The struggles of first-time buyers or those with low deposits, or minor credit problems are well known and many young people find it difficult to begin their journey as home owners. Buckinghamshire Building Society has now launched a range of products to help those who want to buy their first home but are having difficulties finding a mortgag.
Tim Vigeon, Head of Lending at Buckinghamshire Building Society says. “Because all our cases are individually underwritten by our specialist team and not credit scored we can look at people and take their overall circumstances into consideration.” Tim continues “It simply doesn’t make sense that people who have had a minor lapse on their credit record or are self-employed still find it extremely difficult to secure a mortgage”. This is why we try to support the needs of those left underserved by mainstream lenders and continue to develop our product range and proposition.”
Products range
| First Time Buyers | Initial Rate | Followed by our Standard Variable Rate (SVR) | Max LTV | Early Repayment Charge | The overall cost for comparison is |
| DF01 3 year discount of 1.75% from SVR | 3.24% variable | Currently 4.99% variable for the rest of the term | 95% | 1.50% in year 1; 1% in year 2; 0.5% in year 3 | 4.4% APRC |
| FF01 fixed rate to 30 June 2020 | 3.39% fixed | Currently 4.99% variable for the rest of the term | 95% | 3% to 30/06/18; 2% to 30/06/19; 1% to 30/06/20 | 4.6% APRC |
| Shared Ownership | Initial Rate | Followed by our Standard Variable Rate (SVR) | Max LTV | The overall cost for comparison is |
| FS02 Fixed Rate to 30/06/2020 Shared Ownership purchase only | 4.29% Fixed rate to 30/06/2020 | Currently 4.99% for the rest of the term | 90% of the share being purchased | 5.0% APRC |
| DS02 2 year discount of 1.20% from SVR Shared Ownership purchase only | 3.79%, a discount of 1.20% from SVR. | Currently 4.99% for the rest of the term | 90% of the share being purchased | 4.6% APRC |
| New build | Initial Rate | Followed by our Standard Variable Rate (SVR) | Max LTV | Product Fee | Early Repayment Charge | The overall cost for comparison is |
| D046 3 year discount of 1.50% from SVR | 3.49% variable | Currently 4.99% variable for the rest of the term | 85% | £850 | 1.5% in year 1; 1% in year 2; 0.5% in year 3 | 4.5% APRC |
| F661 fixed rate to 31 August 2020 | 3.89% fixed | Currently 4.99% variable for the rest of the term | 85% | £850 | 3% to 31/08/18; 2% to 31/08/19; 1% to 31/08/20 | 4.8% APRC |
