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Buckinghamshire BS launches mortgage for landlords with credit blips

Buckinghamshire BS launches mortgage for landlords with credit blips
Christina Hoghton
Written By:
Christina Hoghton
Posted:
14/06/2024
Updated:
14/06/2024

Buckinghamshire Building Society has introduced an adverse credit buy-to-let (BTL) product.

The mutual has launched the non-standard mortgage in response to significant demand from mortgage advisers.

The Buy-to-Let Non Standard Credit mortgage is available with a three-year discount of 2.4% on the standard variable BTL rate, giving a current headline rate of 6.39%.

The product is available up to a maximum of £500,000, up to 75% of the property’s value, with zero application fees and a product fee of £1,195.

Minor credit problems

Buckinghamshire Building Society said the mortgage has been designed to support landlords with minor credit issues, including missed payments on secured and unsecured loans, defaults, county court judgments (CCJs), mortgage arrears and payday loans, as well as missed utility payments.

The BTL Non Standard Credit mortgage is available to both individual landlords and limited companies with a maximum of three BTL mortgaged properties, and on both regulated and consumer BTL properties.

The new product launch follows recent rate reductions across several Buckinghamshire Building Society mortgages covering residential, first-time buyers, later life and expat holiday lets.

Claire Askham, head of mortgage sales at Buckinghamshire Building Society, said: “Our Buy-to-Let Non Standard Credit mortgage is a new area of lending for the society, and fills an important gap in the market. Brokers are crying out for more options for their landlord clients who have experienced minor credit issues, with an insufficient level of choice on the market currently.

“Landlords have not been immune to the cost-of-living pressures, and will benefit from the flexibility built into our new product.”

Related: Paragon Bank makes mortgage range simpler for landlords