A mortgage of £86,150 payable over 20 years initially on a fixed rate of 3.39% until 28/02/2023 and then on our Standard Variable Rate, currently 5.24%, for the remaining 17 years would require 36 payments of £246.27 and 204 payments of £380.66
The total amount payable would be £174,117.36 made up of the loan amount plus interest (£86,520.36) plus a product fee of (£999), valuation fee of (£175), legal fees to your solicitor of (£148), fees transfer fund (£25) and exit fee of (£100).
The overall cost for comparison is 5.0% APRC representative.
Other charges may be made for mortgage services.
This product accepts our standard credit criteria click here for details
Early Repayment Charges as detailed below are payable on any lump sum or full redemption repaid over 10% of the capital balance.
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.
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 £750,000 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.