Melton BS introduces mortgage for self-employed buyers

Mutual introduces new product for self-employed buyers

Melton BS introduces mortgage for self-employed buyers

Melton Building Society has introduced a new mortgage product aimed at supporting self-employed homebuyers with limited trading history.

The two-year fixed rate product is offered at 5.25% and is available for loans up to 80% loan-to-value (LTV). Applicants are only required to have a minimum of 12 months’ trading history, with a £199 application fee attached.

Jamie Hyland (pictured), head of product and marketing at Melton Building Society, said the product is designed to address key challenges faced by self-employed borrowers. 

“As a mutual building society, we are continually looking for ways to help address some of the hurdles applicants face on their journey towards home ownership,” Hyland said. 

Self-employed applicants currently face the challenge of having to provide two to three years of trading history in order to secure a mortgage. We hope by offering this exclusive product with the requirement of just twelve months’ trading history that we can support more self-employed buyers with their home ownership aspirations.” 

The new product follows several recent updates to the building society’s mortgage offerings. Last week, Melton revised its self-build mortgage range, making changes based on feedback from brokers and borrowers. In December, the lender raised LTV limits on its Interest Only and Part and Part mortgages, providing borrowers with increased flexibility and borrowing capacity.

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