Newcastle launches self-employed products

They are 2-year fixes at 3.24% to 60% and 3.44% to 75% LTV, both with £999 in fees and a free standard valuation.

Newcastle Intermediaries has launched two self-employed products through distributors.

They are 2-year fixes at 3.24% to 60% and 3.44% to 75% LTV, both with £999 in fees and a free standard valuation.

Steve Carruthers, head of mortgage distribution at Newcastle Intermediaries, said: “We appreciate it can be difficult to find a lender that truly understands the needs of self-employed clients in the early stages of their self-employment journey.

“At Newcastle Intermediaries we appreciate that one size doesn’t fit all and, looking at each self-employed case individually, we will make common sense decisions.

“The decline in availability of mortgage products specifically for the self-employed market, and the changes brought about by MMR, have made it generally more challenging for anyone with non-standard earnings to get a competitive deal.

“In order to provide support to a growing group of early stage self-employed individuals, we’ve reviewed our policy to make it easier for them to apply for a mortgage, and potentially access the competitive lending rates enjoyed by mass market mortgage clients.”

Products will revert to the lender's standard variable rate at the end of the two years, currently 5.99%.

Products will be available through Sesame, Openwork, L&G, Your Move, Positive Solutions, Intrinsic, Brilliant Solutions, First Complete, Pink Home Loans, The Mortgage Alliance, Premier Mortgage Services (PMS), SimplyBiz Mortgages and Tenet.

The self-employed market makes up 15% of the UK workforce.