The society has said it expects demand from this type of borrower to grow, particularly with those who may have had some unexpected financial complications during the pandemic.
The 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.
Underwriters at the society carry out manual credit searches rather than relying on credit scores, allowing them to fully understand credit history and the factors affecting any 'blips'. Cases are assessed on an individual basis.
Claire Askham, head of mortgage sales, 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.”
