2.49% Prime AVM 3 year discount [D108]

Fees

• There is an upfront Desk Top Valuation Admin fee of £95.
• Product fee £999. This may be added to the loan subject to the maximum LTV.
• Solicitors fees are not based on a set scale and solicitors must be approved by Buckinghamshire Building Society.
• Proc fees are 0.38% up to a maximum of £4,000.

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

Acceptable Credit Criteria

This product accepts our standard credit criteria click here for details

Early Repayment Charge (ERC)

Early Repayment Charges as detailed below are payable on any lump sum or full redemption repaid over 10% of the capital balance.

• 1.50% in year 1
• 1.00% in year 2
• 0.50% in year 3

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 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.

Affordability

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.

Repayment

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.

Proof of Income

• Employed applicants must have 3 months with current employer.
• Last 3 months bank statements.
• Completed Budget Planner.
• Last P60 and 3 months payslips for all employed applicants. Last 2 years accounts or SA302s for all self-employed applicants.
• 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.

Age Limits

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.

Loan Size

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

Mortgage Term

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

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.

Portability

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.

Property type exlusions for AVM

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:

• Flats or maisonettes
• Properties valued in excess of £750,000
• Leasehold properties with less than 85 years unexpired lease
• Properties with 5 or more bedrooms
• Properties built before 1880
• Listed buildings
• Properties with land exceeding 1 acre
• A barn or other type of conversion
• New Build or undergoing significant structural alteration
• Property of non standard construction
• Subject to Shared Ownership
• Subject to structural movement past or present
• In any of the followiing locations:
  • SE28 Thamesmeade
  • SE2 Abbeywood
  • SE18 Woolwich
  • CA13 Workington
  • CA14 Cockermouth

• The property must have a minimum value of £100,000 execpt in the following postcode areas where the minimum estimated value must be £150,000:
  • Within M25 (UB, HA, W, NW, N, E, IG, WC, EC, SE, RM, BR. CR, SM, SW, TW)

Interest

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