"There are very few options out there for credit-impaired applicants who need a higher LTV for debt consolidation or to improve their financial position, so this is a meaningful change"
- Claire Askham - Buckinghamshire Building Society
Buckinghamshire Building Society has increased the maximum loan-to-value on its Credit Restore mortgage products from 70% to 75%. The update is effective immediately and reflects the Society’s focus on improving support for clients with impaired credit histories.
The new upper limit is aimed at giving brokers greater flexibility when working with borrowers who may need higher LTVs to consolidate debt or strengthen their financial position. In line with the change, the Society has also launched a new three-year fixed-rate mortgage, offering a headline rate of 6.89% up to the revised 75% LTV cap.
This latest product joins the existing Credit Restore range, which includes a two-year discounted rate and a three-year fixed rate, both previously capped at 60% LTV. All mortgages in the range come with a £999 fee and are positioned to offer more stability to clients looking to rebuild their credit standing over time.
“This is something we’ve been working towards for some time, and we’re pleased to be in a position to offer higher LTVs for borrowers who need that extra support to get back on track," explained the society's head of mortgage sales, Claire Askham (pictured). “There are very few options out there for credit-impaired applicants who need a higher LTV for debt consolidation or to improve their financial position, so this is a meaningful change.
She added, “These products are designed to give applicants valuable breathing room to rebuild their credit profile, while providing brokers with confidence that there’s a lender willing to consider the story behind each case.”
The Society is encouraging brokers to speak with their key account managers to explore individual cases in more detail, as applications will continue to be assessed on a case-by-case basis.
