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4.84% Custom Build 2 year discount of 0.40% from our SVR [SB18]

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

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This is for borrowers wishing to custom build a property in England and Wales.
  • 2 years ERC
  • Custom build
  • Build must complete within 24 months of the first stage payment release
  • Mortagage advances made in arrears of stage payments
This is for borrowers wishing to custom build a property in England and Wales.
  • 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
    95% including fees.
  • Application fee - payable upfront and non-refundable
    £350
  • Product fee - may be added to the loan.
    £999
  • Build Loan packaging fee
    £600
  • Build Loan insurance fee
    £1,300
  • 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
  • Custom build
  • Build must complete within 24 months of the first stage payment release
  • Mortagage advances made in arrears of stage payments

Representative Example

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.

Further Information

Fees

  • Application fee £350. This is payable upfront and is non-refundable.
  • Product fee £999. This may be added to the loan subject to the maximum LTV.
  • Buildloan’s fee is £1,900 including build out insurance.
  • Build Loan application fee £95.
  • 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 0.8% 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

Overpayments are not permitted.

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

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.

Stage Payments

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)

Build Timescales

The build must start within 6 months of the offer.

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

Proof of Income

  • Employed applicants must have 3 months is with the 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 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.

Age Limits

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.

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

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.

Portability

This product is not portable.

Property type

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

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