Supporting self-employed clients
In the current climate, we are continuing to review our underwriting approach across all areas. As part of these reviews, we have considered how we can ensure continued support with self-employed applications, while acknowledging the challenges that businesses are facing at the moment.
Therefore, we have made some changes to our approach which will hopefully provide clarity around requirements and still maintain the flexibility of approach that allows us to consider individual circumstances. Our existing requirements remain but we are also needing to understand that current trading has been maintained at a level that will support the requested loan. In order to do this we are requesting the last 3 months business bank statements, clearly demonstrating current trading levels.
This is in addition to our standard requirements that require a business to have been trading for a minimum of 3 years and income evidenced via either their last 2 years accounts, last 2 years SA302's plus corresponding overviews or a completed Accountant Certificate, requested by ourselves.
We are happy to consider applications where grants and support loans have been taken but the principle requirement will still be the evidence around current trading levels. We cannot consider applications where businesses are currently closed. Accountant's commentary and underlying business strength can be factored into decisions and there may be more questioning around self-employed cases generally that could incorporate further information around details such as sector to understand how this has impacted trading.
These changes aim to provide some clarity of approach at this time and will continue to be reviewed. They apply with effect from today, Friday 19th June 2020.
If you have any questions, call our enquiry line on 0345 602 2338, email intermediary.lending@newcastle.co.uk or get in touch with your dedicated BDM.
Maintenance update – this weekend
We're working hard to improve the service we offer you by enhancing our operational functionality and the efficiency and reliability of our systems. As part of this ongoing improvement programme, we're making some changes behind the scenes which mean that you will not be able to access our online mortgage application system between 18:00 on Friday 19th June 2020 and 08.00 on Sunday 21th June 2020. We apologise for any inconvenience this may cause.