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2.99% JBSP 3 year discount [D126]

Follow on rate is our SVR, currently 4.74%
the overall cost for comparison is 4.4% APRC

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Our Joint Borrower Sole Proprietor products are designed to allow up to two owners, plus up to two parents/grandparents to become joint borrowers for the mortgage. Our JBSP solutions make the prospect of owning a home more affordable.

There is a collar of 2.99% on this product which means the rate during the discount period will not go below that rate.

  • No upper age limit
  • Up to 4 applicants accepted
  • Limited tranche availability

Our Joint Borrower Sole Proprietor products are designed to allow up to two owners, plus up to two parents/grandparents to become joint borrowers for the mortgage. Our JBSP solutions make the prospect of owning a home more affordable.

There is a collar of 2.99% on this product which means the rate during the discount period will not go below that rate.

  • Initial Rate, a discount of 1.75% from our SVR for 3 years
    2.99% variable, but which will not go below a floor of 2.99% 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
    4.4% APRC
  • Maximum Loan to Value
    80% 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
    1.50% in year 1
    1.00% in year 2
    0.50% in year 3
  • No upper age limit
  • Up to 4 applicants accepted
  • Limited tranche availability

Representative Example

A mortgage of £212,950 payable over 23 years initially at a discount of 1.75% from our Standard Variable Rate, currently 4.74%, giving a pay rate of 2.99% for 3 years and then on our Standard Variable Rate, currently 4.74%, for the remaining 20 years would require 36 payments of £1,073.09 and 240 payments of £1,250.45.

The total amount payable would be £339,497.24 made up of the loan amount plus interest (£124,765.24), valuation fee (£410), legal fees (£148), an exit fee (£100), a product fee (£999), legal fees for independent advice for gurantor (£100) and a funds transfer fee (£25).

The overall cost for comparison is 4.4% APRC representative

Further Information

Fees

  • There is no upfront 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

Additional requirements for Joint Borrower Sole Proprietor

Have at least one of the borrower's to be residing in the property.

It is recommended that all applicants take advice about the tax implications of the way the mortgage finance and property ownership will be structured.

Parents supporting their childrens mortgage will be jointly and individually liable for the mortgage along with occupiers.  

Up to a maximum of 4 applicants per application allowed.

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 60% 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 restriction.

Loan Size

Minimum loan size £25,000.

Maximum loan size £1,000,000 up to 80% 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.

Interest

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