Self-Employed Get New Opportunity To Buy A Home
New products offer the self-employed competitive mortgage rates and a chance to get on the housing ladder
Two new products have been created by Newcastle Intermediaries in an attempt to address the problems self-employed people face when applying for a mortgage. Steve Carruthers, Newcastle Intermediaries’ head of mortgage distribution said that it makes it “easier for them to apply for a mortgage and potentially access the competitive lending rates enjoyed by mass market mortgage clients.”
The key details:
• The first product is a 3.24% fixed rate until the end of June 2018, with an £800 completion fee, £199 reservation fee, free standard valuation on properties up to and including £500,000 and maximum loan-to-value of 60%.
• The second product is a 3.44% fixed rate until the end of June 2018, with an £800 completion fee, £199 reservation fee, free standard valuation on properties up to and including £500,000 and maximum loan-to-value of 75%.
After maturing, a standard variable rate of 5.99% will apply for the remainder of the term.
Lower Requirements Welcomed
Newcastle Intermediaries promise an individual case assessment for the recently self-employed, requiring either one year of accounts or an SA3012 form where many lenders require both.
Mark Dyason, a broker at Edinburgh Mortgage Advice, says that “any help given to those who have just started on the self employed journey is to be welcomed and the clear, simple, income proof requirements will make this an attractive proposition.”
With a recent record rise in self-employment, there are clearly a growing number of people in need of products such as these.
Where Can I Access These Products?
Contact us for independent advice please call Hoskin Mortgages for more information.
Hoskin Financial Planning Ltd is authorised and regulated by the Financial Conduct Authority number 613005. The guidance and/or advice contained in this website is subject to UK regulatory regime and is therefore restricted to consumers based in the UK. Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.