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3.79% Bucks Solutions Non Standard fixed rate to 28 February 2022 [F687]

Follow on rate SVR currently 5.24%.
The overall cost for comparison is 4.9% APRC

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A fixed rate mortgage for borrowers with non standard credit.
  • no application fee
  • up to 40 year term
  • 80% max LTV
A fixed rate mortgage for borrowers with non standard credit.
  • Initial Rate fixed to 28th February 2022
    3.79% fixed rate
  • Followed by our Standard Variable Rate (SVR) for the rest of the term
    5.24% variable
  • The overall cost for comparison is
    4.9% APRC
  • Maximum LTV
    80% including fees
  • Application Fee
    none
  • Product fee - may be added to the loan.
    £999
  • Early Repayment Charge
    Charges will apply to any lump sum or full redemption paid over 10% of the capital balance
    3.00% to 29/02/2020
    2.00% to 28/02/2021
    1.00% to 28/02/2022
  • no application fee
  • up to 40 year term
  • 80% max LTV

Representative Example

A mortgage of £86,150 payable over 20 years initially on a fixed rate of 3.79% for 3 years and then on our Standard Variable Rate, currently 5.24%, for the remaining 17 years, would require 36 payments of £518.66 followed by 204 payments of £577.74.

The total amount payable would be £136,938.72 made up of the loan amount plus interest (£49,356.72) plus product fee of (£999), valuation fee of (£160), legal fees to your solicitor of (£148), fees transfer fund (£25) and exit fee of (£100).

The overall cost for comparison is 4.9% APRC representative.

Further Information

Fees

  • There is no 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 non standard credit criteria click here for details

Early Repayment Charge (ERC)

The charges below apply to any lump sum or full redemption repaid over 10% of the capital balance.

  • 3.00% to 29/02/20
  • 2.00% to 28/02/21
  • 1.00% to 28/02/22

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 capital and interest repayment basis or interest only with a suitable repayment vehicle. Interest only is available only up to 75% LTV. Payments must be made monthly by direct debit.

Proof of Income

  • Employed applicants must have 3 months with current employer.
  • Last 3 months bank statements.
  • Completed Budget Planner.
  • Last P60 and 3 months payslips for all employed applicants. 
  • Certified photographic proof of identity.

This product is not available to self employed applicants.

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.

Age Limits

The minimum age is 18 for all applicants. There is no maximum age however, all applicants must not have reached retirement during the term of the mortgage. Cases are considered on individual circumstances.

Loan Size

Minimum loan size £50,000.
Maximum loan size £500,000.

Mortgage Term

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

Insurance

We recommend that the applicant has buildings insurance on the property. It is not a requirement to buy any insurance through Buckinghamshire Building Society.

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.

Property type

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.

We will lend on new build properties up to the 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

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