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A mortgage of £80,000 payable over 15 years initially at 2.24% above the Bank of England base rate (currently 0.75%) giving a pay rate of 2.99% for 5 years and then on our Standard Variable Rate, currently 5.24%, for the remaining 10 years would require 60 payments of £558.12 and 120 monthly payments of £620.15.
The total amount payable would be £109,248.20 made up of the loan amount plus interest (£27,030.20), an application fee (£150), a valuation fee (£945), legal fees (£148), an exit fee (£100), a product fee (£850) and a funds transfer fee (£25).
The overall cost for comparison is 4.2% APRC representative.
Other charges may be made in respect of mortgage services. See our Fees Guide for details.
This product accepts our standard credit criteria click here for details.
Early Repayment Charges as detailed below are payable on any lump sum or full redemption repaid over 10% of the capital balance.
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 early repayment charge period has ended overpayments can be made at any time.
If an overpayment of £500 or more is made, we will recalculate the monthly payment the following month.
The amount we lend will be based on our assessment of affordability. Income multiple cap is 4.5 x first income plus 3.5 x second income or 4 x the joint income.
This mortgage is available on a capital and interest repayment basis or interest only with a suitable repayment vehicle. Payments must be made monthly by direct debit.
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.
The minimum age is 18 for all applicants. There is no maximum age but applicants must not be retired during the mortgage term. Cases are considered on individual circumstances.
Minimum loan size £50,000.
Maximum loan size £750,000.
The maximum mortgage term is 40 years dependent on individual circumstances.
We recommend that the applicant has buildings insurance on the property. It is not a requirement to buy any insurance through Buckinghamshire Building Society.
The product is portable, meaning that if the applicant moves home they can take it with them, subject to our lending criteria at the time.
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.
We will lend on new build properties up to the maximum LTV of 60%. 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.
Interest is calculated daily on the balance outstanding and added to the account the following month.
In order to apply for one of our mortgages you need to contact an independent mortgage broker. We have partnered with Mortgage Advice Bureau who can offer you comprehensive independent financial advice covering the whole market. To find out more. Click Here Mortgage Advice Bureau
Our high level of service and flexible approach sets us apart. We accept applications via mortgage brokers and assess cases on an individual basis, with affordability being the key.