Covid-19 update from Newcastle Intermediaries
Date published: 12th November 2020
In light of the latest lockdown restrictions in England, we've updated our lending policy to ensure that we continue to lend responsibly during this period. These changes are effective since 6 November for all new applications received from this date.
For all new applications
Employed applicants who are currently furloughed
- For employed applicants who are currently furloughed, the furlough income cannot be taken into consideration for affordability. When submitting a DIP please input the furlough income as £1
- For applicants impacted, we can still consider additional non-furlough income to support affordability
- We will also still consider joint applications where the non-furloughed applicant's income can support affordability of the loan in full
Self-employed
- For self-employed applicants whose business aren't currently trading, we are unable to use income for affordability
- When submitting a DIP please input net profit for last 2 years a £1. For Limited companies please input remuneration and Dividends as £1
- For applicants impacted, we can still consider additional non self-employed income to support affordability
- We will also still consider joint applications where the other applicant's income can support affordability of the loan in full
- For businesses who remain open and trading, our existing approach which requires the latest 3 months business bank statements are required to support the assessment of current trading levels
For all current pipeline
Given the new lockdown measures we may ask for an update from you around any impacts to customer circumstances that may affect their ability to afford the loan. If any of your clients have been affected since you submitted the application we would encourage you to let us know as soon as possible.
Our criteria will continue to be reviewed throughout this period and any amendments will be communicated.
Ready to make an application? You can find our latest criteria details on our website.
Our current service levels
You can stay up-to-date with our latest service levels here
Contact us
We will be delighted to discuss any new enquiries or any other queries you might have about existing applications.
Call our Intermediary Support team on 0345 602 2338 or email us at intermediary.lending@newcastle.co.uk. Alternatively, you can contact your dedicated Business Development Manager.