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2.79% Home from Home - Second Home 3 year discount [D189]

Follow on rate is our SVR, currently 5.64%
the overall cost for comparison is 4.6% APRC

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Available across England & Wales, Home from Home is a unique proposition giving people the opportunity to own a second holiday home and rent it out for up to 90 days each year as a holiday let.

There is a collar of 2.79% on this product which means the rate during the discount period will not go below that rate.

  • Earned income considered up to age 75
  • Up to 80% LTV
  • Affordability based approach to owning a second home

Available across England & Wales, Home from Home is a unique proposition giving people the opportunity to own a second holiday home and rent it out for up to 90 days each year as a holiday let.

There is a collar of 2.79% on this product which means the rate during the discount period will not go below that rate.

  • Initial Rate, a discount of 2.85% from our SVR for 3 years
    2.79% variable, but which will not go below a floor of 2.79% during this period.
  • Followed by our Standard Variable Rate (SVR) for the rest of the term
    5.64% variable
  • The overall cost for comparison is
    4.6% APRC
  • Maximum Loan to Value
    80% including fees
  • Application Fee
    none
  • Product fee - may be added to the loan
    £1195
  • Early Redemption charge
    Charges will apply to any lump sum or
    full redemption paid over 10% of the capital balance
    12 months - 3%
    24 months - 2%
    36 months - 1%
  • Earned income considered up to age 75
  • Up to 80% LTV
  • Affordability based approach to owning a second home

Representative Example

A mortgage loan of £101,000 payable over 10 years, initially on a discount of 2.85% from our SVR, currently 5.64%, giving a pay rate of 2.79% for 36 months and then on our Standard Variable Rate, currently 5.64%, for the remaining period would require 36 payments of £965.50 and 84 payments of £1,062.48.

There is a collar of 2.79% on this product which means the rate during the discount period will not go below that rate. The total amount payable would be £125,784.32 made up of the  loan amount plus interest (£23,006.32) a product fee (£1,195), valuation fee (£310), a funds transfer fee (£25), solicitors fees (£148), and an exit fee (£100).

The overall cost for comparison is 4.6% APRC representative.

Further Information

Fees

  • There is no application fee.
  • Product fee £1195. 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 0.40% 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 - 3% 
  • 24 months - 2%
  • 36 months - 1%

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 18 for all applicants. There is no maximum age. Earned income considered up to age 75. Cases are considered on individual circumstances.

Loan Size

Minimum loan size £50,000 
Maximum loan size £750,000 up to 80% 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.

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