The 80 per cent loan to value (LTV) product has a reduced fee of £495 and rate of 1.99 per cent, with the mutual saying it expected demand for the mortgage to be high due to current market conditions.
According to data from Experian, six per cent of all homeowners will come to the end of their fixed term deal over the next quarter representing a value of £183bn.
For the product, the mutual will accept search indemnity insurance in an aim to streamline the completion process.
Buckinghamshire Building Society also recently digitised its application process for mortgage brokers. It now allows decisions in principles (DIPs) to be submitted electronically and automates the link between the DIP and the full application to reduce the need for rekeying.
Gerard O’Keeffe, CEO at Buckinghamshire Building Society said: “With interest rates set to increase imminently, this is a well timed opportunity for people to remortgage, safe in the knowledge that their rate will be fixed for the next five years.
“We anticipate this being a highly popular product and this, along with our fully flexible approach to lending and recently enhanced Broker Online system will ensure we can continue to go above and beyond to meet the needs of our customers and brokers.”
