29 May 2023

Self employed clients – we’re here for them

by Francesco Di Pietro, Head of Intermediary Mortgages at Newcastle Building Society

As of February 2023, there were reportedly around 4.4 million self employed people in the UK*. Self employment has traditionally been underserved by mortgage lenders, many of whom have shied away from the complexity of salary, dividends and net profits calculations. Today, our current gig economy has increasingly created more of this type of borrower. Complex and multiple incomes often accompany business owners and self employed borrowers. The net effect is that the resistance they meet can often deter them from trying to purchase a home or refinance at all, which is wrong when lenders like ourselves are ready and willing to help. It’s small wonder that they turn to brokers for advice.

At Newcastle Building Society, we’re committed to supporting customers who need a more flexible lending approach. That's why our lending policy makes it easier for self employed clients to get the home they want.  

We understand that no two cases are the same, which is why we allocate an experienced underwriter to every case so we can really understand the opportunity to help. As a broker, you have access to our manual underwriters as they assess your client’s case on an individual basis.

We have a range of options available to suit your client’s diverse needs, including:

  • Choice from our standard product range;
  • Limited company directors can use salary, dividends and share of net profit for established businesses; and
  • Each case individually assessed by our team of experienced manual underwriters.

We also offer a range of one year self employed products up to 80% LTV for applicants who have less than 2 years’ track record and 1 year’s full accounts:

  • Available on loans up to a maximum LTV of 80%;
  • Permitted for both house purchase and remortgage and on loans up to £1m; and
  • 10% overpayments per annum, allowing borrowers increased flexibility.

We believe that ensuring self employed borrowers have options is essential. If you want to know more, please get in touch with your Dedicated Business Development Manager here: Meet the Team - Newcastle Intermediary Services (newcastleis.co.uk)


For adviser use only. Please note this content has been supplied by our lender partner and as such, is their responsibility. No party shall have any right of action against Legal & General in relation to the accuracy or completeness of the information in this article.