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3.39% L&G Exclusive Green Shared Ownership fixed to 28 February 2022 [FS19]

Follow on rate is our SVR, currently 5.24%
the overall cost for comparison is 5.1% APRC

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Exclusively through Legal & General mortgage club.

To qualify for our green shared ownership mortgage, the property will need to have an energy efficiency rating of 81 or above, or be in energy efficiency bands A or B.

  • no application or product fee
  • up to 95% loan to share
  • exclusive to L&G mortgage club

Exclusively through Legal & General mortgage club.

To qualify for our green shared ownership mortgage, the property will need to have an energy efficiency rating of 81 or above, or be in energy efficiency bands A or B.

  • Initial Rate fixed to 28th February 2022
    3.39% fixed
  • Followed by our Standard Variable Rate (SVR) for the rest of the term
    5.24% variable
  • The overall cost for comparison is
    5.1% APRC
  • Maximum Loan to Value
    95% LTS
  • Application Fee
    none
  • Product fee
    none
  • Early Redemption charge
    Charges will apply to any lump sum or full redemption paid over 10% of the capital balance
    2.00% to 28/02/2021
    1.00% to 28/02/2022
  • no application or product fee
  • up to 95% loan to share
  • exclusive to L&G mortgage club

Representative Example

A mortgage loan of £102,500 payable over 31 years and 1 month, on a fixed rate of 3.39% to 28/02/2022 and then on our Standard Variable Rate (SVR), currently 5.24%, for the remaining 29 years and 1 month would require 24 payments of £445.01 and 349 payments of £551.39.

The total amount payable would be £203,773.35 made up of the loan amount plus interest of (£101,342.00) plus a valuation fee (£410), legal fees to solicitors (£148), a product fee (£350), a funds transfer fee (£25) and an exit fee (£100).

The overall cost for comparison is 5.1% APRC representative.

Further Information

Fees

  • There is no application fee.
  • There is no product fee.
  • 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.

To qualify for the Green Shared Ownership product

To qualfy for our green shared ownership mortgage, the property will need to have an energy efficiency rating of 81 or above, or be in energy efficiency bands A or B. An Energy Performance Certificate (EPC) will need to be sent to the Society before completion of  the loan.

For new properties, a Predicted Energy Assessment (PEA) can be provided instead of the EPC. This will provide a predicted energy efficiency rating, which will need to be an energy efficiency rating of 81 or above, or in energy efficency bands A or B.

Percentage of Shared Ownership

This mortgage is available on a shared ownership basis with the mortgage taken out on a share of the property of between 25% and 75%, with rent payable to the landlord on the remaining share.

Acceptable Credit Criteria

This product accepts our standard credit criteria click here for details

Early Repayment Charge (ERC)

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

2.00% to 28/02/2021
1.00% to 28/02/2022

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

Maximum Loan to Share (LTS)

Maximum LTS 95% of the customer’s share of the property between 25% and 75% including fees. The maximum LTV on the actual property value is 80%.

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.
  • Proof of pension income if used for affordability.
  • 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

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

Loan Size

Minimum loan £50,000
Maximum loan £500,000

Mortgage Term

The maximum mortgage term is 40 years dependent on individual circumstances. The minimum term is 3 years.

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.

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.