The Buckinghamshire Building Society is launching a range of 95% loan to value (LTV) products.
After significant demand for its Family Assist product range, which is designed to allow families to support first time buyers at up to 100% of the purchase price, the Buckinghamshire Building Society has now introduced a standalone 95% LTV offering across England and Wales.
In addition, it will be offering lower rates to its current members and their families, as well as for any properties being purchased in the county of Buckinghamshire.
The mutual anticipates that the demand for these products will be high and encourages brokers to submit applications for this limited tranche of lending as soon as possible.
Tim Vigeon, head of lending at the Buckinghamshire Building Society, said: “As a mutually owned Building Society, we are committed to doing whatever we can to help people get onto the property ladder after what has been an incredibly challenging year. Needing just a 5% deposit for a property makes purchasing a home more attainable for many who can sustainably afford a mortgage but have not accumulated a large deposit. Our aim is to help those people to get the support they need, which is ultimately good for our community and our economy as we emerge from the Covid period.
“The society assesses applications on a case by case basis, our human approach to underwriting means that we credit search rather than credit score applications, so that we can take a holistic view when reviewing an application rather than relying on a computer based decision. We take the time to understand the affordability of the mortgage options so that they are suitable and sustainable for the borrower’s individual circumstances.
“This product is a great addition to our first-time buyer range and gives us even more options to meet their needs.”