Melton Building Society has launched a new two-year home rehabilitation scheme for owner-occupied homebuyers.
The product is priced at 5.25%, has an LTV of up to 80%, and costs £199. Unlike many other self-operated mortgages, applicants only require 12 months of trading history.
The launch of this latest product follows a series of recent changes to Melton’s product range. Jamie Hyland, head of product and marketing, said: “Self-employed applicants are currently faced with the challenge of having to provide two to three years of trading history to secure a mortgage. We hope that by offering this exclusive product that only requires twelve months of trading history, We can support more self-employed buyers with housing aspirations.
Meanwhile, specialist lender Aspen has also updated its mortgage range, updated its bridge let product and launched a new three-year hybrid product.
Applicants can now choose a transition period of nine to 12 months, followed by an immediate two-year BTL option. The loan is fully pre-underwritten and uses a financing letter and an initial valuation for both elements.
The BTL interest rate for this product starts at 6.79% per year, and the initial transition interest rate starts at 0.79% per month. The maximum loan size is £5 million and the LTV is as high as 80%.
The product, which can be used to finance projects and investment properties in England and Wales, is offered by Aspen using Docusign without search indemnity to simplify the legal process.
Jack Coombs, managing director of Aspen Bridging, said: “We are very certain that the new three-year lease bridge will be strongly attractive to foreign investors and UK developers as it provides them with a genuine bridge, e.g. without a UK footprint. loans and the certainty of BTL funding for the onerous engineering work once the bridge is completed.
The launch of the product follows last week’s rate changes from Aspen Bridging, which saw rates reduced by 80 basis points for all new applications and the maximum loan size increased to £15 million net.
