Buckinghamshire Building Society expanded its non-standard credit Bucks Solutions 1 range to include buy-to-let purchase and remortgage applications.   

The mutual says this range “is ideal for applicants with a less than perfect credit history and allows our underwriters to use their discretion on a variety of issues”.   

It says its team will look at max status 1 on secured and unsecured loans in the last three years, missed payments on utilities, as well as mail order and communications accepted.  

Its underwriters will also consider debt management plans if satisfied by completion and satisfied individual voluntary arrangements and discharged bankrupts after four years, if no additional adverse credit has occurred since.  

The lender adds, if there have been no further instances of the following in the last 12 months it will also look at, up to £1,000 of defaults outstanding in the last three years.  

It will also consider up to £250 of county court judgments outstanding in total in the last three years, mortgage arrears up to max status 1 in the last three years, as well as payday loans up to max status 1 in the last three years.  

The mutual says other key features of the offer are that new build flats and houses are acceptable, loan sizes range between £50,000 and £500,000, with a maximum loan to value of 75% and a maximum term of 40 years. The deal is available across England and Wales.  

It says that its BTL mortgages are now stressed at 5.5%, or pay rate +2.5%, whichever is higher.  

The business adds that “due to the complexity of this product type”, a decision in principle must be submitted prior to full application.