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A mortgage of £280,000 payable over 23 years initially on a discount of 0.25% from our Standard Variable Rate, currently 5.24%, giving a pay rate of 4.99% for 2 years on interest only and then on our Standard Variable Rate of 5.24% for the remaining 21 years on a repayment basis would require 24 payments of £1,168.59 and 252 payments of £1,841.27.
The total amount payable would be £494,668.20 made up of the loan amount plus interest (£211,022.20), a product fee (£999), a valuation fee (£310), legal fees (£312), an exit fee (£100), a Build Loan packaging fee (£600), a Build Loan insurance fee (£1,300) and a funds transfer fee (£25).
The overall cost for comparison is 5.4% APRC representative.
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 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 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 80% Loan to cost)
Stage 3 – Wall plate level (max 80% Loan to cost)
Stage 4 – Roof on and watertight (max 80% Loan to cost)
Stage 5 – Plastered out second fix (max 80% Loan to cost)
Stage 6 – Fully completed (max 80% LTV)
The build must start within 6 months of the offer.
The build must complete within 24 months of the first stage release.
Maximum LTV on the release of funds at completion not exceeding 80% up to £500,000. Please contact us for full details.
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.
Minimum age 25. There is no maximum age limit. Cases are considered on individual circumstances.
Minimum loan size £100,000
Maximum loan size £500,000
Minimum property value is £120,000.
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.
This product is not portable.
We will lend for the following types of building:
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.