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3.30% L&G Exclusive Shared Ownership 3 year discount [DS08]

Follow on rate is our SVR currently 4.74%.
The overall cost for comparison is 4.6% APRC

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This product is available exclusively to Legal and General members only. 

  • no application fee
  • £350 product fee
  • up to 95% loan to share

This product is available exclusively to Legal and General members only. 

  • Initial Rate, a discount of 1.44% from our SVR for 3 years
    3.30% variable
  • Followed by our Standard Variable Rate (SVR) for the rest of the term
    4.74% variable
  • The overall cost for comparison is
    4.6% APRC
  • Maximum LTS
    95% of the share being purchased
  • Application Fee
    none
  • Product fee - may be added to the loan.
    £350
  • Early Repayment Charge
    Charges will apply to any lump sum or full redemption paid over 10% of the capital balance
    1.5% for year 1
    1.00% for year 2
    0.5% to year 3
  • no application fee
  • £350 product fee
  • up to 95% loan to share

Representative Example

A mortgage loan of £102,875 (which includes a product fee of £350 and a funds transfer fee of £25) payable over 31 years and 1 month, initially on a discount of 1.44% from our SVR, giving a pay rate of 3.30% for 36 months and then our Standard Variable Rate, currently 4.74%, for the remaining period would require 36 payments £441.37 and 337 payments of £520.59.                                                    

The total amount payable would be £191,987 made up of the loan amount plus interest of £88,454 plus a valuation fee of £410, legal fees to your solicitor of £148, and exit fee of £100.        

The overall cost for comparison is 4.6% APRC representative.

Further Information

Fees

  • There is no application fee.
  • Product fee is £350 which may be added to the loan subject to the maximum LTV.
  • Valuation fees are payable as detailed in the separate tariff and will be instructed by the Society. 
  • Solicitors and licensed conveyancers fees are not based on a set scale and solicitors must be approved by Buckinghamshire Building Society.
  • Funds transfer fee £25.
  • Proc fees are 0.38% capped at £4,000.
  • An additional 0.02% proc fee is payable to L&G mortgage club.

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.

  • 1.50% 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 repayment basis only. Payments must be made monthly by direct debit.

Maximum LTS

Maximum LTS 95% of the customer’s share of the property between 25% and 75% including fees. 

Age limits

Minimum age 18. There is no maximum age limit. Cases are considered on individual circumstances.

Loan Size

Minimum loan £25,000
Maximum loan £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.

Interest

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