Borrowers can secure fixed rates until 2029
Buckinghamshire Building Society has announced a repricing of its mortgage products, with rate reductions across both its Prime and Impaired Credit ranges. The changes include a reduction of up to 20 basis points (bps) for Prime products and up to 30 bps for Impaired Credit offerings.
Its Prime 90 five-year fixed product now offers a rate of 4.79%, down from 4.99%, for a loan-to-value (LTV) ratio of 90%. This product is available until November 30, 2029, and has a maximum loan amount of £750,000. A similar rate is offered for the Prime 75 five-year desktop option, which supports remortgages with a 75% LTV and the same fixed-term end date.
For borrowers seeking shorter-term fixed rates, the Prime 90 two-year fixed and Prime 75 two-year desktop option products are now available at rates starting at 5.39%. These products, also capped at £750,000, are fixed until November 30, 2026.
More options for borrowers
The updated products are designed to cater to a range of borrowers, including the self-employed and those with non-standard earnings. Buckinghamshire Building Society said it accepts income sources such as overtime, bonuses, commissions, and secondary job income. Additionally, recent changes allow up to 100% of large town and car allowance payments to be used in mortgage applications. The Prime range also offers interest-only options, providing flexibility for borrowers with suitable repayment plans.
For customers with impaired credit, Buckinghamshire Building Society offers products that accommodate individuals recovering from financial difficulties such as bankruptcy or an individual voluntary arrangement (IVA). Applicants may be eligible for these products as soon as the day after discharge. Debt consolidation options are also available.
In its Impaired Credit range, the three-year discount product now has a rate of 6.29%, down from 6.59%, with a maximum loan amount of £500,000 and a 70% LTV. The three-year fixed option offers a rate of 6.19% until November 30, 2027, with a £999 product fee for both options.
Claire Askham (pictured), head of mortgage sales at Buckinghamshire Building Society, emphasised the society’s commitment to providing solutions in today’s challenging market: “We understand the challenges many borrowers are facing in today’s market, and our repriced mortgage products offer more competitive and flexible options for both homebuyers and remortgage customers.”
Askham also highlighted the broader acceptance criteria, particularly for borrowers with complex income streams or those recovering from financial difficulties: “By broadening our acceptance criteria, especially for those with complex incomes or recovering from financial difficulties, we are continuing our mission to provide responsible lending solutions tailored to the evolving needs of our customers.”
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