Buckinghamshire Building Society Equity Release And Lifetime Mortgage Review in 2024

Are You Considering Buckinghamshire Building Society For an Alternative to Equity Release? Find Out What Later-Life Lending Options It Offers. Read On…
  • Last Updated: 06 Feb 2024
  • Fact Checked
  • Our team recently fact checked this article for accuracy. However, things do change, so please do your own research.

Contributors:

Francis Hui

Key Takeaways

  • The process for Buckinghamshire Building Society equity release involves an initial consultation, financial assessment, property valuation, legal paperwork, and final approval.
  • It is generally safe, underpinned by the regulations of the Financial Conduct Authority (FCA) and the equity release Council.
  • Rates can vary based on numerous factors including your age, property value, and the type of plan chosen.
  • Qualification typically requires you to be over the age of 55, own your property and it must be your primary residence.
  • The Buckinghamshire Building Society equity release presents pros such as providing a tax-free cash lump sum and cons like potentially reducing your estate's value and affecting your eligibility for means-tested benefits.

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:

    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.

    Who Is Buckinghamshire Building Society?

    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 Exactly Is Equity Release?

    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

    What Are the Features of the Buckinghamshire Building Society Equity Release Plan?

    The Buckinghamshire Building Society Equity Release 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.

    Why 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 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.

    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).

    Buckinghamshire Building Society’s Equity Release Alternatives

    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 5.20% 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 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 5.20% 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 Are Buckinghamshire Building Society’s Fees?

    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 Are The Advantages and Disadvantages 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.

    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.

    Customer Reviews

    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.

    Customer Complaints

    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.

    Buckinghamshire Building Society Regulatory Details

    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

    Buckinghamshire Building Society Contact Number and Address

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

    Common Questions

    What Is the Process for Buckinghamshire Building Society Equity Release?

    How Safe Is Buckinghamshire Building Society Equity Release?

    What Are the Rates for Buckinghamshire Building Society Equity Release?

    Can I Qualify for Buckinghamshire Building Society Equity Release?

    What Are the Pros and Cons of Buckinghamshire Building Society Equity Release?

    Who Owns Buckinghamshire Building Society?

    Does Buckinghamshire Building Society Offer Equity Release?

    Is Buckinghamshire Building Society Safe?

    In Conclusion

    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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