Buckinghamshire Building Society has launched a new one-year discounted rate mortgage designed to provide brokers and their clients with greater flexibility when seeking short-term lending solutions.
The new product is available at 5.89% (a discount of 2.05% from their SVR for the first 12 months), with a £2,500 product fee, and offers borrowers the ability to repay or refinance without incurring an early repayment charge (ERC).
Available for both purchase and remortgage applications, the product can be used on houses and flats – including new build properties – and is offered on both repayment and interest-only terms.
The mortgage is available for loan amounts between £100,000 and £500,000.
The launch is aimed at borrowers who may require a short-term lending solution while awaiting a future change in circumstances, such as the sale of another property, receipt of funds, or plans to refinance in the near term.
As with all Buckinghamshire Building Society mortgages, applications are manually underwritten and assessed on their individual merits. While designed to support short-term borrowing requirements, full affordability is assessed over the entire mortgage term.
Claire Askham, Head of Mortgage Sales at Buckinghamshire Building Society, said:
“Not every borrower is looking for a long-term fixed rate commitment. We regularly speak to brokers whose clients need a shorter-term solution that gives them flexibility while they work towards a future change in circumstances.
“Whether that's a planned refinance, a property sale, the release of funds, or another anticipated event, this product provides an option for borrowers who want access to short-term lending without being tied in by early repayment charges.
“By offering a one-year discounted rate across purchases and remortgages, we're giving brokers another option to support clients whose needs may not fit a traditional mortgage term.”
