High net worth individuals can look to Buckinghamshire Building Society for mortgages
05 September 2018
With the average house price in London around now £890,000 (source HM Land registry Jan 18), individuals seeking finance from £400,000 up to £1.5m with less than 70% LTV can now apply to Buckinghamshire Building Society.
Launched as an exclusive via the L&G Mortgage Club, this product is targeted at those borrowers who can afford this loan size but are not served well by the automated decision making process of the high street lenders.
Tim Vigeon Head of Lending said: “With many lenders restricting loans to £750k or below, I felt that there are a number of borrowers who are not able to borrow the amount they require to purchase their dream home, particularly in the South East.” Tim continues “We have found that by working with Legal & General we are able to market our products throughout England and Wales with firms who specialise in the large loan market. This product is aimed at providing a means for those with sizeable but complex incomes (including bonuses and overtime) or with a less than perfect record to access the large loan market. Our lending is based on an individual assessment of the case based on affordability and looking at the circumstances behind the case; we do not credit score and can exceed income multiples providing the case meets our affordability and stress test assessment.”
LEGAL & GENERAL AFFORDABILITY BASED LARGER LOANS
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PRODUCT
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INITIAL RATE
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DISCOUNT FROM SVR
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FOLLOW ON RATE
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APRC
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MAX LTV
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ERC
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APP FEE
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PROD FEE
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|
||
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D056 L&G 3 yr discount affordability based loan
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3.64%
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1.60%
|
5.24%
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5.0%
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80%
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1.5% year 1; 1% year 2; 0.5% year 3
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£150
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0.50% of the loan capped at£5k
|
|
||
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D081 High net worth 70% L&G 3 yr discount
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3.10%
|
2.14%
|
5.24%
|
4.8%
|
70%
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1.5% year 1; 1% year 2; 0.5% year 3
|
£0
|
£5,000
|
|||
For full details of credit criteria please contact:
Jill Carpenter, Marketing Department 01494 879513 email: jillcarpenter@bucksbs.co.uk, Buckinghamshire Building Society, High Street, Chalfont St Giles, Bucks, HP8 4QB
