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2.69% Lending In Retirement (LTR) 3 year discount [RE25]

Follow on rate is our SVR, currently 4.74%
the overall cost for comparison is 4.2% APRC

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For borrowers who are in retirement during the lifetime of the mortgage.

There is a collar of 2.69% on this product which means the rate during the discount period will not go below that rate.

  • No max age
  • Pension income accepted

For borrowers who are in retirement during the lifetime of the mortgage.

There is a collar of 2.69% on this product which means the rate during the discount period will not go below that rate.

  • Initial Rate, a discount of 2.05% from our SVR for 3 years
    2.69% variable, but will not go below a floor of 2.69% during this period.
  • Followed by our Standard Variable Rate (SVR) for the rest of the term
    4.74% variable
  • The overall cost for comparison is
    4.2% APRC
  • Maximum Loan to Value
    75% including fees
  • Application Fee
    none
  • Product Fee - may be added to the loan
    £999
  • Early Redemption Charge
    Charges will apply to any lump sum or full redemption paid over 10% of the capital balance
    12 months - 1.5%
    24 months - 1%
    36 months - 0.5%
  • No max age
  • Pension income accepted

Representative Example

A mortgage loan of £87,174 (which includes a product fee of £999 and a funds transfer fee of £25) payable over 20 years, initially on a discount of 2.05% from our SVR, giving a pay rate of 2.69% for 36 months and then on our Standard Variable Rate, currently 4.74%, for the remaining period would require 36 payments of £470.05 and 204 payments of £549.65.         

The total amount payable would be £129,457 made up of the loan amount plus interest of £41,875 plus a valuation fee of £160, legal fees to your solicitor of £148, and exit fee of £100.

The overall cost for comparison is 4.2% APRC representative.

Further Information

Fees

  • There is no application fee.
  • Product fee £999. This may be added to the loan subject to the maximum LTV.
  • Valuation fees are payable on a set scale as detailed in the separate Fees Guide.
  • 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.

  • 12 months - 1.5% 
  • 24 months - 1%
  • 36 months - 0.5%

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.

Repayment

This mortgage is available on a capital and interest repayment basis or up to 60% LTV on interest only with a suitable repayment vehicle. Payments must be made monthly by direct debit. 

Age Limits

The minimum age is 25 for all applicants. There is no maximum age. Cases are considered on individual circumstances.

Loan Size

Minimum loan size £25,000 
Maximum loan size £1,000,000 up to 75% loan to value for repayment.

Mortgage Term

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

Portability

This product is portable, meaning that if the applicant moves home they can take it with them, subject to our lending criteria at the time.

Interest

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