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2.89% Retirement 2 year discount 2.35% from SVR (RE12)

Follow on rate SVR currently 5.24%.
The overall cost for comparison is 5.0% APRC

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For borrowers who are in retirement or will be in retirement during the lifetime of the mortgage.
  • No max age
  • Pension income accepted
  • Self employed accepted
For borrowers who are in retirement or will be in retirement during the lifetime of the mortgage.
  • Initial Rate, a discount of 2.35% from our SVR for 2 years
    2.89% variable
  • Followed by our Standard Variable Rate (SVR) for the rest of the term
    5.24% variable
  • The overall cost for comparison is
    5.0% APRC
  • Maximum LTV
    60% including fees
  • Application Fee
    none
  • Product fee - may be added to the loan.
    £999
  • Early Repayment Charge
    Charges will apply to any lump sum or full redemption paid over 10% of the capital balance
    1.0% for year 1
    0.5% for year 2
  • No max age
  • Pension income accepted
  • Self employed accepted

Representative Example

A mortgage of £697,850 payable over 35 years initially on a discount of 2.35% from our Standard Variable Rate, currently 5.24%, giving a pay rate of 2.89% for 2 years and then on our Standard Variable Rate, currently 5.24%, for the remaining 396 months would require 24 payments of £2,646.90 and 396 payments of £3,586.67.

The total amount payable would be £1,485,039.92 made up of the loan amount plus interest (£784,972.92) plus a product fee of (£999), valuation fee of (£945), legal fees to your solicitor of (£148), fees transfer fund (£25) and exit fee of (£100).

The overall cost for comparison is 5.0% APRC representative.

Further Information

Fees

  • There is no upfront application fee to pay.
  • 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 and licensed conveyancers fees are not based on a set scale and solicitors must be approved by the Society.
  • Proc fees are 0.38% capped at £4,000.

Other charges may be made for mortgage services.

Acceptable Credit Criteria

This product accepts our standard credit criteria click here for details

Early Repayment Charge (ERC)

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

12 months 1.0%
24 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.

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

These mortgages are available on a capital and interest repayment basis or interest only. Payments must be made monthly by direct debit.

Proof of Income

  • Last 3 months bank statements.
  • Completed Budget Planner.
  • Last P60 and 3 months payslips for all employed applicants.
  • Last 2 years accounts or SA302 for all self employed applicants.
  • Proof of pension income in retirement.
  • Certified photographic proof of identity.

We will also carry out electronic verification to prove the applicant’s identity, but we may also ask for further 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 25 for all applicants. There is no maximum age. Applicants can be currently employed, moving into retirement during the term of the loan, or already retired and reliant on pension income.

Loan Size 

Minimum loan size £50,000.
Maximum loan size £750,000 up to 60% LTV
Other restrictions may apply in some cases.

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, subject to our lending criteria at the time.

Property type

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. 

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

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