Newcastle relaunches mortgages for newly self-employed borrowers

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 two-year fixed rate of 2.55% is available at 80% LTV, with a product fee of £999. Alternatively, a two-year fixed rate of 2.75% is also available at 80% LTV, and comes with free standard valuation up to £500,000.

Franco Di Pietro, 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.”

Last month, the Society announced several changes to its residential and buy-to-let lending criteria, introducing increased maximum loan amounts and LTVs.