Buckinghamshire Building Society has reduced rates across its Credit Revive and Credit Restore product ranges by up to 0.20%, in a move designed to further support borrowers with recent or historic credit issues. The changes apply to three 2-year fixed rate products, each carrying a £999 product fee.
The Credit Revive product up to 85% loan-to-value (LTV) has been cut from 6.09% to 5.89%, while Credit Restore up to 60% LTV is now 5.99%, down from 6.19%.
The Credit Restore option up to 75% LTV has been reduced from 6.69% to 6.49%. All three products are available for purchase or remortgage, with a maximum loan size of £750,000.
The Credit Revive and Credit Restore ranges form part of the Society’s Crafted Lending proposition, which also includes first-time buyers, non-standard income, and specialist solutions such as Deposit Lite and Joint Borrower Sole Proprietor (JBSP).
Credit Revive is designed for applicants with minor historic credit issues, such as missed payments or defaults, while Credit Restore is aimed at those with more recent or serious events, including CCJs or active debt management plans. Both are manually underwritten and assessed on a case-by-case basis.
Earlier this year, Buckinghamshire Building Society increased the maximum LTV on Credit Restore from 70% to 75%, expanding access for borrowers seeking to move towards home ownership.
Claire Askham, head of mortgage sales at Buckinghamshire Building Society, said: “Brokers are telling us that demand for adverse credit mortgages remains strong and borrowers are increasingly looking for options that don’t penalise them indefinitely for historic financial difficulties.
“These reductions are another way we’re making our specialist criteria more accessible, without compromising on our manual approach.
“We understand that no two clients are the same, and we’ll continue to work closely with brokers to find solutions that reflect that.”
