Buckinghamshire BS launches 5yr fixes and desktop valuations

Buckinghamshire Building Society has launched two new specialist five-year fixed rate products.

The first is specifically for shared ownership applicants and the second forms part of their later life lending range with the option of a desktop valuation to help reduce costs and speed up the application process.

The five-year fixed rate shared ownership product is available without a product fee for both purchase and remortgage cases for properties across England and Wales.

Key features include:

  • Available for share purchase of 25%-75%
  • Maximum loan to share (LTS) or 95%
  • Loans from £50,000-£500,000
  • Maximum 6 stories for flats (4 for ex-local authority)
  • Lease must allow for staircasing to 100%
  • Standard credit criteria applies
  • Other fees & T&Cs apply

The five-year fixed rate later life lending offering is available for remortgage cases only for properties across England and Wales.

Key features include:

  • Maximum loan to value (LTV) or 60%
  • Loans from £50,000-£300,000
  • Maximum term of 40 years
  • Interest only, capital repayment or part & part considered
  • Standard credit criteria applies
  • Other fees & T&Cs apply

This is the first product that has been launched in conjunction with Buckinghamshire Building Society’s new desktop valuation option. If the property is unsuitable for a desktop valuation, other valuation options are available.

Claire Askham (pictured), head of mortgage sales, said: “Following our re-entry into the shared ownership market last month, we received multiple inquiries from brokers looking for a fixed rate option.

“It’s completely understandable, the majority of applicants looking at shared ownership are first time buyers who want to have the certainty of a fixed monthly payment which allows them to budget in a changeable market.

“As a mutual, a key part of what we do is to support low deposit buyers and help them achieve their dreams of property ownership. With the recent closure of the Help to Buy scheme, improving our shared ownership offering, along with our existing Family Assist and JBSP product range, opens the door for more purchasers to achieve their goals.

“Similarly, when looking at our later life lending range we could see the real need for a longer-term fixed deal, so we worked with our credit risk team to get one in place.

“It’s been an interesting few months, discounted rate products have been leading the way and who thought we would have been saying that 12 months ago? Despite that, as much as brokers and their clients are more accepting of these variable rate products now, there’ll always be a section of applicants who require a fixed option, so it’s important we’re offering that choice wherever we can.”

In addition to launching these new products, Buckinghamshire Building Society have also reduced rates on a variety of their other mortgage products.

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