Available immediately direct or through selected brokers, the products available start at a 3.59% interest rate and range from 75% to 95% loan-to-value (LTV).
The Self-Employed Specialist mortgage is a two-year discounted mortgage currently at 3.59% available up to 75% LTV and 5.4% APR, up to a maximum value of £350,000.
To be eligible, an applicant’s accountant must be suitably qualified and the applicant’s income must be verified by 12 months’ accounts in the first instance, or through HMRC assessments. The applicant must be in the same line of work they carried out over the previous three years and have a minimum of one year’s accounts.
The Self-Employed Professional mortgage is a two-year discounted rate product currently at 3.99%. Borrowers can access this up to 90% LTV with 5.5% APR, available to a maximum value of £500,000.
It is aimed at self-employed applicants who are in a professional occupation such as solicitors, accountants and optometrists, who have been working as part of an established partnership of at least three years.
Those who have more than one year’s accounts will be considered for a mortgage up to 90% LTV while those with less than a year’s accounts at an established firm will be considered for a mortgage up to 75% LTV.
Ipswich has also launched the Contractor’s Mortgage designed for IT and other professional contractors such as project managers who undertake contract work on a regular basis, excluding the Construction Industry Scheme.
It is available at a two-year discounted rate currently at 3.99%, up to 90% LTV and an APR of 5.5%, with a maximum loan amount of £750,000.
Paul Winter (pictured), CEO of Ipswich Building Society, said: “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 and contractors, should have the same level of choice and access to the mortgage market as any other group.”