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Bucks BS launches contractor mortgage deals

  • 10/02/2016
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Bucks BS launches contractor mortgage deals
Buckinghamshire Building Society has launched into the contractor mortgage market with deals available at up to 95% loan-to-value (LTV).

Its two-year range includes variable rates at two LTV bands, up to 80% LTV and up to 80-95% LTV. Its 80% LTV mortgage comes at a variable rate of 3.99%, while its 95% variable mortgage has a rate of 4.24%. Both mortgages come with a booking fee of £99 and arrangement fee of £599 and are available for purchase and remortgage.

The lender has partnered with Contractor Financials and Contractor Mortgages Made Easy to create the range, which will accept seven months’ experience within certain sectors.

The announcement follows shortly after Saffron for Intermediaries announced a three-year fixed rate range of occupational mortgages aimed at the self-employed, contractors and professionals. In November, Ipswich Building Society also launched a range of five-year products aimed at ‘mortgage misfits’.

Stewart Hunter, business development manager at the Buckinghamshire (pictured), said: “We are absolutely delighted to have the support of Contractor Financials and Contractor Mortgages Made Easy who have a significant presence and track record. Our product allows for periods of break between contracts as we know this market is different from those working in a traditional employed role.”

Luke Somerset, associate director at Contractor Financials, added: “Buckinghamshire Building Society’s policy supports a relatively underserved cohort of contractors, allowing those with a minimal track record to gain access to mortgage funding. With lenders seeking to break away from what remains a highly competitive rate driven market, it’s likely that many lenders will see contractors and other segmental lending areas as key to increasing lending volumes without slashing margin in the year ahead.”

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