The product is available up to 75% loan to value and offers an initial pay rate of 1.99% (3.25% discount off variable rate currently 5.24%). The initial discounted period is applicable for two years from completion which then reverts to a 2.74% discount off the current standard variable rate for the remainder of the loan.
The product is available for purchase and remortgages customers up to 75% loan to value and free legals are available for like for like remortgage transactions, including a free drive-by valuation. There is a £399 arrangement fee and a £99 up-front booking fee applicable.
Robert McCoy, senior product and communications manager at Sesame Bankhall Group, said: “Buckingham Building Society is one of many regional building societies supporting intermediaries and we are delighted to have this product. We have seen recently an increase in discounted products coming to market and they are proving popular with our members.”
Stewart Hunter, business manager at Buckingham Building Society, added: “This product has a combination of low interest rate and low fees. In addition, applicants who struggle with affordability based upon lender stress testing will greatly benefit from the ongoing 2.74% discount off SVR after the initial rate”.