Finding the right finance when you’re self-employed can be difficult, especially as many high street lenders struggle to offer solutions for those on complex income streams. We understand how important this is for many of our clients (you can take a look at our newly published self-employed mortgage guide below!) yet luckily, some lenders have started to offer more for those occupying the sector.
One of fewer lenders to specifically tap into the self-employed sector, Saffron Building Society has recently launched a new range of 3 year fixed rates for self-employed, contractors and professional borrowers. New products on offer for self-employed and contractor mortgages now start at a 3 year fixed rate of 3.37% up to 75% loan to value (LTV), which also comes with the option for up to 10% overpayments with no penalty.
If a professional mortgage is more suitable for you, rates now start at 3.27% available up to 75% LTV, allowing overpayments of up to 15%. These new products all come with a £30,000 minimum loan amount and £1 million maximum. Early repayment charges stand at 3% of the outstanding balance during the fixed rate period, with a £1,250 arrangement fee for self-employed and contractor products and £1,550 for professionals.
Also tapping into the self-employed market this week is Paragon Mortgages, now revealing a new product range exclusive to limited companies. Unaffected by any changes to the lender’s rental calculations, limited companies now have access to a selection of 2 to 5 year fixed rates all up to 75% LTV.
These include 2 year fixed rates of 3.7% with a 1.5% fee or 4.49% with no fee, 3 year fixes at 3.99% with a 1.5% fee or 4.49% with no fee. 5 year fixed rates are also available at 4.3% with a 1.5% fee or 4.6% with no fee payable.
Paragon’s HMO (Houses in Multiple Occupancy) product range is also now available to limited companies as well as new rates for professional landlords from 3.7%.