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3.79% L&G Exclusive Shared Ownership fixed to 31 May 2024 [FS29]

Follow on rate is our SVR, currently 4.74%
the overall cost for comparison is 4.7% APRC

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This product is available exclusively to Legal and General members only.                               

  • no application fee
  • up to 95% loan to share
  • £350 product fee

This product is available exclusively to Legal and General members only.                               

  • Initial Rate fixed to 31st May 2024
    3.79% fixed
  • Followed by our Standard Variable Rate (SVR) for the rest of the term
    4.74% variable
  • The overall cost for comparison is
    4.7% APRC
  • Maximum LTS
    95% including fees
  • Application Fee
    none
  • Product fee - may be added to the loan.
    £350
  • Early Redemption charge
    Charges will apply to any lump sum or full redemption paid over 10% of the capital balance
    3.00% to 31/05/2022
    2.00% to 31/05/2023
    1.00% to 31/05/2024
  • no application fee
  • up to 95% loan to share
  • £350 product fee

Representative Example

A mortgage loan of £102,875 (which includes a product fee of £350 and a funds transfer fee of £25) payable over 31 years and 1 month, initially on a fixed rate of 3.79%  for 36 months and then on our Standard Variable Rate, currently 4.74%, for the remaining period would require 36 payments of £469.83 and 337 payments of £523.13.                                                                                                  

The total amount payable would be £193,815 made up of the loan amount plus interest of £90,332 plus a valuation fee of £360, legal fees to your solicitor of £148, and exit fee of £100.                                                                                                                                        

The overall cost for comparison is 4.7% APRC representative.                                                                                                                                                                                                     

Further Information

Fees

  • There is no application fee.
  • There is a product fee of £350
  • Valuation fees are payable as detailed in the separate tariff and will be instructed by the Society. 
  • Solicitors and licensed conveyancers fees are not based on a set scale and solicitors must be approved by Buckinghamshire Building Society.
  • Funds transfer fee £25.
  • Proc fees are 0.38% capped at £4,000.
  • An additional 0.02% proc fee is payable to L&G mortgage club.

Other charges may be made in respect of mortgage services. See our Fees Guide for details.

Percentage of Shared Ownership

This mortgage is available on a shared ownership basis with the mortgage taken out on a share of the property of between 25% and 75%, with rent payable to the landlord on the remaining share.

Acceptable Credit Criteria

This product accepts our standard credit criteria click here for details

Early Repayment Charge (ERC)

Early Repayment Charges as shown below are payable on any lump sum or full redemption repaid over 10% of the capital balance. 

3.00% to 31/05/2022

2.00% to 31/05/2023

1.00% 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.

Affordability

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.

Repayment

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

Maximum Loan to Share (LTS)

Maximum LTS 95% of the customer’s share of the property between 25% and 75% including fees. 

Age limits

Minimum age 18. There is no maximum age limit. Cases are considered on individual circumstances.

Loan Size

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

Mortgage Term

The maximum mortgage term is 40 years dependent on individual circumstances. The minimum term is 3 years.

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.