Newcastle Intermediaries has announced a significant reduction in mortgage rates specifically designed for the self-employed.
Franco Di Pietro, the head of intermediary mortgages at Newcastle Building Society, highlighted the initiative’s core aim, “We want to provide brokers’ newly self-employed clients with as wide a range of competitive options as possible in order to secure a mortgage. That’s why, alongside our team of experienced underwriters who individually assess each case, we’re reducing rates across our products that are specifically designed for those borrowers who may only have one year’s accounts.”
Key Rate Reductions
The adjustments see a reduction of up to 0.15% across Newcastle Intermediaries’ self-employed mortgage products. More specifically, the two-year fixed rates for loans at 80% loan-to-value (LTV) have been lowered to an attractive 5.15% with a £999 product fee. For those looking to avoid upfront fees, a fee-free option is also available at 5.35%.
Additional Benefits
In an effort to further alleviate the financial burden on prospective homebuyers, Newcastle Intermediaries’ range for the self-employed also includes fee-assisted options. These are designed to help clients manage the costs associated with purchasing a new home or remortgaging, with loan amounts available up to £1 million. This comprehensive support system underscores Newcastle’s commitment to making homeownership more attainable for the self-employed sector.
Support for Brokers and Clients Alike
Di Pietro’s statement also sheds light on the tailored approach Newcastle Intermediaries is taking towards each application. By employing a team of experienced underwriters to assess individual cases, they ensure that even those with a single year’s accounts can access these competitive mortgage rates. This personalised assessment process is crucial for self-employed individuals, whose financial situations can vary significantly from one another.
Previous Rate Reductions
This isn’t the first time Newcastle Intermediaries has taken steps to make mortgages more affordable. Just last month, the lender made headlines by reducing rates across its buy-to-let proposition by up to 0.30%, alongside lowering buy-to-let lending stress rates.