The maximum LTV has gone up to 80 per cent for all self-employed borrowers with one year’s accounts, whereas an LTV of 75 per cent previously applied.
Self-employed borrowers account for 50 per cent of the mutual’s lending, it said. These business owners can now choose from all products in the lender’s range of two and three-year discounted and fixed rates, starting at 1.52 per cent.
Its interest-only product features a completion fee of £1,495 and is expected to appeal to large loan applicants. It is available for both purchase and remortgage applications.
Simon Glass (pictured), the Beverley’s head of new business lending, said: “For some years now, the self-employed have represented a significant and under-served group of borrowers. They’ve traditionally found it tough to secure mortgages, compared to people in standard employment, and the pandemic proved another blow.
“We understand the important contribution small business owners make to the UK economy and we are keen to help them in any way we can.”
The society is making no changes to its existing, interest-only two-year discounted mortgage rate of 2.19 per cent, with no completion fee.
Rates will return to the Beverley’s SVR at 4.99 per cent after interest-only periods end.
