Buckinghamshire BS introduces mortgages for people with adverse credit

December 24, 2023 by Mark

News

Buckinghamshire Building Society is introducing a mortgage to its range that is targeted at people with adverse credit, as one of several adjustments that it has made to its slate of products.

This new product has a rate that has been fixed at 6.89% for the next three years. Borrowers can apply for mortgages starting at £50,000 and going all the way up to £500,000, while the loan-to-value maximum is 70%. The loan is available either for people seeking a purchase mortgage or those who want to remortgage.

The lender is stating that the mortgage will be accessible to people with credit issues who are following a Debt Management Plan. Those who have an individual voluntary arrangement (IVA) or discharged bankruptcy will also be able to apply for it, as long as these will be settled at the end of the term.

Buckinghamshire BS opted to announce the launch of this new product via an email that was sent out to mortgage advisors. In it, the company said that a lengthy period of market uncertainty and increasing costs appeared to be passing.

Financial Reporter is stating that the email continued as such:

“Although this is great news, the reality of the ongoing cost of living crisis and regular increases in interest rates, has meant that we’re seeing more and more applicants with everything from minor credit blips like missed payments to more serious credit issues like Debt Management Plans.

This is a situation that advisors with a CeMAP qualification will also be very aware of.