New Adverse-Credit Buy To Let Mortgage Launched …
Buckinghamshire Building Society has launched a new non-standard credit buy to let mortgage, following what it calls “significant broker demand.”
The BTL Non Standard Credit mortgage is available with a three-year discount of 2.40% on the standard variable BTL rate, giving a current headline rate of 6.39%.
The product is available up to a maximum of £500,000, and up to 75% LTV, with zero application fees and a product fee of £1,195.
It has been designed to support landlords with missed payments on secured and unsecured loans, defaults, CCJs, mortgage arrears and payday loans, as well as missed utility payments, with brokers making clear solutions were required for landlords with minor credit issues.
The BTL Non Standard Credit mortgage is available to both individual landlords and limited companies with a maximum of three BTL mortgaged properties, and on both regulated and consumer BTL properties.
The building society says that coupled with its manual approach to underwriting, these new adverse credit options for the BTL sector “will provide a wider range of choice for brokers and their clients, irrespective of their current financial situation.”
The new product launch follows recent rate reductions across several Buckinghamshire Building Society mortgages covering residential, first time buyers, later life and expat holiday lets.
A spokesperson for the society says: “Our BTL Non Standard Credit mortgage is a new area of lending for the society, and fills an important gap in the market. 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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