The society has replaced its existing proposition with products designed specifically to support customers who have been trading for fewer than two years.
The revised range includes two-year fixed rate options up to 80% loan to value (LTV) for both house purchase and remortgage, and introduces a fee-assisted alternative to support borrowers with upfront costs.
There is no maximum age at the end of the term and terms are available up to 40 years.
No previous industry experience as a self-employed individual is required and affordability can be assessed using the latest year’s salary and net dividend information.
Francesco Di Pietro, head of intermediary mortgages at Newcastle Building Society, said: “Meeting the needs of clients who have only recently started trading is a big challenge for brokers. These rate reductions, together with supportive underwriting and a fee-assisted option, mean we can offer practical competitive choices to help more of those customers get a foot on the property ladder or refinance with confidence.”
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Afin lowers rates
Meanwhile, Afin Bank has cut rates by up to 100 basis points across its prime and professional ranges.
Highlights of the prime rate cuts up to 80% LTV include two-year fixed rates ranging from 5.24% to 5.34% and five-year fixed rates ranging from 5.34% to 5.49%.
In the bank’s professional range, available up to 90% LTV, two-year fixed rates now range from 5.34% to 5.99% and five-year fixed rates range from 5.49% to 6.09%.
