Newcastle intermediaries has extended its self-employed product range designed to help clients who are newly self-employed to include both Help to Buy and buy-to-let.
Jonathon Burridge, sales manager at The Mortgage Broker, said: “It’s really good. Options are improving for self-employed. Everyone’s behind and lender policy is not keeping up with this growth but we’re getting there slowly.
“There’s still this idea that someone employed for a day is more stable than a someone who has been self-employed for a year. But we’re getting there.
“It’s good to see more mainstream lenders lending products to self-employed people. At The Mortgage Broker, we target self-employed applicants.”
The number of self-employed people continues to increase year-on-year, but many will face difficulty when applying for a mortgage until they have traded for at least three years.
Newcastle Intermediaries has seen a positive uptake of its existing range of self-employed products designed to help those clients who have been trading for up to three years and have a full set of year one accounts.
The Help to Buy additions feature two, 2-year fixed rate products at 75% LTV.
The fee assisted two year fixed rate product at 2.55% (5.4% APR) comes with free valuation, £500 cashback and 10% overpayments per annum with an early repayment charge of 2% until 31st May 2019 and 1% until 31st May 2020.
The second two year fixed rate is available at 2.05% (5.4% APR) with £800 completion fee, and £199 reservation fees payable up front. Overpayments of up to 10% per annum are permitted and an early repayment charge of 2% until 31st May 2019 and 1% until 31st May 2020.
The new Buy to Let range includes a two year fixed rate at 2.99% (5.5% APR) is available at a maximum LTV of 75% with no fees, free valuation, £500 cashback and 10% overpayments per annum permitted with an early repayment charge of 2% until 31st May 2019 and 1% until 31st May 2020.
Steve Carruthers, head of mortgage distribution at Newcastle Intermediaries, said: “Following on from the success of the launch of our self-employed product range and feedback from brokers outlining the growing need for support in this market, we’re delighted to expand into the Help to Buy and buy-to-let markets.
“These products will help a wide range of borrowers including first time and next time buyers.”