Vernon Building Society has launched a complex prime mortgage range for customers with complex incomes or those buying non-standard property in England and Wales.
The new range includes four mortgage products for purchase or remortgage.
Sole applicants can borrow over 5.5 times their annual gross income, or over 5 times for joint applicants.
The products are a 2-year fixed rate at 4.75% until 31st January 2028 with a £999 fee, and a 5-year fixed rate at 4.89% until 31st January 2031 with a £999 fee.
Both are available up to 80% loan-to-value (LTV) and a maximum loan of £500,000.
There is also a 2-year discount at 4.65% (2.95% discount from standard variable rate (SVR) of 7.60%) with a £499 fee, available up to 80% LTV and a maximum loan of £1m, offering 25% overpayment without charge.
Another 2-year discount is set at 5.19% (2.41% discount from SVR of 7.60%) with a £499 fee, available up to 90% LTV and a maximum loan of £450,000, also offering 25% overpayment without charge.
Underwriter discretion will be applied across the range to consider each applicant’s circumstances, with potential lending outside criteria.
Brendan Crowshaw (pictured), head of mortgage and savings distribution at Vernon Building Society, said: “The Vernon personally underwrites every mortgage application, and we have developed a strong track record in being able to say ‘yes’ when larger lenders have to say ‘no’ as a result of rigid lending policies and automated decision making.
“We already have a strong reputation for catering for customers with complex mortgage needs, but with this enhanced range, brokers can offer their clients an even wider range of suitable products.”
