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A mortgage of £212,950 payable over 23 years initially on a discount of 1.85% from our Standard Variable Rate, currently 5.24%, giving a pay rate of 3.39% for 5 years and then on our Standard Variable Rate, currently 5.24%, for the remaining 216 months would require 60 payments of £604.48 and 216 payments of £934.35.
The total amount payable would be £452,720.40 made up of the loan amount plus interest (£238,088.40) plus a product fee of (£999), valuation fee of (£410), legal fees to your solicitor of (£148), fees transfer fund (£25) and exit fee of (£100).
The overall cost for comparison is 4.8% APRC representative.
Other charges may be made for mortgage services.
This product accepts our standard credit criteria click here for details
There are no Early Repayment Charges for this product.
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.
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.
These mortgages are available on an interest only basis. Payments must be made monthly by direct debit.
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.
The minimum age is 55 for all applicants. There is no maximum age. Applicants must be already retired and reliant on pension income.
Minimum loan size £50,000.
Maximum loan size £500,000 up to max 60% LTV.
Other restrictions may apply in some cases.
There is no maximum term for this mortgage product.
The Society recommends that borrowers have a Lasting Power of Attorney registered.
Where required, the Society will accept life events such as the sale of the mortgaged property when either the 2nd borrower dies or moves into a care home as an acceptable repayment strategy.
We recommend that the applicant has buildings insurance on the property. It is not a requirement to buy any insurance through Buckinghamshire Building Society.
This product is portable, subject to our lending criteria at the time.
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 is calculated daily on the balance outstanding and added to the account the following month.
In order to apply for one of our mortgages you need to contact an independent mortgage broker. We have partnered with Mortgage Advice Bureau who can offer you comprehensive independent financial advice covering the whole market. To find out more. Click Here Mortgage Advice Bureau
Our high level of service and flexible approach sets us apart. We accept applications via mortgage brokers and assess cases on an individual basis, with affordability being the key.