A new range of mortgages has been launched that is aimed at the growing number of contract workers – a figure that has surged by approximately 230,000 since 2005.
Contractors of any profession will be eligible to apply for the new products from specialist lender Kensington, as long as they have been working in this way for a minimum of 12 months. Their income will be calculated based on their confirmed weekly income.
Rates are available from 3.44 per cent for a two-year fixed rate up to 75 per cent loan-to-value (LTV), 80 per cent LTV two-year rates from 3.99 per cent and 85 per cent two-year rates from 4.74 per cent. There is a completion fee of £999 on all mortgages and there are free valuations and legals available on remortgages, with free valuations for home purchases.
Alex Hammond, head of marketing communications at Kensington, said: “This new range of products signifies our continued commitment to specialist lending and to offering our intermediary partners the very best lending experience.”
Simon Collins, product technical manager at John Charcol, added it was refreshing to see the lender taking a positive stance towards the need in the market, instead of shying away from it.