The Stafford Building Society has introduced a 2-year variable rate mortgage available up to 95% loan-to-value (LTV).
The product is aimed at first-time buyers and customers with non-standard income.
It also uses manual underwriting and bases lending decisions on affordability rather than fixed income multiples.
The mortgage allows up to 95% LTV with no set income multiple cap, and cases are reviewed individually through manual underwriting.
It is available to a wide range of income types, including self-employed borrowers, contractors, freelancers and those in full-time employment.
The product moves to the society’s standard variable rate (SVR) after the initial 2-year period.
Emma Parker, national account manager at The Stafford Building Society, said: “Brokers tell us they need lenders that look at real affordability, not just a multiple on paper.
“This product is built around that. We lend with common sense. If a client can clearly afford the payments, we want to help them buy their home.”
Parker added: “We have always believed in looking at each case in full.
“This launch helps brokers place more applications that reflect the way modern borrowers actually live and work.”
