Buckinghamshire Building Society’s fixed rate mortgage products are available up to 90% and 80% loan to value (LTV) respectively.
What’s new?
The residential product is a five-year fix with a rate of 5.24%, available up to 90% of the property’s value.
The mortgage is available for both purchase and remortgage purposes.
The society will also accept debt consolidation as a reason for remortgage up to 80% LTV. Plus, it will consider applicants with active debt management plans (DMPs), if registered over three years ago. In addition, non-standard earnings such as overtime, commission, bonuses and income from multiple revenue streams may also be acceptable.
The mortgage is available on an interest-only, capital repayment or part-and-part basis up to a maximum term of 40 years.
The society has also introduced a five-year fixed rate BTL product with a rate of 5.99%.
This is available up to 80% LTV to first-time landlords, limited companies or individual landlords on a purchase or remortgage basis. It includes lending on new-build flats, provided they are no more than six floors high.
Claire Askham, head of mortgage sales at Buckinghamshire Building Society, said: “We’re experiencing a steady uplift in demand across the residential mortgage market from both a purchase and remortgage perspective, and this is a product [that] will help provide clients with an attractive option at the higher end of the loan-to-value scale, especially for those homeowners who are carefully evaluating their remortgage requirements.
“The decision to increase our buy-to-let lending to 80% also represents a positive move for the sector as we continue to see landlords appraising their portfolios through divesting, refinancing and taking advantage of a variety of property-related opportunities as they arise.”
