Newcastle launches mortgages for new self-employed borrowers
To provide a more flexible lending approach to newly self-employed applicants, Newcastle Intermediaries has launched a new range of mortgages exclusively for them.
Products are available to independent borrowers who have been trading for a maximum of two years with at least one year of full accounts.
A fixed rate of 2.55% over 2 years is available at 80% LTV, with a product fee of £999 payable. Alternatively, a 2.75% fixed rate over 2 years is also available at 80% LTV and comes with a free standard valuation up to £500,000.
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“We know that newly independent candidates often have limited options available to them. We also know that there are many successful sole traders who may have only started their business in the last few years. These new competitive products, together with our flexible approach to underwriting, should provide brokers and their clients with much-needed service. choice,” said Franco Di Pietro, Head of Intermediate Mortgages at the Newcastle Building Society.
“One of the impacts of the pandemic is that it has created a new generation of freelancers, and many of them are trading successfully but only have one year of accounts. These products will give these customers options positive momentum,” said Paul Hampton, principal at Approved Mortgage Solutions.