It launches a couple of five-year products
Buckinghamshire Building Society has expanded its mortgage offerings with the launch of two new five-year fixed rate products into the prime residential and buy-to-let markets.
The prime residential mortgage offers a 5.24% fixed rate for up to 90% loan-to-value (LTV). Designed for both purchase and remortgage, the product is particularly suited for remortgaging homeowners interested in raising capital.
The lender accepts debt consolidation up to 80% LTV and allows for capital raising for purposes such as home improvements up to 90% LTV.
Offered on an interest-only, capital repayment, or combined basis, the new prime residential product can be extended over a term up to 40 years. It supports a minimum loan of £50,000 and a maximum of £750,000.
The mutual will also consider applications from clients with active debt management plans older than three years, and non-standard income sources like overtime and bonuses may also qualify.
Buckinghamshire Building Society also introduced a BTL mortgage fixed at 5.99% up to 80% LTV, an increase from the previous 75% LTV cap.
The product is available to both seasoned and first-time landlords, including limited companies. It allows lending on new build flats up to six stories and offers terms up to 40 years, with a minimum loan amount of £50,000 and a cap of £500,000.
“We’re experiencing a steady uplift in demand across the residential mortgage market from both a purchase and remortgage perspective,” said Claire Askham (pictured), head of mortgage sales at Buckinghamshire Building Society. “This is a product which will help provide our intermediary partners and their clients with an attractive option at the higher end of the LTV scale, especially for those homeowners who are carefully evaluating their remortgage requirements.
“The decision to increase our BTL lending to 80% also represents a positive move for the sector as we continue to see landlords appraising their portfolios through divesting, refinancing and taking advantage of a variety of property-related opportunities as they arise. It’s vital that we constantly evolve our proposition and deliver solutions which meet these ever-shifting needs in a responsible and competitive manner.”
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