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Other charges may be made in respect of mortgage services. See our Fees Guide for details.
Parents or grandparents can use up to 60% of the value of their own property to help their child/grandchild onto the housing ladder. Parents or grandparents must have minimum remaining equity of £130,000 and the maximum loan to value (LTV) is based on the number of bedrooms as follows:
4+ Bedrooms 60% Maximum LTV
3 Bedrooms 50% Maximum LTV
2 Bedrooms 40% Maximum LTV
1 Bedroom homes would not be considered.
The Society will take a charge on the relative's property to bring the Society's overall LTV to 80%. The charge on the relative's property is for a set amount.
The relatives will have liability for any shortfall on the sale of the mortgage property in repossession subject to the maximum agreed at outset.
The charge on the parent's property can be released subject to a re-valuation and satisfactory conduct of the mortgage account.
We may also accept equity in holiday homes or Buy to Let properties other than the relatives' own, subject to individual approval.
Please complete our Additional Security calculator to assist in calculating the amount of charge required on the parent's/grandparent's home.
The Society will require a basic valuation of the parent's property.
The Society will undertake an Experian credit search and electronic verification on the guarantors.
Guarantors will need to provide statements for any mortgage or secured loans on their property.
Society would require that the parents have a clean credit history and to verify that any existing mortgage is not on a roll up basis.
Parents would need to take and evidence that they have had independent legal advice to ensure they are fully informed and that the solicitor can identify potential vulnerable persons.
A Higher Lending Charge does not apply.
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 First Time Buyers will need to demonstrate they can afford the mortgage payments in their own right and pass normal affordability checks.
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. 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, but pension income is not permitted to be used for affordability purposes, so applicants cannot be retired during the term of the loan.
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 visit 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.