The Buckinghamshire Building Society has recently launched a new mortgage product on an interest-only or repayment basis for loans from £20,000 to £50,000.
The product is designed for borrowers who have 60% LTV with a minimum property value of £180,000. The mutual is also offering this product to the self employed and those with pension income providing affordability can be met.
All cases are individually underwritten.
Julie Hanif, broker relationship manager at the Bucks, said: “We have had a lot of enquiries from brokers who have clients looking to borrow a small amount to refurbish their home, help out their children or are just moving and only need a small amount. We decided that this was a perfect niche lending area for us.
“To us a small mortgage carries just as much importance as a larger one because we value all of our customers, regardless of the amount.”