Support for borrowers at every life stage
We are committed to providing lending solutions for borrowers at every life stage and understand that their employment status and age can often be blockers to affordability. That's why, alongside our flexible and common-sense approach to underwriting, we regularly review our policy in response to your feedback, to support those more complex cases.
We're pleased to announce that we have enhanced our criteria in two key areas to create more options to support contract workers and those lending into retirement:
Contract workers
We have enhanced our policy to consider:
- Early career teachers (previously named NQT) into their second year of the programme.
- Day rate contractors with a minimum of 1 month remaining on their current contract (previously 3 months) and 12 months' contracting experience.
- Zero hour contractors, subject to a 2-year track record in the same industry.
- 100% of nurse bank workers' income, subject to a 2-year track record of P60s.
- Junior doctors in Foundation Year 2 onwards.
Lending into retirement
We have also increased what we consider as retirement age from the state pension age to age 70. For applications with more than 10 years from age 70 at the time of application, affordability can be determined based on earned income. Evidence of pension contributions in the last 12 months must be provided.
For mortgages with less than 10 years remaining until age 70, affordability calculations will be based on the client's "Plan B". If this includes pension income, we will require proof of current pension projections or evidence of a "Plan B" which we could assess.
Our later life proposition supports borrowers up to age 80 at the end of term, with a maximum mortgage term of 40 years.
What's more, we have recently reduced rates across our product range by up to 0.45% to make home ownership more accessible to everyone.
Ready to make an application? You can find our latest product and criteria details below:
Contact Us
Talk to your dedicated Business Development Manager or contact you Intermediary Support team at intermediary.lending@newcastle.co.uk or 0345 602 2338