The mutual said this would reflect a focus for its team to give brokers more flexibility when supporting credit impaired borrowers who may need a higher LTV to consolidate debt or improve their financial circumstances.
Buckinghamshire Building Society has also added a three-year fix, priced at 6.89% up to 75% LTV. This has been added to the Credit Restore range and sits alongside its two-year discounted rate and three-year fix up to 60% LTV.
All products have a £999 fee.
The mutual has also encouraged brokers to speak to key account managers about their clients’ circumstances so these can be considered on merit.
Claire Askham, head of mortgage sales at Buckinghamshire Building Society, said: “This is something we’ve been working towards for some time, and we’re pleased to be in a position to offer higher LTVs for borrowers who need that extra support to get back on track.
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“There are very few options out there for credit impaired applicants who need a higher LTV for debt consolidation or to improve their financial position, so this is a meaningful change.
“These products are designed to give applicants valuable breathing room to rebuild their credit profile, while providing brokers with confidence that there’s a lender willing to consider the story behind each case.”
Gen H launches 90% LTV for new-build houses
Gen H has increased the available LTV for new-build properties, launching at 90% for houses and 85% for flats.
The lender said this would unlock homeownership for people who cannot access the new-build market because of deposit challenges.
Gen H said this would also benefit those who meet its complex income criteria and borrowers in need of longer lending terms.
Pete Dockar, chief commercial officer at Gen H, said: “New-build lending has always been a bit of a paradox. We need new-build homes to ease the housing crisis, but lenders tend to apply extra scrutiny and limits to this type of lending, which means comparatively fewer aspiring homeowners can actually access the lending they need to buy one.
“Making it easier for new-build buyers to get the mortgage they need stimulates demand, which in turn creates more supply – this will have a positive impact on the entire housing market. Most critically, it will get keys in the hands of real people.”
Last week, Gen H promoted Graham McClelland to CEO, taking over from co-founder Will Rice, who remains on the board. The lender also secured a funding partnership with SilverRock Financial Services to support its lending.
