Buckinghamshire Building Society has unveiled a new buy-to-let mortgage aimed at landlords with non-standard credit profiles, responding to significant broker demand.
The mortgage offers a three-year discount of 2.40% on the standard variable rate, resulting in a current rate of 6.39%. It is available for loans up to £500,000 and a maximum loan-to-value (LTV) of 75%, with no application fees and a product fee of £1,195.
Designed to assist landlords with minor credit issues, the mortgage caters to those with missed payments on loans, defaults, CCJs, mortgage arrears, payday loans, and utility payments. It is available to individual landlords and limited companies with up to three buy-to-let properties, covering both regulated and consumer buy-to-let properties.
Buckinghamshire Building Society’s manual underwriting approach aims to provide more options for brokers and their clients, regardless of their financial situation. This new product launch follows recent rate reductions across several of the society’s mortgage offerings, including those for residential, first-time buyers, later life, and expat holiday lets.
Claire Askham, head of mortgage sales at Buckinghamshire Building Society, commented: “Our BTL 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. Buckinghamshire Building Society is determined to work closely with brokers, and ensure our proposition meets the needs of their clients.”
