Principality Building Society, via its intermediary arm, has introduced a new range of residential mortgage products specifically designed for self-employed clients, expanding access across a variety of income types and employment structures.
The new offering sits alongside its standard residential range and includes 2- and 5-year fixed-rate products available across 65%, 75%, 85% and 90% loan-to-value (LTV) tiers.
Brokers are required to select the dedicated self-employed products when submitting applications through Mortgage Source Online to ensure correct processing.
The range includes tailored options for Construction Industry Scheme workers, limited company directors and sole traders, each with specific eligibility criteria designed to reflect different income verification methods.
For Construction Industry Scheme workers, affordability will be assessed using annualised income based on payslips over a 48-week period.
Applicants must provide six months of payslips and three months of bank statements, demonstrate at least six months of continuous work with no more than a six-week gap between contracts, and show 12 months of experience within a similar industry.
Multiple contracts may be considered, subject to sustainability checks.
Limited company directors can access the products with just one year of accounts or an accountant’s certificate, provided the most recent accounts are no older than 18 months.
For sole traders, the criteria allows applications supported by one year of HM Revenue and Customs tax calculations, including SA302s or online tax assessments, alongside a corresponding Tax Year Overview.
An accountant’s certificate can also be provided where available.
The launch reflects a broader trend among lenders to improve accessibility for borrowers with non-standard income, offering greater flexibility in how affordability is assessed for self-employed applicants.