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3.99% Members First Time Buyer fixed rate to 31/08/2024 [FF16]

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

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To qualify for our Member First Time Buyer mortgage, the applicant must be an existing member (or family member –father, mother, son, daughter, brother or sister) of the Society for one year and have a balance of £100 (for Savings member) at the time of application.                                                                                        

Please note there is a maximum of 2 applicants allowed and gifted deposits will NOT be accepted.

  • Up to 95% LTV
  • Max loan £500,000
  • Limited tranche availability

To qualify for our Member First Time Buyer mortgage, the applicant must be an existing member (or family member –father, mother, son, daughter, brother or sister) of the Society for one year and have a balance of £100 (for Savings member) at the time of application.                                                                                        

Please note there is a maximum of 2 applicants allowed and gifted deposits will NOT be accepted.

  • Initial Rate fixed to 31 August 2024
    3.99% 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 Loan to Value
    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 31/08/2022
    2.00% to 31/08/2023
    1.00% to 31/08/2024
  • Up to 95% LTV
  • Max loan £500,000
  • Limited tranche availability

Representative Example

A mortgage loan of £145,443 (which includes a product fee of £350 and a funds transfer fee of £25) payable over 32 years, initially on a fixed rate of 3.99%  for 36 months and then on our Standard Variable Rate, currently 4.74%, for the remaining period would require 36 payments of £671.22 and 348 payments of £731.82.                                                                                                                                 

The total amount payable would be £279,245.28 made up of the loan amount plus interest of £133,394.28 plus a valuation fee of £160, 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.
  • Product fee £350. 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

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.

  • 3.00% to 31/08/2022
  • 2.00% to 31/08/2023
  • 1.00% to 31/08/2024

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 and LTI limits will apply on all cases. 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. Gifted deposits are not acceptable.

Repayment

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

Age Limits

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

New Build

These products are not available for new build properties.      

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.