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Buckinghamshire BS adds five-year fixes to range and lifts BTL LTV cap

  • 14/05/2024
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Buckinghamshire BS adds five-year fixes to range and lifts BTL LTV cap
Buckinghamshire Building Society has added two five-year fixed rates to its residential and buy-to-let (BTL) ranges, driving up its loan-to-value (LTV) boundaries.

The prime residential addition from Buckinghamshire Building Society is a five-year fixed rate set at 5.24% and available up to 90% LTV. The deal is available for purchase and remortgage applications. Borrowers seeking a debt consolidation remortgage are restricted to 80% LTV. Those remortgaging for other reasons, including home improvements, can do so up to 90% LTV.

The deal is available on an interest-only, capital repayment or part-and-part basis up to a maximum term of 40 years, and it comes with a minimum and maximum loan size of £50,000 and £750,000 respectively.

Applications can be considered for clients with active debt management plans if registered over three years ago. Non-standard earnings such as overtime, commission, bonuses and income from multiple revenue streams may also be acceptable.


BTL LTV cap rises

The society has also introduced a five-year fixed rate BTL product priced at 5.99% and available up to 80% LTV, an increase on its usual 75% LTV lending cap.

The deal is open to first-time landlords, limited companies or individual landlords on a purchase or remortgage basis, and includes lending on new-build flats provided they are no more than six floors high.

This also includes a maximum term of 40 years and the option of a day one remortgage, and it comes with a minimum loan size of £50,000 and a maximum loan size of £500,000.

Claire Askham (pictured), head of mortgage sales at Buckinghamshire Building Society, said: “We’re experiencing a steady uplift in demand across the residential mortgage market from both a purchase and remortgage perspective, and this is a product [that] 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 buy-to-let lending to 80% LTV 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 [that] meet these ever-shifting needs in a responsible and competitive manner.”

Earlier this month, Buckinghamshire Building Society partnered with later life lending sourcing platform Advise Wise.

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