Buckinghamshire Building Society has launched a new buy-to-let mortgage product aimed at those with non-standard credit.
The mutual says the news follows an increase in applications from borrowers who have had a life event that has impacted their credit profile in the past.
The Society expects demand from this type of borrower to grow, particularly with those who may have had some unexpected financial complications during the pandemic.
The new product offers either fixed or discount interest rate for the next three years so that brokers can have options to help clients to focus on the lowest costs or on the certainty of not having unexpected costs to contend with in a period where interest rates are more volatile.
The underwriters at the Society carry out manual credit searches rather than relying on credit scores.
Claire Askham (pictured), head of mortgage sales at Buckinghamshire Building Society, said: “The buy-to-let market is very active at the moment and we want to help more borrowers have the opportunity to make this kind of investment.
“We recognise that sometimes life events do impact credit history and this product means that our underwriters can take a common sense approach to lending and make a decision to support individuals in the right circumstances.”
