Buckinghamshire Building Society has launched a mortgage product on an interest-only or repayment basis for loans from £20,000 to £50,000.
This product, which has a rate of 4.74%, is designed for borrowers who have 60% LTV with a minimum property value of £180,000. It’s also available to the self- employed and those with pension income providing affordability can be met.
Julie Hanif, broker relationship manager at the building society, said: “We have had a lot of enquiries from brokers who have clients looking to borrow a small amount to refurbish their home, help out their children or are just moving and only need a small amount.
“We decided that this was a perfect niche lending area for us. To us a small mortgage carries just as much importance as a larger one because we value all of our customers, regardless of the amount.”