Buckinghamshire BS Expands Credit Revive Range to Cover BTL and Later Life
Buckinghamshire Building Society has unveiled an expanded range of Credit Revive mortgage products, specifically designed for buy-to-let (BTL) landlords and borrowers in later life. This initiative focuses on individuals who have faced credit difficulties in the past but are now seeking new lending opportunities.
New Mortgage Options Introduced
The expanded Credit Revive range consists of three distinct offerings:
- BTL Credit Revive Two-Year Fix: Offers up to 75% loan to value (LTV) with an interest rate of 5.69%.
- Limited Company Option: Designed for special purpose vehicles (SPVs), priced at 5.89%.
- Retirement Credit Revive: Features a five-year fixed term available at 70% LTV, with a rate of 5.79%.
Target Audience
This expansion significantly enhances the support available for various borrowers. The previous Credit Revive options were limited to residential purchases and remortgages. Now, the program includes individuals who have:
- Arrears
- Missed payments
- County Court Judgments (CCJs)
Applicants need to demonstrate stable financial circumstances and meet specific affordability criteria.
Focus on Recovery
Claire Askham, the head of mortgage sales at Buckinghamshire Building Society, highlighted the importance of this initiative. She noted that brokers are increasingly encountering clients with solid current finances but lingering credit issues. “Our goal is to acknowledge their recovery,” she stated.
Askham elaborated that these new mortgage products prioritize borrowers’ current financial situations over their past mistakes. This approach enables both landlords and later-life borrowers to pursue fresh starts.
Commitment to Inclusivity
The new Credit Revive options from Buckinghamshire Building Society reflect a commitment to inclusivity within the mortgage market. By catering to borrowers with historical credit challenges, they aim to dismantle barriers to homeownership and investment opportunities.
