Buckinghamshire Building Society has introduced a new non-standard credit BTL product for landlords with minor credit issues.
The offering aims to support landlords with missed payments on secured and unsecured loans, defaults, CCJs, mortgage arrears, and payday loans, as well as missed utility payments.
Both individual and limited company landlords will be able to access the product, but must have a maximum of three BTL mortgaged properties (across regulated and consumer BTL).
The offering is available with a three-year discount of 2.4bps on the standard variable BTL rate, giving a current headline rate of 6.39%.
The product is available up to 75% LTV and for loans up to £500,000, with zero application fees and a product fee of £1,195.
“Our BTL non-standard credit mortgage is a new area of lending for the society, and fills an important gap in the market,” said Claire Askham, head of mortgage sales at Buckinghamshire Building Society (pictured above).
“Brokers are crying out for more options for their landlord clients who have experienced minor credit issues, with an insufficient level of choice on the market currently.
“Landlords have not been immune to the cost of living pressures and will benefit from the flexibility built into our new product.”
The news follows recent rate reductions across several of the society’s mortgages covering residential, first-time buyers, later life, and expat holiday lets.
