The products are available to self-employed borrowers who have been trading for a maximum of two years with at least one year of full accounts
To provide a more flexible lending approach to newly self-employed applicants, Newcastle Intermediaries has launched a new range of mortgages exclusively for them.
The products are available to self-employed borrowers who have been trading for a maximum of two years with at least one year of full accounts.
A 2-year fixed rate of 2.55% is available at 80% LTV, with a product fee of £999 payable. Alternatively, a 2-year fixed rate of 2.75% is also available at 80% LTV and comes with free standard valuation up to £500,000.
Read more: Newcastle cuts rates on 95% LTV range.
“We know newly self-employed applicants often have limited options available to them. We also know there are a lot of successful self-employed traders who may only have a started their business in the past few years, so these competitive new products, along with our flexible approach to underwriting, should provide brokers and their clients with much needed choice,” Franco Di Pietro, head of intermediary mortgages at Newcastle Building Society, said.
“One of the impacts of the pandemic is that it has created a new generation of self-employed, and many of those are successfully trading but only have one year of accounts. These products will provide those clients with some positive options at the perfect time,” Paul Hampton, principal at Approved Mortgage Solutions, said