Newcastle Intermediaries, the brokerage business of Newcastle Building Society, is launching a range of mortgage products for self-employed customers with at least one year of financial accounts.
To access the products, borrowers must have been trading for a maximum of two years and have at least one year of available financial records.
Two-year 2.55% fixed rate products are available at an LTV of 80% and a product fee of £999.
A two-year fixed rate of 2.75% is also available, with an LTV of 80%, and comes with a free valuation up to £500,000.
Both products incur prepayment charges of 2%, until July 31, 2023, and 1% until July 31, 2024, although both products allow overpayments of 10% each year.
“This sector of the market is often underserved by lenders, so it’s great to see Newcastle Intermediaries reintroducing specific products for new independent clients,” said Paul Hampton, Chartered Director of Mortgage Solutions.
“One of the impacts of the pandemic is that it has created a new generation of freelancers, and many of them are trading successfully but only have one year of accounts. So these products will offer these customers positive options at the perfect time.”