Newcastle Intermediaries has responded to the growth in the self-employed market and the challenges some these applicants have faced in obtaining a mortgage by launching two new products.
The first is a 3.24 per cent fixed rate until the end of June 2018, with an £800 completion fee, £199 reservation fee, free standard valuation on properties up to and including £500,000 and maximum loan-to-value of 60 per cent.
The second is a 3.44 per cent fixed rate of the same duration, with the same fees and free valuation, but at a maximum LTV of 75 per cent.
Both products will introduce a standard variable rate of 5.99 per cent for the remainder of the term.
In addition, Newcastle will apply individual case assessment for the recently self-employed (those who have been trading for less than two years) and will request either one year’s accounts or an SA3012 form – rather than both, as required by many lenders.
At the end of the term, should customers meet standard residential lending criteria, they will be able to take any product from the range, often making the process of remortgaging more competitive.
IFA Verdict
Mark Dyason, a broker at Edinburgh Mortgage Advice, added: “Any help given to those who have just started on the self-employed journey is to be welcomed and the clear, simple, income proof requirements will make this an attractive proposition.”
The new deal duo is available through Sesame, Openwork, L&G, Your Move, Positive Solutions, Intrinsic, Brilliant Solutions, First Complete, Pink Home Loans, The Mortgage Alliance, Premier Mortgage Services, SimplyBiz Mortgages and Tenet.
peter.walker@ft.com
