Buckinghamshire Building Society has launched a series of new mortgage products in response to changing market conditions as a result of the pandemic.

The move includes the addition of a proposition that would give people the opportunity to own a second holiday home and rent it out for up to 90 days each year as a holiday let.

The society suggested the product addresses a “shift towards UK based holidays” following the uncertainty of holidays abroad.

Buckinghamshire head of lending, Tim Vigeon, commented: “The mortgage market has changed significantly as a result of the pandemic and we want our mortgage offering to reflect that. By identifying potential gaps in the market and developing products that suit the needs of our customers, we can ensure we have a product to suit someone’s individual needs.”

The society has also launched a 90% LTV fixed mortgage product in response to demand from its broker community as well as a five-year fixed retirement product.

“As a society, we are confident that these additions to our already broad mortgage product offering will allow people additional flexibility when buying a home of their own after what has been a truly turbulent time for many,” Vigeon added.

“We continue to assess applications on a case by case basis and our human approach to underwriting means that we credit search rather than credit score. By taking this holistic view we can better understand the affordability of the mortgage options so that they are suitable and sustainable for the borrower’s individual circumstances.”

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