Buckinghamshire Building Society has increased the maximum loan-to-value (LTV) on its Credit Restore range from 70% to 75%.
Effective immediately, the change was designed to give brokers more flexibility when supporting credit impaired clients who may need a higher LTV to consolidate debt or improve their financial position.
Alongside this increase, the society has introduced a new 3-year fixed rate product with a headline rate of 6.89%, available up to 75% LTV.
This product complements the existing Credit Restore options, including a 2-year discounted rate and 3-year fixed rate, available up to 60% LTV.
All products come with a £999 fee and are designed to offer longer-term stability to clients who are rebuilding their credit profile.
Claire Askham, head of mortgage sales at Buckinghamshire Building Society, said: “This is something we’ve been working towards for some time, and we’re pleased to be in a position to offer higher LTVs for borrowers who need that extra support to get back on track.
“There are very few options out there for credit impaired applicants who need a higher LTV for debt consolidation or to improve their financial position, so this is a meaningful change.
“These products are designed to give applicants valuable breathing room to rebuild their credit profile, while providing brokers with confidence that there’s a lender willing to consider the story behind each case.”
