Buckinghamshire Building Society has launched a product for self-employed borrowers which will be distributed exclusively through The Mortgage Alliance (TMA) Club.
The two-year product has been designed for borrowers who do not fit standard credit criteria and marks the first time Buckinghamshire has offered this line to self-employed applicants.
Available for purchase and remortgage the two-year deal is offered at 3.59 per cent, which compares with the standard variable rate of 5.24 per cent. It is available at up to 70 per cent loan-to-value and for a maximum value of £500,000.
The product will be available to TMA Club intermediaries for the next six weeks before entering market-wide distribution in December.
Tim Vigeon, head of lending at Buckinghamshire Building Society, said: "The self-employed market is continuing to grow exponentially, and we’ve chosen TMA to reach out to this sector.
"We are confident that working with TMA will aid greatly in developing our product range and managing distribution so that more intermediaries can take advantage of this exclusive deal before we roll out to the wider market."
Rob McCoy, senior product and business manager at TMA, said it was encouraging for the self-employed mortgage market that more lenders were offering special deals via brokers.
He said: "We are delighted that Buckinghamshire Building Society has chosen us to launch this exclusive two-year discount and we are confident our advisers will be very pleased with the new offering.
"The UK’s employment landscape is undoubtedly shifting and at TMA we endeavour to provide solutions for intermediaries to remain at the forefront of this.
"We will achieve this through delivering mortgage solutions that meet customer demand, all at competitive rates, to remain the mortgage club of choice for intermediaries."
rachel.addison@ft.com
