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FAQs

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Ask the mortgage team

We have put together some Frequently Asked Questions. If your question is not on the list below, you can contact one of our mortgage team on 01494 879517.

Existing customers

Can I make overpayments?

Yes. All of our owner occupied and buy to let mortgage products allow overpayments of up to 10% of the capital each year, without incurring an Early Repayment Charge.
If there is no Early Repayment Charge on your mortgage product, or you have passed your Early Repayment Charge period, you can overpay with no limit.

Can I pay my mortgage off early?

Yes, but if you are within an Early Repayment Charge period, there will be a charge for this, which may be substantial. Contact the mortgage team for details.

I think I am paying a high interest rate. Can I switch to a better deal?

We have some great deals for existing customers to switch to. These vary from time to time and you should contact the mortgage department for current deals. Early Repayment Charges may apply if you are still within this period, and if you are in arrears on your existing mortgage deal we will not be able to switch you to another product.

My early repayment charge period is ending. Can I switch to a better deal?

We have some great deals for existing customers to switch to. We will normally write to you 2-3 months prior to the end of your Early Repayment Charge period to let you know what we have on offer. You can contact the mortgage department before this. If you are in arrears on your existing mortgage deal we will not be able to switch you to another product.

Can I borrow more?

Certainly, although borrowing more money is considered to be a new mortgage deal under the Regulations. You will need to prove you can afford the additional amount and undertake the full advised interview process with a mortgage broker, even though you are already our customer. We will require a new valuation on your property and the reason you need the extra amount.

Can I extend the term of my mortgage?

This is possible in certain circumstances, and based on individual reasons. Contact the mortgage team for information.

Can I add another person to my mortgage?

Yes. For information on how to do this please contact the Mortgage Team.

Can I remove someone from my mortgage?

Yes. For information on how to do this please contact the Mortgage Team.

I’m moving house. Can I keep the same mortgage?

Yes. All our residential mortgages are portable, meaning you can take them with you if you move house, subject to our lending criteria at that time. If you need to borrow more for your move, you will need to go through the advised process with a mortgage broker and confirm you can afford the extra loan amount.

I’m having trouble meeting my mortgage payments. Can I make an arrangement?

Yes. We understand there are many reasons why you may find meeting your mortgage payments difficult at times and we will help you to come to an arrangement wherever possible. Contact the mortgage team as soon as you are aware you are in difficulties to avoid going into arrears on your mortgage.

How do I get a redemption statement?

Simply contact the mortgage team and they will arrange this for you.

How do I inform you of the death of a borrower?

We understand that this will be a difficult time for you and you should contact the mortgage department by phone, as we can help you immediately with any questions you may have. We will ask you for a certified copy of the death certificate and inform you when changes have been made to the mortgage account. Under a Joint Tenancy, the property automatically passes to the surviving tenant. You will need to appoint a solicitor to take care of any legal implications, and your solicitor will deal with probate, insurance or any other matters for you.

How do I inform you of a Power of Attorney in place?

We understand that this will be a difficult time for you and you should contact the mortgage department by phone, as we can help you immediately with any questions you may have. We will ask you for a certified copy of the Power of Attorney document – this will be either a Lasting Power of Attorney (LPA) or an Enduring Power of Attorney (EPA). This must be certified on each page and marked as Registered by the Office of the Public Guardian. We also need to identify all attorneys. We will use an Electronic Verification system to do this, however we will need to ask you for documentary evidence as well. We will change the correspondence address on the mortgage account if you advise us to do so.

Looking for a mortgage?

Buckinghamshire Building Society does not offer mortgage advice. You must visit a mortgage broker who will undertake the advised process with you and provide you with the information you need including the KFI+. You will need to bring your identification and proof of income documents with you when you meet with your broker. The broker will then contact us with the full application to proceed.

How much can I borrow?

The Society uses income and expenditure analysis insted of income multiples to assess affordability.

However, as a simple guide, if you are taking out a mortgage by yourself, we will lend you up to 4.5 x your salary in general on our mortgage products. If two of you are taking out a joint mortgage, we will lend up to either 4.5 x the higher salary and 3.5 x the lower, or 4 x the joint salaries. If there are more than 2 people on the mortgage, we will lend up to 3.5 x the joint income. Some specialist products may have different limits.

How do I know this will be the right mortgage for me?

Your mortgage broker will cover all your requirements in your advised interview including length of term, type of mortgage and your own circumstances to make sure you get the deal that is best for you.

What information will you need from me?

  • We need proof of your income which will be in the form of a P60 and 3 months’ payslips or for self employed borrowers, your last 2 years accounts and SA302. For contractors and other borrowers with complex income, contact the mortgage team directly for a comprehensive list.
  • We will identify you electronically, but we will need to ask for documentary evidence as well. This will include photographic evidence such as your passport or photocard driving licence and recent proof of address, such as household bills.
  • You will need to give us your latest 3 months’ bank statements.
  • If you already have a mortgage, we will need to see the last 12 months’ statements.
  • We need a fully completed monthly budget planner and application form.

I’m self-employed. Can I apply for one of your mortgages?

Yes. Most of our prime market mortgages are open to self employed borrowers. You will need to provide your last 2 years’ accounts and your SA302.

I’m a contractor. Can I apply for one of your mortgages?

We have a specific product range if you are a contractor or have more complex income. This only applies to certain industries, please contact your mortgage advisor.

I have some credit issues. Can I apply for one of your mortgages?

We have specific products for people with some credit issues. Contact your mortgage advisor for more details. Your credit history will need to fit our strict guidelines. We do not lend to borrowers with certain circumstances of impaired credit such as undischarged bankrupts or those whose homes have been repossessed at any time.

My parents are willing to help me with a mortgage. Do you accept guarantors?

Yes. We offer a guarantor option on our main range of owner occupied mortgages. We also have a Family Assist product. The borrower must be able to afford the monthly payments, this option is designed so that parents can put up the equity in their own property as part or all of the deposit, so you can get on the property ladder without having to save up for a large deposit.