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A mortgage of £280,000 payable over 23 years initially on a discount of 0.40% from our Standard Variable Rate (SVR), currently 5.24%, giving a pay rate of 4.84% for 24 months and then on our Standard Variable Rate, currently 5.24%, for the remaining period, would require 24 payments of £1,133.46 followed by 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.
Other charges may be made in respect of mortgage services. See our Fees Guide for details.
This product accepts our standard credit criteria click here for details
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 the joint income.
These mortgages are available on a capital and interest repayment basis or interest only with a suitable repayment vehicle. Payments must be made monthly by direct debit.
Advances are made in arrears at the following stages:
Stage 1 – Land with full planning permissions (max 85% LTV)
Stage 2 – Fully completed (max 95% LTV based on the lower of contracted purchase price or valuation)
The build must start within 6 months of the offer.
The build must complete within 24 months of the first stage release.
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.
The minimum age is 25 for all applicants. There is no maximum age but applicants must not be retired during the mortgage term. Cases are considered on individual circumstances.
Minimum loan size £100,000.
Maximum loan size £500,000.
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.
Build out insurance must be in place at the first release stage.
This product is not portable.
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.
In order to apply for one of our mortgages you need to contact an independent mortgage broker. We have partnered with Mortgage Advice Bureau who can offer you comprehensive independent financial advice covering the whole market. To find out more. Click Here Mortgage Advice Bureau
Our high level of service and flexible approach sets us apart. We accept applications via mortgage brokers and assess cases on an individual basis, with affordability being the key.