The loans will be available through all key distributors, which are: Sesame, Openwork, L&G, Your Move, Positive Solutions, Intrinsic, Brilliant Solutions, First Complete, Pink Home Loans, The Mortgage Alliance, Premier Mortgage Services (PMS), SimplyBiz Mortgages and Tenet.
The lender will apply individual case assessment and apply one year’s accounts or an SA3012 form, rather than both. At term-end, if customers meet standard residential criteria they can remortgage from any Newcastle product, the mutual confirmed.
Steve Carruthers, head of mortgage distribution at Newcastle Intermediaries, said: “At Newcastle Intermediaries we appreciate that one size doesn’t fit all and, looking at each self-employed case individually, we will make common-sense decisions.”
“In order to provide support to a growing group of early stage self-employed individuals, we’ve reviewed our policy to make it easier for them to apply for a mortgage, and potentially access the competitive lending rates enjoyed by mass market mortgage clients.”
Mark Dyason, broker at Edinburgh Mortgage Advice, added: “It is great to see the Newcastle coming to the aid of an underserved sector of the market. 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 self-employed market now makes up 15% of the UK workforce.