Buckinghamshire Building Society has cut rates by up to 20 basis points across its prime product and up to 30bps across its impaired credit range, while Castle Trust Bank launches reductions across its refurbishment and landlord loans.
The mutual says its Prime 90 five-year fix offers a headline rate of 4.79% (down from 4.99%) at 90% loan to value, available until 30 November 2029.
The Prime 75 five-year Desktop Option, also fixed until the same date, shares the same rate and supports remortgages with a 75% LTV. Both products have maximum loan amounts of £750,000.
For products fixed until 30 November 2026, the Prime 90 two-year fix and Prime 75 two-year Desktop Option offer loan sizes up to £750,000, and rates starting at 5.39%.
The firm says these products are aimed at self-employed individuals and those with multiple income streams, accepting non-standard earnings such as overtime, bonuses, commissions and income from second jobs, alongside recent changes which allow the use of up to 100% of large town allowance and car allowance payments.
Additionally, interest-only options are available across the Prime range, providing adaptable solutions for diverse financial needs, subject to a suitable repayment vehicle.
Prime products are also available to customers who have been in debt management plans for over three years, offering flexibility for those with a varied credit history.
Buckinghamshire adds that impaired credit loans are aimed at customers recovering from “significant life events”, such as bankruptcy or an individual voluntary arrangement.
Debt consolidation is also available for clients who want to restructure their existing finances.
The society’s three-year discount offer is now 6.29% (down from 6.59%) in its impaired credit range, with a maximum loan of £500,000 and an LTV of 70%, while the three-year Fixed option offers 6.19% until 30 November 2027, both with a product fee of £999.
Buckinghamshire Building Society head of mortgage sales Claire Askham (pictured): “By broadening our acceptance criteria, especially for those with complex incomes or recovering from financial difficulties, we are continuing our mission to provide responsible lending solutions tailored to the evolving needs of our customers.”
Meanwhile, Castle Trust Bank has cut rates across its heavy refurbishment with drawdowns, light refurbishment and its buy-to-let product, TermTen.
The rate on Castle Trust Bank’s heavy refurbishment with drawdowns product has been cut from 0.99% to 0.90%.
While the sale exit rate on light refurbishment offers has been reduced from 1.04% to 0.90%. The maximum term on this product has also been increased from 12 months to 18 months.
The lender’s landlord product, TermTen, can be used for small houses in multiple occupation, multi-unit freehold blocks and holiday lets,
The rate on the BTL deal cut from 6.39% to 5.89%, and comes with a choice of a 3% arrangement fee with a 1% exit fee, or a 4% arrangement fee with no exit fee.
Castle Trust Bank Commercial Director Anna Lewis says: “We’ve been consistently enhancing our lending proposition for property investors with improvements such as net LTV calculations to provide greater leverage and heavy refurbishment bridging loans with drawdowns to provide a more cost-efficient way to complete their projects.”
