Newcastle Intermediaries has launched a new range of mortgages exclusively for self-employed applicants with just one year of full accounts.
The products are available to self-employed borrowers who have been trading for a maximum of two years with at least one year of financials available.
A 2-year fixed rate of 2.55% [APR 3.8%] is available at 80% loan-to-value (LTV), with a product fee of £999 payable.
Alternatively, a 2-year fixed rate of 2.75% [APR 3.8%] is also available at 80% LTV, and comes with free standard valuation up to £500k.
Both products attract an early repayment charge of 2% until 31st July 2023 and 1% until 31st July 2024 but allow 10% overpayments per year.
Franco Di Pietro (pictured), head of intermediary mortgages at Newcastle Building Society, said: “We’re committed to supporting customers who need a more flexible lending approach.
“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.”
Paul Hampton, principal at Approved Mortgage Solutions, added: “This area of the market is often underserved by lenders so it’s great to see Newcastle Intermediaries re-introduce specific products for newly self-employed clients.
“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. So these products will provide those clients with some positive options at the perfect time.”
