Buckinghamshire Building Society has recently announced the addition of two 5-year fixed-rate mortgage products to its portfolio. These new options cater to both prime residential borrowers and buy-to-let (BTL) landlords, providing enhanced loan-to-value (LTV) rates and flexible repayment terms.
The Buckinghamshire Building Society’s latest prime residential mortgage product features a competitive 5-year fixed rate of 5.24% available up to 90% LTV. This product is designed to be particularly appealing for homeowners looking to remortgage. It offers a unique opportunity for borrowers to consolidate debts with a capital raising feature acceptable up to 80% LTV. Furthermore, for purposes like home improvements, the capital can be raised up to 90% LTV.
Flexible Repayment Terms
This prime residential product supports various repayment strategies including interest-only, full capital repayment, or a combination of both, accommodating a broad range of financial situations. Potential borrowers can opt for a loan term of up to 40 years, with the minimum loan size set at £50,000 and the maximum reaching £750,000.
Inclusive Borrower Criteria
In an effort to be inclusive, Buckinghamshire Building Society accepts applications from clients currently engaged in active debt management plans, provided these were registered over three years ago. Additionally, the society recognises non-standard forms of earnings such as overtime pay, commission, bonuses, and income from multiple sources, offering a flexible approach to borrowers’ financial diversity.
Expanding Opportunities for Buy-to-Let Landlords
The Society has also introduced a new BTL product with a 5-year fixed rate of 5.99%, now available up to 80% LTV—an increase from the previous limit of 75%. This product is accessible to a wide range of landlords, including first-timers, limited companies, and individual investors, whether they’re buying new or remortgaging.
Loan Features for Landlords
The BTL product supports loans for new build flats up to six stories high, with the same maximum term of 40 years. It also offers the flexibility of a day one remortgage, a feature that provides significant leverage in managing property portfolios promptly. Loan sizes for this product range from £50,000 to £500,000, catering to various scales of property investments.
Claire Askham, the head of mortgage sales at Buckinghamshire Building Society, highlighted the broader strategic aim of these new products: “We’re experiencing a steady uplift in demand across the residential mortgage market… and it’s vital that we constantly evolve our proposition and deliver solutions which meet these ever-shifting needs in a responsible and competitive manner.”