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GE Money opens up self-employed mortgages

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GE Money Home Lending has loosened its mortgage criteria to allow self-employed applicants to access first-time buyer mortgages.

The specialist lender has made a number of changes to its mortgage range.

This includes opening up its first-time buyer range to allow self-employed applicants to apply.

GE Money does not have any branches and borrowers wanting to access its products must first consult a mortgage broker.

Last month a poll of mortgages brokers by specialist lender Paragon said three-quarters of advisers felt mortgages for the self-employed were the most difficult to complete.

The lender has also reduced a number of products in its range. Its two-year discount mortgage rate has been cut by 0.95% to give a starting rate of 1.99%.

It has also extended its fee-free completion option, which could save customers as much as £1,295.

GE Money Home Lending head of sales Nikki Warren said the changes made the range more attractive to customers.

“The significant reductions in rates, extended completion fee free options and opening of first-time buyers to the self-employed have been welcomed by our brokers, and will help provide customers with valuable savings on mortgage fees and ongoing monthly payments,” she said.

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