A Prime AVM 3 year discount up to 70% LTV for remortgages and up to 40% LTV for purchases.
Available to prime borrowers including First Time Buyers, Standard Retirement, Family Assist Income and Family Assist Deposit.
There is a collar of 2.49% on this product which means the rate during the discount period will not go below that rate.
1st July 2020 update: This product is available for properties in England and Wales where it is still not possible to obtain a physical valuation.
A Prime AVM 3 year discount up to 70% LTV for remortgages and up to 40% LTV for purchases.
Available to prime borrowers including First Time Buyers, Standard Retirement, Family Assist Income and Family Assist Deposit.
There is a collar of 2.49% on this product which means the rate during the discount period will not go below that rate.
1st July 2020 update: This product is available for properties in England and Wales where it is still not possible to obtain a physical valuation.
A mortgage of £212,950 payable over 23 years initially at a discount of 2.25% from our Standard Variable Rate, currently 4.74%, giving a pay rate of 2.49% for 3 years and then on our Standard Variable Rate, currently 4.74%, for the remaining 20 years would require 36 payments of £1,019.12 and 240 payments of £1,242.93.
The total amount payable would be £335.334.52 made up of the loan amount plus interest (£121,017.52), a desk top valuation admin fee (£95), legal fees (£148), an exit fee (£100), a product fee (£999) 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. Interest only is available only up to 70% LTV. 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 £25,000.
Maximum loan size for remortgages only is £525,000 up to 70% LTV
Maximum loan size for purchases is £300,000 up to 40% LTV
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.
These products are portable, meaning that if the applicant moves home they can take it with them, subject to our lending criteria at the time.
Certain property types will not be suitable for a desk top valuation and will require a Standard Valuation report. The property types that are excluded are:
Interest is calculated daily on the balance outstanding and added to the account the following month.
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