Brilliant Solutions offers packaging expertise on Buckingham BS products so we are available to help with your cases and you can also access their products through our direct to lender mortgage club which not only gives you the support you need but pays you on the day of completion.
This is the latest announcement from Buckinghamshire BS.
Announcement
NEW Buy To Let Non Standard Credit Product Launches!
If your clients have had a credit blip due to the pandemic or another life event, meaning they no longer have a clean credit history, but they are now in a position to invest in a Buy to Let property, we are here to help!
These products are:
– Aimed at borrowers with non-standard credit (non-standard credit cases should fit our Bucks Solutions 1 credit criteria)
– 3-year fixed product to 31/5/2025 at 3.99%**
– 3-year discounted product also available at 3.39%**
– FTB not considered
To find out more about this new product, click here!
How to apply:
1) Use our Buy to Let affordability calculator to assess the case – click here.
2) Submit your DIP along with ALL supporting documents and then simply wait to hear from us.
**Product details: 3 year Fixed rate of 3.99% until 31st May 2025 or 3 year discounted product at 3.39%. Product fee of £1,195. Up to 40 year term. Minimum age 21 – no maximum age. Minimum Loan £50k – Maximum Loan £500k. Max 75% LTV including fees. Bucks Solution 1 credit criteria. ERC & other fees apply.
Representative Example:
Fixed Rate: A mortgage of £215,000 payable over 25 years on an interest-only basis, initially on a fixed rate of 3.99% until 31/05/2025 and then on our Buy to Let Standard Variable Rate currently 6.14%, for the remaining 22 years would require 36 payments of £714.88 and 264 payments of £1,100.08. The total amount payable would be £532,934.80 made up of the loan amount plus interest (£316,156.80), a product fee (£1,195), a funds transfer fee (£25), valuation fee (£310), solicitors fees (£148) and an exit fee (£100). The overall cost for comparison is 5.9% APRC representative.
Discounted rate: A mortgage of £101,000 payable over 10 years on an interest-only basis initially at a discount of 2.75% from our Buy to Let Standard Variable Rate, currently 6.14%, giving a pay rate of 3.39% for 3 years and then on our BTL Standard Variable Rate, currently 6.14%, for the remaining period would require 36 payments of £285.33 and 84 payments of £516.78. The total amount payable would be £156,459.40 made up of the loan amount plus interest (£53,681.40), a product fee (£1,195), a funds transfer fee (£25), valuation fee (£310), solicitors fees (£148) and an exit fee (£100). The overall cost for comparison is 5.5% APRC representative.
Calling all intermediaries..
Great News! Buckinghamshire Building Society launches new product to make the Buy-to-Let market more accessible for borrowers.
Buckinghamshire Building Society have launched a new BTL mortgage product particularly aimed at those with non-standard credit*, following an increase in applications from borrowers who have had a life event that has impacted their credit profile in the past.
The product offers either fixed or discount interest rate for the next three years so that brokers can have options to help clients to focus on the lowest costs or on the certainty of not having unexpected costs to contend with in a period where interest rates are more volatile.
The Society expects demand from this type of borrower to grow, particularly with those who may have had some unexpected financial complications during the pandemic. The new product recognises that life sometimes throws up some unexpected challenges but Buckinghamshire Building Society believes that this shouldn’t stop borrowers from being able to invest appropriately.
The Buy-to-Let market plays an important role in the housing market in England and Wales, and landlords provide much needed accommodation for over 4 million households. Despite tax changes over the last five years, a recent survey by Simply Business showed that 23% of Landlords would like to invest in another Buy-to-Let property this year, demonstrating that it can be a good financial investment.(1)
What’s more:
- We manually underwrite each case
- We rely on credit searches not scores
- Our BTL affordability calculator allows you to check affordability before submitting your DIP
“The Buy-to-Let market is very active at the moment and we want to help more borrowers have the opportunity to make this kind of investment. We recognise that sometimes life events do impact credit history and this product means that our underwriters can take a common sense approach to lending and make a decision to support individuals in the right circumstances.” Claire Askham, Head of Mortgage Sales, Buckinghamshire Building Society.
To find out more about this brand new product, visit https://www.bucksbs.co.uk/intermediaries/buy-to-let-44001/
* Non-standard credit cases that fit our Bucks Solutions 1 credit criteria. Visit the intermediaries page on our website for our Credit Criteria Matrix and full product details; www.bucksbs.co.uk/intermediaries/all