Pricing has been lowered by as much as 0.2% across the offering that was launched earlier this year.
The Enhanced Plus range offers manual underwriting and is open to borrowers earning at least £75,000, enabling them to access loans up to six times their income, while self-employed borrowers can access up to 5.5 times income.
Pricing now starts at 4.55% for a product at 80% loan to value (LTV) with no fee.
The minimum loan size is £450,000 up to £3.5m, and first-time buyers and professionals with larger incomes can borrow up to £1m at 90% LTV or £1.5m at 85% LTV.
Francesco Di Pietro, head of intermediary mortgages at Newcastle Building Society, said: “Our Enhanced Plus reductions are designed to give brokers more flexibility at a time when many clients simply don’t fit a one-size-fits-all approach. Higher earners, self-employed borrowers and those with complex incomes often need a lender who can give greater consideration to the nuances of their affordability.
Aldermore Insights with Jon Cooper: Edition 9 – Why lending strategy is becoming more central in buy to let
Sponsored by Aldermore
“By combining competitive rates with manual underwriting, we’re helping our intermediary partners secure positive outcomes that reflect their clients’ true affordability and individual circumstances.”
Melton BS improves Credit Repair rates
Melton Building Society has cut rates across its Credit Repair mortgage range for borrowers who have experienced light to adverse credit.
Reductions of up to 0.15% have been made for two-year fixed rates between 70% and 80% LTV. All products have a £199 application fee and various completion fees.
This will benefit a number of Credit Repair categories including Near Prime Enhance, Near Prime, Credit Assist and Credit Recovery.
Will Bell, product manager at Melton Building Society, said: “We’re pleased to be bringing positive pricing changes to our Credit Repair range. These reductions reflect our continued commitment to providing fair and accessible lending options for a wide range of applicants.
“As a mutual building society, we exist to support a diverse range of customers, including those rebuilding their financial standing. We hope these enhancements will encourage more borrowers to explore the idea of homeownership with confidence.”
