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A mortgage of £170,000 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 of 4.99% for the remaining 9 years would require 36 payments of £1,500.92 and 108 payments of £1,565.68.
The total amount payable would be £223,561.56 made up of the loan amount plus interest (£51,601.56), a product fee (£1,500), an application fee (£150), a valuation fee (£185), an exit fee (£100) and a funds transfer fee (£25).
The overall cost for comparison is 4.7% APRC representative.
The Society will purchase a Higher Lending insurance to provide additional security where the amount of the loan exceeds 80% of the valuation of the property.
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.
This product accepts our minor adverse credit click here for details
£750k to 80% LTV
£500k to 95% LTV
These mortgages are available on a capital and interest repayment basis or interest only with a suitable repayment vehicle. Payments must be made monthly by direct debit.
A charge of 1% of any lump sum or full redemption repaid over 10% of the capital balance or regular overpayments of more than £100 per month is payable in the first year of the discount period.
During the first year of the discount period regular overpayments are permitted up to £100 per month and lump sum payments up to 10% of the capital balance per annum may be made without attracting an ERC. Should the total of lump sum overpayments exceed 10% within this period, the excess will attract an ERC as detailed above.
Interest is calculated daily on the balance outstanding and added to the account the following month.
Minimum loan size £100,000.
Maximum loan size £400,000
We recommend that the applicant has buildings insurance on the property. It is not a requirement to buy any insurance through Buckinghamshire Building Society.
These products are portable, subject to our lending criteria at the time.
The maximum mortgage term is 40 years dependent on individual circumstances.
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.
The minimum age is 18 for all applicants. There is no maximum age. Cases are considered on individual circumstances.
Please download our current lending criteria document here.
Contact our team of specialist underwriters to discuss our lending criteria or your case.