Buckinghamshire Building Society unveils three mortgages for credit impaired
Buckinghamshire Building Society has unveiled three mortgages designed for those who have difficulty getting a mortgage.
The products are a 3-year fix at 3.79%, a 3-year discount from the lender’s SVR at 3.39% and a 5-year discount at 3.49% to 80% loan-to-value. Currently the lender’s SVR is 4.99%
Tim Vigeon, head of lending at Buckinghamshire Building Society, said: “Our new discount product rates have been reduced and our lending criteria has widened to help those in PAYE employment who have had credit issues.
“We think that with our specialist underwriting team we can assess these cases to ensure we continue to lend responsibly, whilst giving those people a chance of buying a new home.”
Buckinghamshire allows one missed mortgage payment in the past three years providing it was not in the past 12 months.
It also welcomes borrowers with up to six missed payments on credit card, communications, utilities or mail order in the last three years providing the borrower has in the past six months.
The variable rate products have an early repayment charge of 1% in year one and 0.5% in year two. For the fixed rate product the ERC is 3% in the first year, 2% in the second and 1% in the third.