Buckinghamshire Building Society reprices Prime and Impaired Credit products

07 October 2024

Buckinghamshire Building Society has introduced a comprehensive product repricing, with rate reductions of up to 20 basis points (bps) across its Prime product range and up to 30 bps across its Impaired Credit proposition.

Prime products are also available to customers who have been in debt management plans for over three years, offering flexibility for those with a varied credit history.

The Prime 90 5-Year Fixed offers a headline rate of 4.79% (down from 4.99%) with a 90% LTV, available until 30/11/2029. The Prime 75 5-Year Desktop Option, also fixed until the same date, shares the same rate and supports remortgages with a 75% LTV. Both products have maximum loan amounts of £750,000.

For products fixed until 30/11/2026, the Prime 90 2-Year Fixed and Prime 75 2-Year Desktop Option offer loan sizes up to £750,000, and rates starting at 5.39%.

These products cater to self-employed individuals and those with multiple income streams, accepting non-standard earnings such as overtime, bonuses, commissions and income from second jobs, alongside recent changes which allow the use of up to 100% of large town allowance and car allowance payments. Additionally, interest-only options are available across the Prime range, providing adaptable solutions for diverse financial needs, subject to a suitable repayment vehicle.

For customers with impaired credit, products are specifically designed for those recovering from significant life events, such as bankruptcy or an Individual Voluntary Arrangement (IVA). In some cases, applicants may be eligible the day after discharge, making these products an ideal choice for those looking to rebuild their financial standing.

Debt consolidation is also available for those clients that want to restructure their existing finances.

Within the Society’s Impaired Credit range, the 3-Year Discount is now 6.29% (down from 6.59%), with a maximum loan of £500,000 and an LTV of 70%, while the 3-Year Fixed option offers 6.19% until 30/11/2027, both with a product fee of £999.

Claire Askham, Head of Mortgage Sales at Buckinghamshire Building Society, commented:

“We understand the challenges many borrowers are facing in today’s market, and our repriced mortgage products offer more competitive and flexible options for both homebuyers and remortgage customers.

“By broadening our acceptance criteria, especially for those with complex incomes or recovering from financial difficulties, we are continuing our mission to provide responsible lending solutions tailored to the evolving needs of our customers. “

For more information on these products visit the Buckinghamshire Building Society website here.