Buckinghamshire Building Society has launched a buy-to-let product aimed at borrowers with non-standard credit.
This will be open to borrowers who have had financial events including up to two missed payments in the last three years, up to one missed mortgage payment and defaults worth up to £1,000.
The mutual launched the product in response to an increase in applications from buy-to-let borrowers with impaired credit profiles. It said it expects more demand from this borrower type.
The mortgage offers either a fixed or discount interest rate for three years at 3.99 per cent and 3.39 per cent respectively. It has a product fee of £1,195 and the mutual will lend up to a maximum of 75 per cent loan to value.
Claire Askam (pictured), head of mortgage sales at Buckinghamshire Building Society, said: “The buy-to-let market is very active at the moment and we want to help more borrowers have the opportunity to make this kind of investment.
“We recognise that sometimes life events do impact credit history and this product means that our underwriters can take a common sense approach to lending and make a decision to support individuals in the right circumstances.”
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS
