Cookies on the Bucks Building Society website

We use cookies to help provide you with the best possible online experience. By using this site, you agree that we may store and access cookies on your device. Click here to find out more.

3.69% Reverse JBSP Fixed Rate to 31 May 2024 [F755]

Follow on rate is our SVR, currently 4.74%
the overall cost for comparison is 4.6% APRC

Back

A unique solution enabling children to support their parents to remain in their home when their existing Interest Only mortgage needs to be repaid back.

  • No upper age limit
  • Up to 4 applicants accepted

A unique solution enabling children to support their parents to remain in their home when their existing Interest Only mortgage needs to be repaid back.

  • Initial Rate fixed to 31 May 2024
    3.69% fixed
  • Followed by our Standard Variable Rate (SVR) for the rest of the term
    4.74% variable
  • The overall cost for comparison is
    4.6% APRC
  • Maximum Loan to Value
    80% including fees
  • Application Fee
    none
  • Product Fee - may be added to the loan
    £999
  • Early Redemption Charge
    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 31/05/2022
    2% up to 31/05/2023
    1% up to 31/05/2024
  • No upper age limit
  • Up to 4 applicants accepted

Representative Example

A mortgage loan of £87,174 (which includes a product fee of £999 and a funds transfer fee of £25) payable over 20 years, initially on a fixed rate of 3.69%  for 36 months and then on our Standard Variable Rate, currently 4.74%, for the remaining period would require 36 payments of £514.13 and 204 payments of £556.31.         

The total amount payable would be £132,505 made up of the loan amount plus interest of £44,823 plus a valuation fee of £160, legal fees to your solicitor of £248, and exit fee of £100.                                         

The overall cost for comparison is 4.6% APRC representative.                                                                                                                                                       

Further Information

Fees

  • There is no upfront application fee.
  • Product fee £999. This may be added to the loan subject to the maximum LTV.
  • 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.

Acceptable Credit Criteria

This product accepts our standard credit criteria click here for details

Additional requirements for Reverse Joint Borrower Sole Proprietor

Have at least one of the borrower's to be residing in the property.

It is recommended that all applicants take advice about the tax implications of the way the mortgage finance and property ownership will be structured.

Children supporting their parents mortgage will be jointly and individually liable for the mortgage along with occupiers.  

Up to a maximum of 4 applicants per application allowed.

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 31/05/2022
  • 2% up to 31/05/2023
  • 1% up to 31/05/2024

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.

Repayment

This mortgage is available on a capital and interest repayment basis or up to 60% LTV on interest only with a suitable repayment vehicle. Payments must be made monthly by direct debit. 

Age Limits

The minimum age is 18 for all applicants. There is no maximum age restriction.

Loan Size

Minimum loan size £25,000.

Maximum loan size £1,000,000 up to 80% LTV

Mortgage Term

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

Portability

These products are 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.