New products and changes announced by Buckinghamshire BS

Buckinghamshire Building Society has announced the launch of a number of new mortgage products in addition to streamlining some of its existing ones.

The building society is stating that, as of now, it is set to employ automated valuation models (AVMs) when it comes to its range of remortgage products, with the loan-to-value (LTV) ratio for these now being set at 70%. Alongside this, it will now be rationalising all of its mainstream mortgage product range for those applications that are not covered by its AVM criteria.

Tim Vigeon, the head of lending, told Mortgage Introducer that these changes had been put in place to make sure that everyone who applies for a mortgage from Buckinghamshire BS will be able to move forward with this and their home ownership plans despite the disruption created by the coronavirus pandemic.

He went on to say that the situation within the UK economy and factors like the decision by the Bank of England to reduce the base interest rate, had fuelled the changes that the society was now making, and that applications that were not within the AVM criteria would be underwritten then suspended until physical valuations could be resumed, adding:

“We are committed to supporting brokers and borrowers during the lockdown period and the ‘new norm’ as the mortgage market continues to develop and adjust after the lockdown ends.”

New working norms will continue apply to everyone post-lockdown, including advisors with CeMAP training who will likely communicate with clients by video more often.


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