Newcastle Intermediaries has unveiled 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 two-year fixed rate of 2.55% [APR 3.8%] is available at 80% LTV, with a product fee of £999 payable. Alternatively, a two-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 have an early repayment charge of 2% until 31 July 2023 and 1% until 31 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.”
