GE Money Home Lending offers mortgages to self-employed
Share
GE Money Home Lending will start offering mortgages to self-employed customers from November 1.
Self-employed customers will be able to access its discount, fixed and tracker mortgages with LTVs up to 80% on its LVMO and LTM1 products, with rates starting from 3.99%.
Self-employed applicants will need to be trading for at least two years and provide proof of income. It will also consider applicants who have been trading between one-two years as part of its referral process.
Gerry Bell, marketing director, GE Money Home Lending says: “Launching self-employed mortgages is a logical extension of our product range to ensure it is addressing the current demand and limited choice available to customers.
“Good quality self-employed customers will have access to the same competitively priced product range as employed borrowers.”
If you enjoyed this article, sign up here to receive daily email updates from Mortgage Strategy and Follow @mortgagestrat
Readers' comments (3)
Michael Souris | 25 Oct 2011 9:27 am
Please bring back self-cert
Unsuitable or offensive? Report this comment
michael wells | 25 Oct 2011 12:46 pm
why on earth would you want self cert? the only reason for self cert is either a) you cannot be bothered to wait and obtain the correct documentation and therefore leave yourself open to abuse or b) you want to fudge the figures. the removal of self cert has not stopped the professional placing a case. house values, ltvs, affordability, income multiples, adverse credit are some areas where a tweak by lenders may help a case to be placed.
Unsuitable or offensive? Report this comment
Anonymous | 8 Nov 2011 2:53 pm
Having launched the self employed product it is perhaps interesting the Head of Underwriting is a casualty of the latest round of restructuring.In the light of his many years of experience are GE moving ultimately to tick box underwriting.Time will tell.
Unsuitable or offensive? Report this comment