Buckinghamshire BS Broadens Credit Revive Range to Include BTL and Later Life
Buckinghamshire Building Society has expanded its Credit Revive mortgage offerings to assist both buy-to-let (BTL) landlords and later life borrowers. This initiative is aimed at individuals with past credit issues who are seeking lending opportunities.
New Mortgage Options Introduced
The updated Credit Revive range now includes three distinct options:
- BTL Credit Revive Two-Year Fix: Up to 75% loan to value (LTV) with an interest rate of 5.69%.
- Limited Company Option: For special purpose vehicles (SPVs) priced at 5.89%.
- Retirement Credit Revive: A five-year fixed product available at 70% LTV, priced at 5.79%.
Target Audience
This expansion allows Buckinghamshire Building Society to support various borrowers. Previously, the Credit Revive products were limited to residential purchases and remortgages. Now, those with:
- Arrears
- Missed payments
- County Court Judgments (CCJs)
can apply, provided they demonstrate stable circumstances and meet affordability criteria.
Focus on Recovery
Claire Askham, head of mortgage sales at Buckinghamshire Building Society, emphasized the importance of this initiative. She stated, “Brokers are encountering more clients who show solid current affordability but have old credit blemishes. Our goal is to acknowledge their recovery.”
Askham further explained that these products are designed to offer practical lending solutions. They prioritize current financial situations over past mistakes, enabling landlords and later life borrowers to pursue fresh starts.
The new Credit Revive options from Buckinghamshire Building Society highlight a commitment to inclusivity in the mortgage market. By catering to borrowers with historical credit challenges, they aim to eliminate barriers to homeownership and investment.
