Buckinghamshire Building Society has reduced the product cost for its Credit Revive and Credit Restore home mortgages from £999 to £499.
The rate reductions apply to all residential products within both bandwidths.
The association’s Credit Revive range is available up to 85% loan-to-value (LTV), with both fixed and reduced two-year interest options available.
A product with a pension discount is also offered up to 70% LTV over a five-year term.
Meanwhile, the Credit Restore range is available up to 75% LTV and includes both two-year fixed and discounted products, aimed at borrowers looking to rebuild their credit profile.
The ranges are designed to support applicants who may fall outside mainstream credit criteria, including those with historical missed payments, debt management plans or previous adverse credit events, whilst still providing a practical route back to home ownership or a new mortgage.
Claire Askham, head of mortgage sales at Buckinghamshire Building Society, said: “Over recent years many borrowers have faced financial pressures which have had a lasting impact on their credit profiles, despite now being in a much more stable position.”
“By reducing product costs for both Credit Revive and Credit Restore, we are helping brokers support customers who may already be experiencing affordability issues as they look to improve their financial position.”
Elsewhere, Accord Mortgages has implemented interest rate increases for transferring products from purchase to rental.
The range, with new prices coming into effect today, will see two-year product rates increase by 0.05%, three-year product rates by as much as 0.13% and five-year product rates by 0.20%.