Overpayments

During the early repayment charge period lump sum overpayments up to 10% of the capital balance per annum may be made without attracting an early repayment charge. Should the total of lump sum overpayments exceed 10% within this period the excess will attract an early repayment charge.

Once the ERC period has ended you may make overpayments without restriction at any time.

If you make an overpayment of £500 or more, we will recalculate your monthly payment the following month.

Proof of Income

  • The applicant must have 12 months continuous employment.
  • Last 3 months bank statements.
  • Completed Budget Planner.
  • Last P60 and 3 months payslips.
  • Certified photographic proof of identity.
  • We will carry out electronic verification to prove the applicant’s identity, but we may also ask for documentary evidence of identity. This can include the applicant’s latest mortgage statement, certified proof of residency or other loan or card statements.
  • References may be taken up and credit searches will be made. Cases may be declined due to previous adverse credit or information that is not disclosed on the application form.

Insurance

We recommend that the applicant has buildings insurance on the property. It is not a requirement to buy any insurance through Buckinghamshire Building Society.

Affordability

The amount we lend will be based on our assessment of affordability. Income multiple cap is 4.5 x first income plus 3 x second income or 4 x the joint income.

Debt consolidation is not allowed.

Interest

Interest is calculated daily on the balance outstanding and added to the account the following month.

Mortgage Term

The maximum mortgage term is 40 years dependent on individual circumstances.

Portability

This product is portable, meaning that if the applicant moves home they can take it with them, subject to our lending criteria at the time.

Loan Size

Minimum loan size £50,000.
Maximum loan size £500,000.

Property type

Standard construction houses or flats. For leasehold properties the Society requires a minimum unexpired period of 85 years at the time of purchase and at least 55 years unexpired lease remaining after the expected redemption date. Flats over 4 storeys may be considered on an individual basis but are not acceptable if they are local authority or ex-local authority. 

For new build properties the Society requires a minimum lease term of 125 years, a maximum starting ground rent of 0.1% of the property value and no unreasonable ground rent escalators or other event fees.

Age Limits

The minimum age is 18 for all applicants. There is no maximum age but applicants must not be retired during the term of the mortgage.

Repayment

This mortgage is available on a capital and interest repayment basis. Payments must be made monthly by direct debit.