First Time Buyers benefit from new mortgage product to help them purchase their first property
16 March 2022
According to the latest survey from RICS1, despite the current economic uncertainty, house prices in the UK continue to rise. With the potential for interest rate increases due to rising inflation affecting the cost of living, this could create a further challenge for first time buyers to be able to achieve their goal of owning a home.
Buckinghamshire Building Society have launched a new First Time Buyer 95% LTV mortgage product with an interest rate of 3.85%*. The rate is fixed for 5 years, enabling buyers to understand the affordability of their mortgage and budget accordingly.
One of the biggest reported obstacles to getting on the property ladder is saving for a deposit. To further help applicants, it is now possible to accept gifted deposits from parents and grandparents when applying for this mortgage.
Buckinghamshire Building Society’s fundamental purpose is to help people to buy a home of their own. The underwriting team don’t use auto-decision models, they look at every individual case on its merits and use manual credit searches rather than relying on credit scores. This can make a big difference for a young person who may not have an established credit history.
“It is rewarding to be able to continue to support First Time Buyers with this new product. We are confident that the competitive interest rate, fixed for 5 years will make it a popular product for our broker’s clients. We are ready to work with our broker community to process new cases and help their clients to secure their first home.” Claire Askham, Head of Mortgage Sales, Buckinghamshire Building Society
Visit our website for full product details; www.bucksbs.co.uk/intermedaries/all
* Product features:
- 3.85% rate fixed until 31 May 2027
- Maximum 2 applicants, must be first time buyers
- Max loan £500,000
- 95% LTV
- Product fee £350
- Standard credit criteria
- ERC & other fees apply
- Available in England & Wales
- Limited tranche available
About Buckinghamshire Building Society
Buckinghamshire Building Society is an award winning, mutually owned independent Building Society, founded in 1907. The Society is based in the beautiful Buckinghamshire village of Chalfont St Giles and offers a wide range of savings accounts to its members, as well as specialist mortgage products to customers throughout England & Wales, through intermediaries. We are dedicated to providing excellent customer service and pride ourselves on converting our success into supporting our members and our local community.
To find out more about Buckinghamshire Building Society, visit www.bucksbs.co.uk
(1 source: https://www.reuters.com/world/uk/uk-house-prices-keep-rising-despite-squeezed-budgets-rics-2022-03-10/)
