Responding to broker feedback, lender designs product for landlords with minor credit issues
Buckinghamshire Building Society has introduced a new buy-to-let mortgage for landlords with non-standard credit.
The BTL Non-Standard Credit mortgage offers a three-year discount of 2.40% on the standard variable BTL rate, resulting in a current rate of 6.39%. The mortgage is available for loans up to £500,000 and up to 75% loan-to-value (LTV). It features no application fees and a product fee of £1,195.
The product is designed for landlords with minor credit issues, such as missed payments on loans, defaults, county court judgments (CCJs), mortgage arrears, payday loans, and missed utility payments. It caters to both individual landlords and limited companies with a maximum of three BTL mortgaged properties, applicable to both regulated and consumer BTL properties.
The launch follows recent rate reductions on several Buckinghamshire Building Society mortgages, including products for residential, first-time buyers, later-life borrowers, and expat holiday lets.
“Our BTL Non-Standard Credit mortgage is a new area of lending for the society, and fills an important gap in the market,” said Claire Askham (pictured), head of mortgage sales at Buckinghamshire Building Society. “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.”
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