Buckinghamshire Building Society has launched a mortgage for contractors to 95% loan-to-value.
Buckinghamshire Building Society has launched a mortgage for contractors up to 95% loan-to-value.
The society’s range comes in two LTV bands: A 3.99% discount to 80% LTV and a 4.24% rate to 95% LTV.
To be eligable customers must be on a second contract with seven months’ accounts.
Stewart Hunter, business development manager at Buckinghamshire, said: “We are absolutely delighted to have the support of Contractor Financials and Contractor Mortgage 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.”
Buckinghamshire has identified the contractor mortgage market as a valuable lending sector, especially for people based in the area who commonly commute to London.
Luke Somerset, associate director of financial adviser Contractor Financials, added: “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.”
