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Buckinghamshire Building Society cuts rates

Buckinghamshire Building Society cuts rates
Christina Hoghton
Written By:
Posted:
09/10/2024
Updated:
09/10/2024

The mutual has reduced the rates on its prime mortgages and impaired credit range for bad credit borrowers.

Buckinghamshire Building Society has cut the cost of its mortgages by up to 20 basis points (bps) across its prime product range and by up to 30bps across its impaired credit mortgages.

Prime products are also available to customers who have been in debt management plans for over three years, offering flexibility for those with a varied credit history.

What’s new?

In the lender’s prime range, the five-year rate is 4.79% (down from 4.99%) up to 90% of the property’s value.

The equivalent two-year fixed rate starts at 5.39%.

These products cater to self-employed individuals and those with multiple income streams, accepting non-standard earnings such as overtime, bonuses, commissions and income from second jobs. Interest-only options are also available.

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For customers with impaired credit, products are specifically designed for those recovering from significant life events, such as bankruptcy or an Individual Voluntary Arrangement (IVA). In some cases, applicants may be eligible the day after discharge. Debt consolidation is also available for those clients that want to restructure their existing finances.

The lender offers a three-year discount at 6.29% (down from 6.59%), with a maximum loan of £500,000 and a maximum loan to value (LTV) of 70%, and a three-year fixed rate at 6.19%, both with a product fee of £999.

Claire Askham, head of mortgage sales at Buckinghamshire Building Society, said: “We understand the challenges many borrowers are facing in today’s market, and our repriced mortgage products offer more competitive and flexible options for both homebuyers and remortgage customers.

“By broadening our acceptance criteria, especially for those with complex incomes or recovering from financial difficulties, we are continuing our mission to provide responsible lending solutions tailored to the evolving needs of our customers. “