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Other charges may be made in respect of mortgage services. See our Fees Guide for details.
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.
The Society will purchase a Higher Lending insurance to provide additional security where the amount of the loan exceeds 80% of the valuation.
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 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.
This mortgage is available on a capital repayment basis. Payments must be made monthly by direct debit.
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.
The minimum age is 18 for all applicants. There is no maximum age.
We recommend that the applicant has buildings insurance on the property. It is not a requirement to buy any insurance through Buckinghamshire Building Society.
The maximum mortgage term is 40 years dependent on individual circumstances.
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.
Minimum loan size £50,000.
Maximum loan size £500,000.
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.
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 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.