The Mortgage Lender has unveiled 2 and 5-year residential fixed rates and overhauled its criteria to help self-employed borrowers affected by the pandemic.
Self-employed customers, including limited company directors with more than 25% shareholding, will be assessed for affordability based on the previous three months business bank statements demonstrating trading has returned to pre-pandemic levels.
The products are 2 and 5-year fixed rates which start at 3.2% and 3.35% respectively, at a maximum of 70% loan-to-value (LTV).
It has abolished the completion fee on its remortgage products up to RL4, which start at 3.55% for a 5-year fixed rate at 70% LTV, and also provide free standard legals and a free valuation.
Help to Buy rates are also down to 3.75% for a 2-year fix at 75% LTV.
Alongside reducing costs across the range it has enhanced criteria for contractors, who now only need three months of contract history, with 12 months previous employment in a similar role, and for new-build buyers, who can now borrow up to £1m with a maximum 75% LTV.
Steve Griffiths, sales and product director, said: “Not only do our changes reduce costs for borrowers by making us more competitive across our specialist residential mortgages, they also directly address the issues borrowers have told us about through our own market research.
“Self-employed borrowers and contractors who have been impacted by the pandemic but can demonstrate a return to pre-COVID levels of income and trading are now able to move house or remortgage – many clearly felt this wasn’t an option for them before.
“But by listening to their concerns and adapting our criteria to meet their current needs we’re providing the choice, flexibility and agility that’s expected from a competitive specialist lending sector.”