Buckinghamshire Building Society has lowered rates across its prime mortgage range by as much as 0.2% and impaired credit products by up to 0.3%.
The mutual has reduced the prime five-year fixed mortgage at 90% loan to value (LTV) from 4.99% to 4.79%, while the two-year fixed desktop option at 75% LTV has also been cut, with rates starting at 5.39%.
The desktop range offers loans up to £750,000.
Buckinghamshire Building Society’s prime range is available to self-employed borrowers and people with multiple sources of income. It will accept non-standard earnings such as overtime, bonuses, commissions and income from second jobs, alongside recent changes that allow the use of up to 100% of large town allowance and car allowance payments.
The prime mortgages are also open to borrowers who have been in debt management plans (DMPs) for over three years, with the option to pay on an interest-only basis.
Within its impaired credit range, its three-year discount product at 70% LTV has been reduced from 6.59% to 6.29%, while the three-year fixed rate is now priced at 6.19%. Both have a £999 product fee.
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Claire Askham, head of mortgage sales at Buckinghamshire Building Society, said: “We understand the challenges many borrowers are facing in today’s market, and our repriced mortgage products offer more competitive and flexible options for both homebuyers and remortgage customers.
“By broadening our acceptance criteria, especially for those with complex incomes or recovering from financial difficulties, we are continuing our mission to provide responsible lending solutions tailored to the evolving needs of our customers.”
Suffolk BS introduces JBSP across resi, BTL and holiday let
Suffolk Building Society has widened the availability of joint borrower sole proprietor (JBSP) applications across residential, buy-to-let (BTL) and holiday let options for UK and expat borrowers.
This will also be available for purchase and remortgage.
Suffolk Building Society’s JBSP proposition allows up to four people from two households to borrow, with one or two individuals named on the property’s title deeds.
The borrowers must all be immediate family, such as parents, grandparents, son, daughter, brother or sister, and can include stepfamily and adoptive family.
Charlotte Grimshaw, head of intermediary relations and mortgage sales at Suffolk Building Society, said: “We’re always looking to support first-time buyers and those stepping onto the property ladder, but we also believe that joint borrower sole proprietor has many other applications [that] make it an appealing feature for families in differing circumstances.
“Family is important and, where possible, family members want to help each other. By launching JBSP, we’re supporting this societal norm and providing another vehicle for the generations to pool resources in a way that goes beyond simply ‘gifting’ money.”
She added: “We know that house prices continue to rise well above average earnings and that’s affecting many people, not just those new to homeownership. For example, couples separating can mean an individual suddenly having to fund a mortgage on one salary. Joint borrower sole proprietor could be just the answer in enabling family members to support that individual to either stay in the family home, or purchase something new.
“Alongside our manual underwriting and flexible criteria, we believe our joint borrower sole proprietor offering will help more people with homeownership when they’re faced with changes in circumstances. We look forward to seeing how different families make use of this new feature.”
At the start of this month, Suffolk Building Society announced it would pay brokers a proc fee for transacting a product transfer.
