Newcastle Intermediaries, the broker business of Newcastle Building Society, is launching a range of mortgage products for self-employed clients 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 years-worth of financial records available.

Two-year fixed rate products of 2.55% are available at a 80% LTV, 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 an early repayment charge of 2%, until 31 July 2023, and 1% until 31 July 2024, though both products allow overpayments of 10% each year.

“This area of the market is often underserved by lenders so it’s great to see Newcastle Intermediaries re-introduce specific products for newly self-employed clients,” said approved Mortgage Solutions principal, Paul Hampton.

“One of the impacts of the pandemic is that it has created a new generation of self-employed, and many of those are successfully trading but only have one year of accounts. So these products will provide those clients with some positive options at the perfect time.”