5 Year Fixed Remortgage Product launched by Buckinghamshire Building Society
09 November 2021
In response to a significant shift in market conditions, supported by insights by Experian suggesting that almost 6% of all homeowners could be coming to the end of their fixed term deal over the next three months*, with an estimated £183bn of remortgages set to mature (*), Buckinghamshire Building Society today announced the launch of a compelling 5 year fixed rate mortgage product.
The product has a rate of 1.99%** fixed for 5 years with a reduced product fee of £495 and a maximum LTV of 80% and the Buckinghamshire based Society anticipate high demand for the product given the current market conditions.
Speaking about the new product, Gerard O’Keeffe, CEO at Buckinghamshire Building Society said, ‘With interest rates set to increase imminently, this is a well-timed opportunity for people to remortgage, safe in the knowledge that their rate will be fixed for the next 5 years. This product demonstrates our continued commitment to helping people recover from the financial impact of the pandemic, by providing certainty and ultimately peace of mind. We anticipate this being a highly popular product and this, along with our fully flexible approach to lending and recently enhanced Broker Online system will ensure we can continue to go above and beyond to meet the needs of our customers and Brokers.’
Buckinghamshire Building Society will also accept search indemnity insurance for this product, enabling the completion process to be as streamlined as possible.
*Source – Experian as sited in What Mortgage 2/11/21
(*) analysis from CACI – mortgage introducer article by Karen Rodrigues
**Product details: Fixed rate of 1.99% until 28 February 2027. Product fee of £495. Up to 40 year term. Minimum age 18 – no maximum age. Minimum Loan £50k - Maximum Loan £1m. Max 80% LTV including fees (max 75% LTV on Interest Only). Interest Only, Repayment or part and part loans permitted. ERC & other fees apply.
