Is Buckinghamshire Building Society an Equity Release Provider?

Buckinghamshire Building Society specialises in delivering personalised savings, mortgage, and insurance solutions tailored for individuals over 55 — while explicitly not offering equity release options — ensuring members have access to a broad spectrum of financial products designed to support their security and prosperity.
  • Last Updated: 17 May 2024
  • Fact Checked Fact Checked
  • Our team recently fact checked this article for accuracy. However, things do change, so please do your own research.

Contributors:

Francis Hui
Are You Considering Buckinghamshire Building Society For an Alternative to Equity Release? Find Out What Later-Life Lending Options It Offers. Read On...
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Key Takeaways
  • Buckinghamshire Building Society offers alternative financial solutions, not equity release or lifetime mortgages.
  • Keep an eye on their latest offerings by following updates through their official channels.
  • Check out reputable financial providers, read unbiased reviews to compare before choosing, and explore specialised lenders for equity release products—should that be the product you settle on.

With so many alternatives to equity release to choose from for your retirement, it is best to select carefully!

We have made things easier by gathering the most important facts you need to know about Buckinghamshire Building Society.

The most prominent question is whether Buckinghamshire Building Society offers equity release.

Hopefully, this guide will help.

In This Article, You Will Discover:

    At Every Investor, our research team has spent countless hours reviewing equity release information and putting it together in an easy-to-use format.

    Therefore:

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    • Who offers the LOWEST rates available on the market.
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    Buckinghamshire Society Equity Release

    NOTEEvery Investor is an impartial and unconnected third-party information provider via this website, and the details replicated in this commentary represent the opinions of Every Investor only and may not reflect the views or opinions of Buckinghamshire Building Society. This article must not be interpreted as advice, nor is it a solicitation to conduct transactions in any financial product provided by Buckinghamshire Building Society.

    What Is Buckinghamshire Building Society and What Can You Expect?

    Buckinghamshire Building Society offers a range of financial services, including savings and mortgage products, tailored to individual needs.

    Who Is Buckinghamshire Building Society and What Do They Offer?

    Buckinghamshire Building Society is a mutual building society that was founded in 19071.

    It was previously known as The Chalfont and District Permanent Building Society.

    It offers financial services, including tailored mortgage options for customers. 

    What Services Does Buckinghamshire Building Society Offer?

    Buckinghamshire Building Society offers banking services, home finance, investment plans, and mortgage options.

    It specialises in mortgages and savings.

    Who Owns Buckinghamshire Building Society?

    Buckinghamshire Building Society is owned by its members, operating as a mutual society rather than being publicly traded.

    This ownership structure means that decisions are made with the best interests of members in mind, rather than shareholders’ profits.

    As a member, you have a say in the society’s operations and can benefit from its member-focused approach to services.

    How Does Equity Release Work with Buckinghamshire Building Society?

    Equity release through Buckinghamshire Building Society allows homeowners to access the value of their property as part of their retirement planning.

    What Is Equity Release and How Does It Work?

    Equity release presents an opportunity for homeowners over 55 to access the money tied up in their homes.

    It’s a strategic way to unlock financial resources from your property, often used to cover living expenses, home improvements, or even to provide gifts to family members.

    Within equity release, lifetime mortgages and home reversion plans are the most common routes.

    A lifetime mortgage lets you borrow money against the value of your home, with the debt repaid when your property is eventually sold.

    In a home reversion plan, you sell a part of your property to a company in return for a lump sum or an annuity, while maintaining the right to live in your home.

    Learn More: Equity Release Information

    Does Buckinghamshire Building Society Offer Equity Release or Lifetime Mortgages?

    No, Buckinghamshire Building Society does not offer equity release, but it does offer a range of retirement interest-only mortgages (RIOs).

    What Are the Alternatives to Equity Release Offered by Buckinghamshire Building Society?

    Buckinghamshire Building Society’s equity release alternatives include a retirement mortgage and a retirement interest-only mortgage.

    It’s plans are:

    • 3.84% Retirement Three-Year Discount Mortgage [RE34].
    • 3.84% Retirement Interest-Only Five-Year Discount Mortgage [RI12].

    A closer look at Buckinghamshire Building Society’s alternatives to equity release:

    3.84% Retirement Three-Year Discount Mortgage

    The 3.84% retirement mortgage reverts to a 5.25% to 6.30% SVR after the initial term*.

    Some more features:

    • 75% LTV including fees or up to 70% LTV if you are already retired
    • Available on a capital and interest repayment basis or up to 60% LTV on an interest-only basis
    • No upper age limit
    • Self-employed customers are accepted.

    3.84% Retirement Interest-Only Five-Year Discount Mortgage

    The 3.84% retirement interest-only (RIO) mortgage reverts to a 6.89% SVR after the initial term*.

    Some more features:

    • Discount rate collared at 3.05%
    • 60% LTV including fees
    • No early repayment charges

    *While we regularly review our rates, these may have changed since our last update.

    What Are the Key Features and Benefits of Buckinghamshire Building Society’s Mortgages?

    The Society’s mortgages come with competitive rates, flexible repayment options, and bespoke advice to meet the unique needs of borrowers.

    What Features Does Buckinghamshire Building Society Offer in Its Plan?

    The Buckinghamshire Building Society Plan is a lifetime mortgage scheme designed to help homeowners aged 55 and above unlock the equity tied up in their homes.

    Key features include the ability to release a tax-free lump sum or regular payments, with no negative equity guarantee ensuring you’ll never owe more than your home’s value.

    Additionally, it affords you the right to live in your property until you move into long-term care or pass away.

    Another standout feature of this plan is the flexibility it offers.

    You can choose to make repayments, or let the interest roll-up if you prefer not to make monthly payments.

    Importantly, it guarantees inheritance protection, allowing you to ring-fence a percentage of your property’s value to leave for loved ones.

    Its uniqueness lies in its downsizing protection feature, which permits you to move to a smaller property without incurring any early repayment charges, demonstrating Buckinghamshire Building Society’s understanding of evolving retiree needs.

    What Are the Benefits of Retirement Interest-Only Mortgages Offered by Buckinghamshire Building Society?

    Retirement interest-only mortgages offered by Buckinghamshire Building Society provide flexibility in managing your finances during retirement.

    With these mortgages, you only pay the interest monthly, and the capital is repaid when the property is sold or upon your passing.

    This option allows you to enjoy lower monthly payments while maintaining ownership of your home.

    Why Consider Buckinghamshire Building Society for Your Mortgage Needs?

    Known for its customer-focused approach, Buckinghamshire Building Society offers personalised mortgage solutions and expert financial advice.

    Why Should You Consider Buckinghamshire Building Society?

    You should consider Buckinghamshire Building Society because:

    • It’s goal is to meet the needs of it’s customers and local communities.
    • It offers tailored financial solutions.
    • It offers mortgages for a wide selection of needs.
    • It is an award-winning entity.

    What Are the Pros and Cons of Using Buckinghamshire Building Society?

    The advantages and disadvantages of Buckinghamshire Building Society are:

    Buckinghamshire Building Society Pros

    • Self-employed customers are welcome.
    • No application fees apply.
    • Experienced team with a proven track record.
    • High maximum LTV3 at 75%.
    • Award-winning entity.
    • No maximum age.
    • Mortgages are permitted from age 25 to retirement years.
    • It is authorised and regulated in the UK by the Financial Conduct Authority (FCA) and the Prudential Regulatory Authority (PRA).

    Buckinghamshire Building Society Cons

    • Early completion or repayment charges may apply.
    • Offers variable interest rates.
    • Relatively high product fees.
    • Valuation fees apply.
    • Affordability checks are mandatory.
    • Equity Release will impact the amount of inheritance you can leave.
    • Advice is required before proceeding with equity release.

    Understanding the Costs: Fees and Interest Rates

    Buckinghamshire Building Society provides transparent information on fees and competitive interest rates, ensuring clarity for all customers.

    What Are Buckinghamshire Building Society’s Interest Rates?

    Buckinghamshire Building Society’s interest rates on it’s later life mortgages start from 5.7% (APRC)2.

    In general, equity release interest rates vary from 5.25% to 6.30%* (AER) and are slightly higher than standard mortgage rates.

    *While we regularly review our rates, these may have changed since our last update.

    What Fees Does Buckinghamshire Building Society Charge?

    Buckinghamshire Building Society’s fees for later life-lending products are structured as follows:

    • No application fee.
    • A product fee of £999.
    • A valuation fee based on property value.

    Does Buckinghamshire Building Society Have an Equity Release Calculator?

    No, Buckinghamshire Building Society does not have an equity release calculator.

    Why not try our easy-to-use calculator below to find out approximately how much equity you could release from your home?

    What Do Customers Say About Buckinghamshire Building Society?

    Customers typically praise Buckinghamshire Building Society for its excellent service, reliability, and the supportive nature of its staff.

    What Are Customers Saying About Buckinghamshire Building Society?

    Buckinghamshire Building Society customer reviews have been rather mixed.

    It is rated 4.5 out of 5 on one review site.

    However, several customers have expressed dissatisfaction with the management team.

    What Are Common Complaints About Buckinghamshire Building Society?

    Customer complaints can be communicated to the team through the online contact page, in-person, or by telephone.

    Buckinghamshire Building Society is committed to resolving your concerns as soon as possible.

    How Does Buckinghamshire Building Society Ensure Compliance and Customer Satisfaction?

    The Society adheres to regulatory standards and prioritises customer satisfaction through rigorous compliance measures and continuous feedback improvement.

    What Are the Regulatory Details of Buckinghamshire Building Society?

    Buckinghamshire Building Society is regulated by the Financial Conduct Authority and the Prudential Regulation Authority, ensuring its operations meet strict standards.

    Trading Names

    Buckinghamshire Building Society

    FCA Permitted Services

    • Banking
    • Mortgages and home finance
    • Investments

    Regulators

    • Financial Conduct Authority (FCA) 
    • Prudential Regulation Authority (PRA)5

    Registration Numbers

    • FCA reference number: 206022
    • Mutuals registration number: 91B

    FCA and Mutuals Public Register Link

    How Does Buckinghamshire Building Society Ensure Regulatory Compliance In Its Services?

    Buckinghamshire Building Society ensures strict compliance with all regulatory requirements governing equity release and lifetime mortgages.

    They adhere to the guidelines set by the Financial Conduct Authority (FCA) to ensure transparency, fairness, and consumer protection.

    Rest assured, your interests are safeguarded with Buckinghamshire Building Society’s commitment to regulatory compliance.

    How Did We Review the Information on Buckinghamshire Building Society?

    Our information review of Buckinghamshire Building Society was relatively positive.

    It is authorised and regulated in the UK by the Financial Conduct Authority (FCA)4 and the Prudential Regulatory Authority (PRA), which means it adheres to strict guidelines.

    This safeguards customers against any malpractice. 

    Remember, equity release mortgage advisors can help you determine whether this is a good option for you.

    Buckinghamshire Building Society Contact Number and Address

    • +44 1494 879 500
    • mortgages@bucksbs.co.uk
    • High Street, Chalfont St. Giles, Buckinghamshire, HP8 4QB.

    What Are Some Common Questions About Buckinghamshire Building Society?

    What Are the Rates for Buckinghamshire Building Society?

    Can I Qualify for Buckinghamshire Building Society?

    What Are the Pros and Cons of Buckinghamshire Building Society?

    Who Owns Buckinghamshire Building Society?

    Does Buckinghamshire Building Society Offer Equity Release?

    Is Buckinghamshire Building Society Safe?

    Concluding Thoughts on Buckinghamshire Building Society

    Buckinghamshire Building Society is a great choice for later life-lending mortgages.

    The society is authorised and regulated in the UK by the Financial Conduct Authority (FCA) and the Prudential Regulatory Authority (PRA) and adheres to those bodies’ strict guidelines.

    As an award-winning organisation with years of experience, you can expect to deal with a knowledgeable team.

    However, if you are looking for an equity release plan Buckinghamshire Building Society is not able to help.

    The features mentioned and the amounts raised, are subject to the lender’s criteria, terms and conditions. These may take into account the age, health and lifestyle factors in order to provide an enhanced amount. To understand the features and risks, ask for a personalised illustration.

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