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4.59% Exclusive Self Employed 3 year discount [D089]

Follow on rate is our SVR, currently 5.24%
the overall cost for comparison is 5.2% APRC

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Exclusive product for New Wave Financial Services

A 3 year discount for borrowers who have been self employed for a minimum of 12 months.

  • no application fee
  • term up to 40 years
  • 80% max LTV

Exclusive product for New Wave Financial Services

A 3 year discount for borrowers who have been self employed for a minimum of 12 months.

  • Initial Rate, a discount of 0.65% from our SVR for 3 years
    4.59% variable
  • Followed by our Standard Variable Rate (SVR) for the rest of the term
    5.24% variable
  • The overall cost for comparison is
    5.2% APRC
  • Maximum Loan to Value
    80% including fees
  • Application Fee
    £0
  • 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
    1.50% in year 1
    1.00% in year 2
    0.50% in year 3
  • no application fee
  • term up to 40 years
  • 80% max LTV

Representative Example

A mortgage of £212,950 payable over 23 years initially on a discount of 0.65% from our Standard Variable Rate, currently 5.24%, giving a pay rate of 4.59% for 3 years and then on our Standard Variable Rate, currently 5.24%, for the remaining 20 years would require 36 payments of £1,256.55 and 240 monthly payments of £1,327.04.

The total amount payable would be £364,383.40 made up of the loan amount plus interest (£149,751.40), a valuation fee (£410), legal fees (£148), an exit fee (£100), a product fee (£999) and a funds transfer fee (£25).

The overall cost for comparison is 5.2% 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.
  • 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.

Acceptable Credit Criteria

This product accepts a clean 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.

  • 1.50% in year 1
  • 1.00% in year 2
  • 0.50% in year 3

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.

Proof of Income

  • Minimum period for self employed is 12 months trading with income confirmed using SA302 or accountants certificate provided by a certified or chartered accountant on their headed paper.
  • Three years work history is required which should be in related industries.
  • Last 3 months business bank statements or statements showing business transactions.
  • If operating through a limited company, we will require a certificate of incorporation and companies house check. 
  • A copy of VAT registration certificate, if applicable.
  • Completed Budget Planner.
  • Last 3 months personal bank statements.
  • Certified photographic proof of identity.

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.

Acceptable Accountant Qualifications

Accountant qualifications that we require your accountant to hold, include any of the following qualifications:

  • Chartered Tax Advisor - CTA, ATII or FTII - Member or Fellow of the Chartered Institute of Taxation ( CIOT).
  • Chartered Certified Accountant - ACCA or FCCA - Member or Fellow of the Association of Chartered Certified Accountants (ACCA).
  • Chartered Accountant - ACA or FCA - Member or Fellow of the Institute of Chartered Accountants in England and Wales (ICAEW).
  • Chartered Accountant - CA - member of the Institute of Chartered Accountants in Scotland (ICAS).
  • Chartered Accountant - ACA or FCA - Member of Fellow of Chartered Accountants Ireland (formally, but still legally known as the Institute of Chartered Accountants Ireland (ICAI)) (CAI)
  • Chartered Management Accountant - ACMA or FCMA - Member or Fellow of the Chartered Instituye of Management Accountants (CIMA).
  • Certified Public Accountant - ASPA or FSPA - Associate or Fellow of the Association of Certified Public Accountants (ACPA).

Age Limits

The minimum age is 21 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 £100,000.
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 not portable.

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.

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.