Buckinghamshire Building Society has launched a new one-year discount mortgage.
The new product is designed to provide brokers and their clients with greater flexibility in short-term lending solutions.
The new product is available for 5.89%, a 2.05% discount on the SVR for the first 12 months, with a product fee of £2,500. It offers borrowers the option to repay or refinance without an early repayment fee (ERC).
The product is available for both purchase and remortgage applications, can be used for houses and apartments, including new build properties, and is offered on both interest-only and interest-only terms.
The mortgage is available for loan amounts between €100,000 and €500,000.
Buckinghamshire Building Society head of mortgage sales Claire Askham says: “Not every borrower is looking for a fixed rate commitment for the long term. We regularly speak to brokers whose clients need a shorter-term solution that gives them flexibility as they work through a future change in circumstances.”
“Whether it is a planned refinancing, a real estate sale, a release of funds or another anticipated event, this product provides an option for borrowers who want to access short-term loans without being tied to early repayment fees.”