Buckinghamshire Building Society has launched a series of new mortgage products in response to the changing market conditions experienced following the pandemic.
Home from Home is the first new addition to the society’s mortgage portfolio – a proposition which gives people the opportunity to own a second holiday home and rent it out for up to 90 days each year as a holiday let.
In addition, the lender has launched a 90% loan-to-value (LTV) fixed mortgage product in response to demand from their broker community as well as a 5-year fixed retirement product, giving additional flexibility within the later life proposition.
Tim Vigeon, head of lending at Buckinghamshire Building Society, said: “The mortgage market has changed significantly as a result of the pandemic and we want our mortgage offering to reflect that.
“By identifying potential gaps in the market and developing products that suit the needs of our customers, we can ensure we have a product to suit someone’s individual needs.
“This product addresses the shift towards UK based holidays following the uncertainty of holidays abroad. This allows people to have the best of both worlds – a place away from home to enjoy a holiday, coupled with the opportunity to generate revenue for 90 days of the year.
“As a society, we are confident that these additions to our already broad mortgage product offering will allow people additional flexibility when buying a home of their own after what has been a truly turbulent time for many.
“We continue to assess applications on a case by case basis and our human approach to underwriting means that we credit search rather than credit score.
“By taking this holistic view we can better understand the affordability of the mortgage options so that they are suitable and sustainable for the borrower’s individual circumstances.”