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4.89% Self Build Advance - 2 year variable [SB39]

Follow on rate is our SVR, currently 4.74%
the overall cost for comparison is 5.0% APRC

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For borrowers who are building their own home. This product is only available via Build Store.

  • 2 years ERC
  • Mortgage advances made in advance of stage completions
  • Build must complete within 24 months of the first stage payment release
  • Standard credit criteria accepted

For borrowers who are building their own home. This product is only available via Build Store.

  • Initial Rate
    4.89% variable
  • Standard Variable Rate
    4.74% variable
  • The overall cost for comparison is
    5.0% APRC
  • Maximum Loan to Value
    80% including fees
  • Product Fee - may be added to the loan
    £1499
  • Build Loan packaging fee
    £695
  • Build Loan insurance fee
    £1300
  • Early Redemption Charge
    There is a charge of 3% of the capital balance for any full redemption made in the first 2 years
  • 2 years ERC
  • Mortgage advances made in advance of stage completions
  • Build must complete within 24 months of the first stage payment release
  • Standard credit criteria accepted

Representative Example

A mortgage of £280,000 payable over 23 years initially on a variable rate which is 0.15% above our Standard Variable Rate, currently 4.74%, giving a pay rate of 4.89% for 2 years and then on our Standard Variable Rate of 4.74% for the remaining 21 years would require 24 payments of £1,147.21 and 252 payments of £1,765.95

The total amount payable would be £475,269.44 made up of the loan amount plus interest (£191,028.44), a product fee (£1,499),  a valuation fee (£310), legal fees (£312), an exit fee (£100), a Build Loan security fee (£1,300), a Build Loan packager fee (£695) and a funds transfer fee (£25).

The overall cost for comparison is 5.0% APRC representative.     

Further Information

Fees

  • Society product fee £1499 which may be added to the loan subject to the maximum LTV.
  • Build Loan packaging fee £695 - £95 payable at application stage and £600 after offer is issued. Non-refundable.
  • Build out insurance from Build Loan £1300.
  • Valuation and re-inspection fees are payable as detailed in the separate tariff and will be instructed by the Society.
  • 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% uncapped
  • 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.

Repayment

These mortgages are available on an interest only basis during the first 2 years 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 advance based on the valuer's estimate of the value once the next stage is completed for the following stages:

Stage 1 – Land with full planning permissions (max 80% Loan to cost)
Stage 2 – Foundations to damp proof level (max 85% Loan to cost)
Stage 3 – Wall plate level (max 85% Loan to cost)
Stage 4 – Roof on and watertight ( max 85% Loan to cost)
Stage 5 – Plastered out first fix ( max 85% Loan to cost)
Stage 6 – Fully completed ( max 80% LTV)

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 80% up to £500,000. Please contact us for full details.

Age limits

The minimum age for all applicants is 25. There is a maximum age limit of 75. Cases are considered on individual circumstances.

Loan Size

Minimum loan size £150,000

Maximum loan size £500,000

Minimum Property Value

Minimum property value is £187,500.

Mortgage Term

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

Portability

This product is not portable.

Interest

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