Newcastle Intermediaries launches self-employed deals

Newcastle Intermediaries has launched two new competitive products to meet continued growth in the self-employed market.

It said this will help meet the challenges newly self-employed applicants face when seeking a mortgage.

Both deals are two-year fixes offering competitive interest rates and free valuations and will be available across all its key account distributors.

Newcastle Intermediaries will apply individual case assessment to ease the mortgage application process for the self-employed who have been trading less than two years.

It will request either one year’s accounts or an SA3012 form - rather than both as many lenders require. 

Customers will be able to take any product from Newcastle's range at the end of the initial term provided they meet standard residential lending criteria, making the process of remortgaging more competitive.

Steve Carruthers, head of mortgage distribution at Newcastle Intermediaries, said: “We appreciate it can be difficult to find a lender that truly understands the needs of self-employed clients in the early stages of their journey.

“We appreciate that one size doesn’t fit all and, looking at each self-employed case individually, we will make common sense decisions.”

Carruthers said the Mortgage Market Review has made it harder for those with non-standard earnings to get a competitive deal.