A new mortgage lender has launched into the market, targeting borrowers who struggle to get finance from mainstream lenders.
Secure Trust Bank, which already offers savings products to consumers, will now offer mortgages for the first time.
The bank says it will target contract workers, the self-employed and people who have complex incomes – groups who find it difficult to get finance from traditional lenders.
Secure Trust Bank mortgages start at a rate of 2.99% and the bank will lend on properties worth up to £2 million. However, the mortgages will only be available through mortgage brokers and not direct to consumers.
Moneywise has reported on the troubles borrowers currently face in the mortgage market. The Office for National Statistics estimates there are at least 5.5 million workers are either self-employed or on zero hour contracts in the UK. These people often find it a struggle to get mortgages from high street lenders.
Esther Morley, managing director at Secure Trust Bank Mortgages, says the lender will provide another option to struggling borrowers.
“There are millions of people looking to get themselves on the property ladder, move home or find a better deal with a new mortgage provider,” she says.
"Our offering will serve customers who don’t fit the criteria of traditional lenders."
Of course you should always shop around to make sure you’re getting the best mortgage deal. Use our mortgage tool to find the best deal for you.