Buckinghamshire launches impaired credit product
Buckinghamshire Building Society has made a number of changes to its mortgage range, including a new impaired credit product and improvements across its credit matrix.
The newly-launched impaired credit product is a three-year fixed rate of 6.89%, available up to a maximum LTV of 70% on loans from £50,000 to £500,000. This product is available for both purchase and remortgage.
Bucks BS have said they will consider applicants in a Debt Management Plan that will either remain or be repair on completion; applicants with a Discharged Bankruptcy or IVA that will be settled on completion will also be considered.
In an email to brokers, the lender said of their decision to launch the new product:
"After months of rising costs and unsettled conditions across the market, it feels like things might just be calming down... at least for the moment.
"Although this is great news, the reality of the ongoing cost of living crisis and regular increases in interest rates, has meant that we're seeing more and more applicants with everything from minor credit blips like missed payments to more serious credit issues like Debt Management Plans."
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