Melton Building Society has launched a new residential two-year fix for self-employed homebuyers.
The product is priced at 5.25% and available up to 80% LTV, with a £199 fee. Unlike many other self-employed mortgages, applicants need just a 12-month trading history.
This latest product launch follows a raft of recent changes to Melton’s product range. Head of product and marketing Jamie Hyland says: “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.”
Meanwhile specialist lender Aspen has also refreshed its mortgage range, updating its bridge-to-let product and launching a new three-year hybrid offering.
Applicants can now opt for a nine-to-12 month bridge, followed immediately by a two-year BTL option. The loan is fully underwritten upfront and uses one facility letter and one initial valuation for both elements.
The product is available with BTL rates from 6.79% per annum with initial bridging rates from 0.79% per month. The maximum loan size is £5m with LTVs of up to 80%.
The product is available to fund projects and investment properties across England and Wales, with Aspen offering the product using Docusign and no search indemnity, to simplify the legal process.
Aspen Bridging managing director Jack Coombs says: “We are very positive that out new three-year bridge to let will appeal strongly both to foreign investors and also to UK developers as it offers them true bridging, such as lending without UK footprint and support for heavy works, combined with the certainty of BTL funding after the bridge.”
This product launches follows changes to Aspen Bridging’s rates last week, which saw reductions of up to 80bps for all new applications and a higher maximum loan size of £15m net.