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4.84% Build Loan 2 year discount of 0.40% from our SVR [SB17]

Follow on rate SVR currently 5.24%.
The overall cost for comparison is 5.4% APRC

For borrowers who are building their own home.
  • 2 years ERC
  • Mortgage advances made in arrears of stage completions
  • Build must complete within 24 months of the first stage payment release
  • No max age
  • Standard credit criteria accepted
For borrowers who are building their own home.
  • Initial Rate, a discount of 0.40% from our SVR for 2 years
    4.84% variable
  • Followed by our Standard Variable Rate (SVR) for the rest of the term
    5.24% variable
  • The overall cost for comparison is
    5.4% APRC
  • Maximum LTV
    85% including fees.
  • Application fee - payable upfront and non-refundable
  • Product fee - may be added to the loan.
  • Build Loan packaging fee
  • Build Loan insurance fee
  • Early Repayment Charge
    Charges will apply to any lump sum or full redemption paid over 10% of the capital balance
    3.00% for 2 years
  • 2 years ERC
  • Mortgage advances made in arrears of stage completions
  • Build must complete within 24 months of the first stage payment release
  • No max age
  • Standard credit criteria accepted

Representative Example

A mortgage of £280,000 payable over 23 years initially on a discount of 0.40% from our Standard Variable Rate, currently 5.24%, giving a pay rate of 4.84% for 2 years and then on our Standard Variable Rate of 5.24% for the remaining 21 years would require 24 payments of £1,133.46 and 252 payments of £1,841.27.

The total amount payable would be £494,270.08 made up of the loan amount plus interest (£210,179.08), a product fee (£999), an application fee (£350), a valuation fee (£310), legal fees (£312), an exit fee (£100), a Build Loan product fee (£600), a Build Loan security fee (£1,300), a Build Loan application fee (£95) and a funds transfer fee (£25). 

The overall cost for comparison is 5.4% APRC representative.

Further Information


  • Application fee £350. This is payable upfront and is non-refundable.
  • Society product fee £999 which may be added to the loan subject to the maximum LTV.
  • Build Loan product fee £600 payable on acceptance of offer. Non-refundable.
  • Build out insurance from Buildloan £1,300.
  • Build Loan application fee £95.
  • Valuation and re-inspection fees are payable as detailed in the separate tariff and will be instructed by the Society.
  • A re-inspection is required at each stage release.
  • Solicitors and licensed conveyancers fees are not based on a set scale and solicitors must be approved by Buckinghamshire Building Society
  • Proc fees are 0.8% 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)

There is a charge of 3% of the capital balance for any full redemption made in the first 2 years.


Overpayments are not permitted.


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 joint income.


These mortgages are available on an interest only basis during the 2 year discount period of the build, changing to capital repayment for the remainder of the term. Payments must be made monthly by direct debit.

Stage Payments

Advances are made in arrears at the following stages:
Stage 1 – purchase of land
Stage 2 – preliminary costs and foundations
Stage 3 – wall plate level
Stage 4 – wind and watertight
Stage 5 – first fix and plastering
Stage 6 – fully completed

Build Timescales

The build must start within 6 months of the offer.
The build must complete within 24 months of the first stage release.

Maximum LTV

Maximum LTV on the release of funds at completion not exceeding 85% up to £500,000 and 80% up to £750,000. Please contact us for full details.

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. Last 2 years accounts or SA302s for all self-employed applicants.
  • Certified photographic proof of identity.

We will also carry out electronic verification to prove the applicant’s identity, but we may also ask for further 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

Minimum age 25. There is no maximum age limit. Cases are considered on individual circumstances.

Loan Size

Minimum loan size £100,000

Maximum loan size £750,000

Minimum Property Value

Minimum property value is £100,000.

Mortgage Term

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


Build out insurance must be in place by the date of first release. A recognised 10 year warranty, additional security fee and site insurance including third party liability must be taken out during the course of construction.

Following completion of the build, we recommend that you have buildings insurance on the property. You are not required to buy any insurance through Buckinghamshire Building Society.


This product is not portable.

Property Type

We will lend for the following types of building:

  • Properties of traditional construction (generally brick / stone walls and slate / tile roof)
  • Timber framed properties subject to the exterior being clad in brick / block. Wholly timber framed properties may be acceptable in certain circumstances.
  • We may lend against steel framed houses dependent on individual circumstances.


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