The Cambridge Building Society has launched three new products aimed at supporting the recently self-employed and those with a less than perfect credit history.
Available to all registered intermediaries, fixed and discount options are available to self-employed borrowers with just one year’s accounts and a two-year fixed ‘Home Solutions’ mortgage is designed to support those with missed payments.
| Product | Rate | Application Fee | Completion Fee | ERC | Over- payments | Max Loan |
| Self-employed two-year discount | 3.24% | £199 | £800 | 1% | 10% | £400k |
| Self-employed two-year fixed | 3.99% | £199 | £800 | 3% / 2% | 10% | £400k |
| Home Solutions two-year fixed | 5.99% | £199 | £800 | 3% / 2% | 10% | £400k |
All loans have a maximum LTV of 80%.
Dan Barker, product manager for the Cambridge, said: “We’ve always supported those who are self-employed through our standard product range, but these new products will make home ownership an option for even more people.
“Making the decision to choose an alternative employment route often comes with all sorts of challenges, but we don’t believe getting a mortgage should be one of them.”
Kathy Bowes, the Cambridge’s intermediary manager, added: “The reprice of our Home Solutions mortgage comes with an increased maximum LTV and loan size making it a suitable option for more intermediaries with clients who don’t quite meet standard criteria.
“My team are ready to talk to intermediaries about cases where there are missed secured and unsecured payments. With our manual underwriting policy we’re able to look each set of circumstances on an individual basis and help partners support even more borrowers in our lending area.”