Buckinghamshire BS launches adverse credit buy-to-let product

Buckinghamshire Building Society has launched a new non-standard credit buy-to-let mortgage.

The 'BTL Non Standard Credit' mortgage is available with a three-year discount of 2.40% on the standard variable buy-to-let rate, giving a current headline rate of 6.39%.

The product is available up to 75% LTV on a maximum loan size of £500,000, with no application fees and a product fee of £1,195.

It has been designed to support landlords with missed payments on secured and unsecured loans, defaults, CCJs, mortgage arrears and payday loans, as well as missed utility payments.

The mortgage is available to both individual landlords and limited companies with a maximum of three mortgaged properties, and on both regulated and consumer buy-to-let properties.

The new product launch follows recent rate reductions across several mortgages covering residential, first-time buyers, later life and expat holiday lets.

Claire Askham, head of mortgage sales at Buckinghamshire Building Society, said: “Our BTL Non Standard Credit mortgage is a new area of lending for the society, and fills an important gap in the market. Brokers are crying out for more options for their landlord clients who have experienced minor credit issues, with an insufficient level of choice on the market currently.

“Landlords have not been immune to the cost of living pressures, and will benefit from the flexibility built into our new product. Buckinghamshire Building Society is determined to work closely with brokers, and ensure our proposition meets the needs of their clients.”