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2.99% Existing Borrowers 2 year discount 80% [D074]

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

Back

An exclusive product for existing borrowers wishing to change interest rate and/or applying for additional funds.

A 2 year discount for existing borrwers whose initial product no longer has an early redemption penalty and have an excellent payment record.

  • no upfront fees
  • simple process
  • up to 80% LTV

An exclusive product for existing borrowers wishing to change interest rate and/or applying for additional funds.

A 2 year discount for existing borrwers whose initial product no longer has an early redemption penalty and have an excellent payment record.

  • Initial Rate, a discount of 2.25%% from our SVR for 2 years
    2.99% variable
  • Followed by our Standard Variable Rate (SVR) for the rest of the term
    5.24% variable
  • The overall cost for comparison is
    5.00% APRC
  • Maximum LTV
    80% LTV
  • Application Fee
    none
  • Product fee
    none
  • Additional borrowing fee
    £100 can be added to loan
  • no upfront fees
  • simple process
  • up to 80% LTV

Representative Example

A mortgage of £212,950 payable over 23 years initially on a discount of 2.25% from our Standard Variable Rate, currently 5.24%, giving a pay rate of 2.99% for 2 years and then on our Standard Variable Rate, currently 5.24%, for the remaining 21 years would require 24 payments of £1,139.99 and 252 monthly payments of £1,320.59.

The total amount payable would be £360,806.44 made up of the loan amount plus interest (£146,174.44) and an exit fee (£100).

The overall cost for comparison is 5.0% APRC representative.

Further Information

Fees

  • There are no fees for switching to this retention product.
  • Upfront additional borrowing fee of £100.
  • No valuation required for product switch only.
  • A reinspection valuation may be rquired for additional borrowing at a flat fee £77.00.
  • No solictors required for product switch or additional borrowing.
  • Proc fees are 0.2% up to a maximum of £3,000.

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.

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

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 interest only with a suitable repayment vehicle. Interest only is available only up to 77% LTV.  

Your monthly payments muct be made by direct debit only on the same date each month. You may choose one of the folowing dates for your direct debit: 6th, 26th or last working day of the month.

Affordability for product switch only

  • Please inform us if your income or expedditure has changed since your original application as this may affect your ability to repay your mortagge in the future.

Proof of Income for additional borrowing 

  • Last 2 years accounts or SA302 for self employed applicants.
  • Last 3 months bank statements.
  • Completed Budget Planner.
  • For self employed applicants (or Directors with at least 20% shareholding), we will use the average income as evidenced by the last 2 years accounts. Consideration will be given to trends and health of the business.
  • 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.

Affordability for additional borrowing 

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.

Age Limits

The minimum age is 18 for all applicants. There is no maximum age however, all applicants must not have reached retirement during the term of the mortgage. Cases are considered on individual circumstances.

Loan Size

Minimum loan size £50,000.

Maximum loan size £500,000.

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

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.

Monthly payments

Your monthly payments muct be made by direct debit only on the same date each month. You may choose one of the folowing dates for your direct debit: 6th, 26th or last working day of the month.

Interest

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