Buckinghamshire Building Society has expanded its Credit Revive range to include buy-to-let options. This strategic move aims to support borrowers struggling with past credit issues, such as landlords and retirees.
Overview of Expanded Credit Revive Range
Three new products have been launched in the Credit Revive line. This marks the first time these offerings are available for buy-to-let and later life borrowers.
Key Products Introduced
- Buy to Let Credit Revive Fixed: 5.69% until 31/05/2028, up to 75% LTV.
- Buy to Let Credit Revive Ltd Company Fixed: 5.89% until 31/05/2028, up to 75% LTV (SPVs only).
- Retirement Credit Revive Fixed: 5.79% until 31/05/2031, up to 70% LTV.
This expansion reflects a shift from the previous limitations where Credit Revive products were restricted to residential purchases and remortgages.
Target Audience
The new offerings are designed for applicants whose credit histories include past problems such as arrears, missed payments, or County Court Judgments (CCJs), provided they can demonstrate improved financial circumstances.
Manual Underwriting Approach
Each application will undergo a manual underwriting process. This allows lenders to evaluate the individual circumstances of borrowers, avoiding reliance on automated credit scoring systems.
Why the Expansion Matters
Claire Askham, head of mortgage sales at Buckinghamshire Building Society, emphasized the necessity of such products. She noted increased demand from brokers for solutions tailored to clients facing complex financial histories while demonstrating strong current affordability.
“This initiative acknowledges recovery,” Askham stated. “We want to ensure that borrowers are not excluded from the market due to historical financial difficulties.”
Conclusion
The launch of these buy-to-let and retirement options in the Credit Revive range demonstrates Buckinghamshire’s commitment to inclusivity. By focusing on practical lending solutions, the society broadens access for borrowers seeking mortgages while adhering to responsible affordability checks.
The expanded Credit Revive range aims to assist borrowers in overcoming their financial pasts, providing an important lifeline in today’s economic climate.
