Melton Building Society has launched a residential mortgage for self-employed applicants.
The mutual said it was turning its attention to the self-employed, following recent changes across its other product ranges.
This includes its decision to remove early repayment charges (ERCs) and reinspection fees from its self-build mortgages, increase the maximum loan to value (LTV) on interest-only and part and part mortgages, and introduce tiered interest coverage ratios (ICRs) for buy-to-let (BTL) borrowers.
The recent product is a two-year fix available up to 80% LTV with a rate of 5.25%. It is subject to a £199 application fee and open to self-employed borrowers with just 12 months’ trading history.
Jamie Hyland (pictured), head of product and marketing at Melton Building Society, said: “As a mutual building society, we are continually looking for ways to help address some of the hurdles applicants face on their journey towards homeownership.
“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 12 months’ trading history that we can support more self-employed buyers with their homeownership aspirations.”
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