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3.49% Family Assist Income Choice (JBSP) 3 year discount [DF06]

Follow on rate is our SVR, currently 5.24%
the overall cost for comparison is 4.9% APRC

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A different choice for first time buyers who have family to assist them with their mortgage. This is a joint borrower sole proprietor mortgage where parents or step parents can help with their child's mortgage but not live in the property, or be named on the title deeds.
  • up to 95% LTV
  • accepts standard credit criteria
  • up to 4 applicants
A different choice for first time buyers who have family to assist them with their mortgage. This is a joint borrower sole proprietor mortgage where parents or step parents can help with their child's mortgage but not live in the property, or be named on the title deeds.
  • Initial Rate, a discount of 1.75% from our SVR
    3.49% variable
  • Followed by our Standard Variable Rate (SVR) for the rest of the term
    5.24% variable
  • The overall cost for comparison is
    4.9% APRC
  • Maximum LTV
    95% including fees
  • Application fee
    none
  • Product fee - may be added to the loan
    £999
  • Early Repayment 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
  • up to 95% LTV
  • accepts standard credit criteria
  • up to 4 applicants

Representative Example

A mortgage of £212,950 payable over 23 years initially on a discount of 1.75% from our standard variable rate, currently 5.24%, giving a pay rate of 3.49% for 3 years and then on our standard variable rate of 5.24% for the remaining period, would require 36 payments of £1,128.68 and 240 payments of £1,311.46.
The total amount payable would be £356,040.88 made up of the loan amount plus interest (£141,408.88), a valuation fee on the purchase property (£410), product fee (£999), funds transfer fee (£25), solicitors fees (£148) and an exit fee (£100).
The overall cost for comparison is 4.9% APRC representative.

Further Information

Fees

  • There is no application fee.
  • There is a product fee of £999.
  • 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.

Requirements for the parents (includes step-parents)

Pension income can be considered for parents' / step parents' affordability.
Parents / step parents will be jointly and individually liable for the mortgage along with the occupier(s).
The parents / step parents must take and evidence independent Legal Advice before completion.
It is recommended that all applicants take advice about the tax implications of the way the mortgage finance and property ownership will be structured.
All applicants may also wish to take advice to understand any future implications of capital gains and inheritance tax.

Higher Lending Charge

The Society will purchase a Higher Lending insurance to provide additional security where the amount of the loan exceeds 80% of the valuation.

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.

  • 1.5% in year 1
  • 1.0% in year 2
  • 0.5% 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 income of all applicants will be taken into account for affordability purposes, but the parents will not be on the Title Deeds and therefore not jointly owning the property.

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 (joint income is max 3 incomes).
There is an expectation that the sole proprietor can afford the mortgage in their own right within 10 years.
Debt consolidation is not available.

Repayment

This mortgage is available on a capital repayment basis. 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 for both properties.
  • 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.
  • Evidence of pension income if used by the parents for affordability.

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.

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.

Mortgage Term

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

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.

Loan Size

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

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.

New Build

90% LTV applies to new build houses outside the M25 (London area). Houses in London and all flats have a maximum LTV of 80%. 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.