3.59% Family Assist fixed rate to 31/08/2025 - parental AVM option [FA46]

Fees

• There is no application fee.
• Product fee £850 payable on completion
• Valuation admin fee £95 for parents/grandparents property
• Purchase property valuation fees are payable for each property 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.

Parents providing additional security

Parents or grandparents can use up to 60% of the value of their own property to help their child/grandchild onto the housing ladder.

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 or grandparent'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.

Additional Security Calculator

Please complete our Additional Security calculator to assist in calculating the amount of charge required on the parent's/grandparent's home.

Requirements for Parents/Grandparents assisting 

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 or Grandparents 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.

Property type exclusions for AVM

Certain property types will not be suitable for a desk top valuation and will require a Standard Valuation report. The property types that are excluded are:

• Flats or maisonettes
• Properties valued in excess of £750,000
• Leasehold properties with less than 85 years unexpired lease
• Properties with 5 or more bedrooms
• Properties built before 1880
• Listed buildings
• Properties with land exceeding 1 acre
• A barn or other type of conversion
• New Build or undergoing significant structural alteration
• Property of non standard construction
• Subject to Shared Ownership
• Subject to structural movement past or present
• In any of the following locations:
  • SE28 Thamesmeade
  • SE2 Abbeywood
  • SE18 Woolwich
  • CA13 Workington
  • CA14 Cockermouth

• The property must have a minimum value of £100,000 except in the following postcode areas where the minimum estimated value must be £150,000:
  • Within M25 (UB, HA, W, NW, N, E, IG, WC, EC, SE, RM, BR. CR, SM, SW, TW)

Higher Lending Charge

A Higher Lending Charge does not apply.

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.

• 3% up to 31/08/2023
• 2% up to 31/08/2024
• 1% up to 31/08/2025

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

You can check affordability through our calculator where we assess on affordability as an alternative to income multiples. Please note we will fully review bank statements and expenditure during the underwriting process. Click here to find out more

Repayment

This mortgage is available on a capital repayment basis. Payments must be made monthly by direct debit.

Age Limits

The minimum age is 18 for all applicants. There is no maximum age. Earned income considered up to age 75. Cases are considered on individual circumstances.

Loan Size

Minimum loan size £25,000.
Maximum loan size £500,000.

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.

Interest

Interest is calculated daily on the balance outstanding and added to the account the following month.