Mutual launches products aimed at self-employed

July 2, 2015 by Brendan

Lenders

Ipswich Building Society has just unveiled a range of products available to those who may struggle with getting their mortgage approved with a high street lender, in particular those working in

a self-employed capacity.

Ipswich Building Society’s chief executive Paul Winter commented:

“Too many credit-worthy borrowers with unusual circumstances are overlooked by mainstream mortgage lenders and our view is that mortgage misfits, including the self-employed, freelancers and contractors, should have the same level of choice and access to the mortgage market as any other group.”

The mutual said that the three deals titled ‘The Self-employed Specialist’, ‘The Self-employed Professional’ and ‘The Self-employed Contractor’ would help them to attract new business and help over 75% of self-employed potential borrowers who were worried about getting their mortgage request approved.

To qualify for the Self-employed Specialist applicants must have been working in the same field for at least three years, and have a minimum of one year’s accounts. The Self-employed Professional is for those who have been working in a partnership for a minimum of three years. Loan-to-value (LTV) of up to 90% can be attained if borrowers have more than one year’s accounts, or up to 75% LTV if less than one year’s accounts are available.

The Professional and Contractor products have larger fees at £999 but they provide the borrower with the ability to make unlimited overpayments, and no repayment penalties.
Having completed your CeMAP training and passed the end exam you will be a qualified mortgage adviser, and able to assess your customer’s needs before advising on the most suitable solution.