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Newcastle increases self-employed mortgage options

Newcastle increases self-employed mortgage options

Newcastle Intermediaries has introduced Help to Buy and buy-to-let products for self-employed clients.

The group said there was more demand for this type of product, especially for those who have traded for a shorter period than three years.

Newcastle Intermediaries said it has seen a positive uptake of its existing range of self-employed products and that is why it is now extending it to include Help to Buy and buy-to-let to give additional flexibility.

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Steve Carruthers, head of mortgage distribution at Newcastle Intermediaries, said: "Following on from the success of the launch of our self-employed product range and feedback from brokers outlining the growing need for support in this market, we are delighted to expand into the Help to Buy and buy-to-let markets.

"These products will help a wide range of borrowers including first time and next time buyers."

The company's new products include a Help to Buy two-year fixed rate deal at 75 per cent loan-to-value (LTV).

This is available at 2.55 per cent on a fee-assisted basis with £500 cashback or 2.05 per cent APR with £800 completion fee and £199 reservation fees payable up front

The buy-to-let range includes a two-year fixed rate at 2.99 per cent at a maximum LTV of 75 per cent.

This product has no fees, free valuation and £500 cashback.

Mortgage broker Kevin Dunn, at Furnley House, said the new mortgage deals were a good idea.

He said: "We deal with a lot of self-employed people. They have more need to come to brokers because they need our expertise - so we can add more value."

He said not all mortgage lenders were good at dealing with the rise of the self-employed, with some not understanding the nuances of paying yourself through a limited company.