Preheat the oven to 450 degrees F (230 degrees C).
Place butter in a glass or ceramic 8-inch square baking dish. Microwave for 1 minute. Stir butter; continue to cook in 20 second intervals until fully melted.
Whisk flour, baking powder, sugar, salt, and cayenne together in a large bowl. Add ham and cheese and stir until coated in the flour mixture. Make a well in the center and pour in buttermilk. Mix until just combined.
Pour dough into the prepared dish with the melted butter (dough will be thick) and gently spread the dough to the edges.
Use a paring knife to cut the dough into 9 or 12 squares.
Bake in the preheated oven until browned on the top and around the edges, 22 to 24 minutes.
Let cool 5 minutes and drizzle the top with hot honey before serving.
