Buckinghamshire Building Society helps make the Buy-to-Let market more accessible for borrowers
03 May 2022
The Buy-to-Let market plays an important role in the housing market in England and Wales, and landlords provide much needed accommodation for over 4 million households. Despite tax changes over the last five years, a recent survey by Simply Business showed that 23% of Landlords would like to invest in another Buy-to-Let property this year, demonstrating that it can be a good financial investment.(1)
Buckinghamshire Building Society have launched a new BTL mortgage product particularly aimed at those with non-standard credit*, following an increase in applications from borrowers who have had a life event that has impacted their credit profile in the past. The Society expects demand from this type of borrower to grow, particularly with those who may have had some unexpected financial complications during the pandemic. The new product recognises that life sometimes throws up some unexpected challenges but Buckinghamshire Building Society believes that this shouldn’t stop borrowers from being able to invest appropriately.
The product offers either fixed or discount interest rate for the next three years so that brokers can have options to help clients to focus on the lowest costs or on the certainty of not having unexpected costs to contend with in a period where interest rates are more volatile.
As an independent mutual building society, the underwriters at the Society carry out manual credit searches rather than relying on credit scores. This means they can fully understand credit history and the factors that might have caused these types of credit ‘blips’. They assess each case on an individual basis and are confident that this product will meet a growing need in the market.
“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.” Claire Askham, Head of Mortgage Sales, Buckinghamshire Building Society.
* Non-standard credit cases that fit our Bucks Solutions 1 credit criteria. Visit the intermediaries page on our website for our Credit Criteria Matrix and full product details; www.bucksbs.co.uk/intermediaries/all
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
