Buckinghamshire Building Society has cut rates on its Credit Restore mortgage range by up to 20 basis points, unveiling a pair of new two-year fixed-rate products aimed at credit-impaired borrowers.
The new deals, which are available immediately, are priced at 6.19% up to 60% loan-to-value and 6.69% up to 75% LTV. Both products can be used for purchase and remortgage and are available for loans up to £750,000.
The Credit Restore range is tailored for borrowers with impaired credit histories, with higher LTV options designed to help those looking to consolidate debt or strengthen their overall financial position.
The rate reduction follows last month’s decision by the Society to raise the maximum LTV on its Credit Restore range from 70% to 75%, a move it said was intended to give brokers greater flexibility when advising clients with complex credit profiles.
Claire Askham, head of mortgage sales at Buckinghamshire Building Society, said the changes would make a tangible difference to borrowers trying to get back on track financially.
“At the Society, we want to make it easier and more affordable for borrowers to repair their credit position and our reduced pricing, along with the recent increase in LTV to 75% will undoubtedly help more borrowers achieve their home ownership ambitions,” she said.
Askham added that the lender’s approach is underpinned by pragmatic underwriting rather than automated decision-making.
“At Bucks, we pride ourselves in helping customers that don’t always fit the norm. Many just simply need a common-sense approach to underwriting and a lender that understands the nuances of their circumstances.”
Brokers are encouraged to speak to their key account manager to explore how the new pricing structure could benefit individual cases.
