Buckinghamshire Building Society bolsters prime residential and BTL product ranges

Buckinghamshire Building Society has bolstered its prime residential and buy-to-let (BTL) product ranges through the introduction of two new 5-year fixed rate products up to 90% and 80% loan-to-value (LTV) respectively. 

The prime residential product is a 5-year fix with a headline rate of 5.24% up to 90% LTV.

Although available for both purchase and remortgage purposes, the society suggests that this product is particularly likely to capture the attention of those looking to remortgage due to capital raising capabilities for debt consolidation accepted up to 80% LTV and up to 90% LTV for ‘other’ reasons, including home improvements. 

This is available on an interest-only, capital repayment or part & part basis up to a maximum term of 40 years and comes with a minimum loan size of £50,000 and a maximum loan size of £750,000.

Applications can be considered for clients 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 society has also introduced a 5-year fixed rate BTL product with a headline rate of 5.99%.

Notably, this is available up to 80% LTV which marks an upward shift from its previous 75% LTV BTL lending boundary. 

This is open to first-time landlords, limited companies or individual landlords on a purchase or remortgage basis and includes lending on new build flats provided they are no more than six floors high.

It also includes a maximum term of 40 years, the option of a day one remortgage and comes with a minimum loan size of £50,000 and a maximum loan size of £500,000.

Claire Askham (pictured), 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 which will help provide our intermediary partners and their clients with an attractive option at the higher end of the LTV scale.

“Especially for those homeowners who are carefully evaluating their remortgage requirements. 

“The decision to increase our BTL 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.

“Meaning it’s vital that we constantly evolve our proposition and deliver solutions which meet these ever-shifting needs in a responsible and competitive manner.”