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4.09% Bucks Solutions Impaired Credit fixed rate to 30 November 2024 [IC12]

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

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Our Bucks Solutions fixed rate to 30 November 2024 up to 60% LTV for borrowers with impaired credit.

This product should be used for all properties in England and Wales. 

  • Repayment only
  • Individually assessed
  • Limited tranche availability

Our Bucks Solutions fixed rate to 30 November 2024 up to 60% LTV for borrowers with impaired credit.

This product should be used for all properties in England and Wales. 

  • Initial Rate fixed to 30 November 2024
    4.09% 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
    60% including fees
  • Application Fee
    none
  • Product fee - may be added to the loan.
    £999
  • Early Redemption charge
    Charges will apply to any lump sum or full redemption paid over 10% of the capital balance
    3.00% to 30/11/2022
    2.00% to 30/11/2023
    1.00% to 30/11/2024
  • Repayment only
  • Individually assessed
  • Limited tranche availability

Representative Example

A mortgage of £146,094 (which includes a product fee of £999 and a funds transfer fee of £25) payable over 32 years initially on a fixed rate of 4.09% until 30/11/2024 and then on our Standard Variable Rate, currently 4.74%, for the remaining 29 years would require 36 payments of £682.80 and 348 monthly payments of £735.76.

The total amount payable would be £281,183.28 made up of the loan amount plus interest (£134,531.28), valuation fee (£310), legal fees (£148), an exit fee (£100).

The overall cost for comparison is 4.7% APRC representative.

Further Information

Fees

  • There is no up front 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 impaired 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 30/11/2022
  • 2% up to 30/11/2023
  • 1% up to 30/11/2024

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 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 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 £25,000.

Maximum loan size £500,000 up to max 60% Loan to value

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.