Products include a range of two-year fixed rate deals, starting from 2.49% with free valuations on properties up to and including £500,000. The minimum loan size on the three latest products is £10,000 to a maximum of £1m.
The first product at 2.49% is available up to 60% loan-to-value (LTV) and includes a £199 reservation and £800 completion fee. Newcastle’s 2.89% fixed rate comes with the same fees as previously and is available up to 75% LTV. Its final deal, at 2.99%, is also available up to 75% LTV but does not come with any reservation or completion fees and includes free legals for remortgages, or £300 cashback for purchases.
All of the deals are available through Newcastle’s key account distributors.
Steve Carruthers, head of mortgage distribution at Newcastle Intermediaries (pictured), said: “We’re continuing to provide much needed support to a growing group of self-employed individuals with the launch of these competitive mortgages.
“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, which is why we’ve also recently reviewed our policy to make it easier for them to apply for a mortgage.”
The changes follow amendments to Newcastle’s criteria for self-employed customers made in April. Newcastle will now 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.
