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Newcastle BS unveils 95% LTV range for FTBs

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  • 24/11/2017
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Newcastle BS unveils 95% LTV range for FTBs
Newcastle Building Society has added a range of 95% loan-to-value (LTV) products with free legal fees designed for first-time buyers as part of an overhaul of its mortgage range.

The move is in response to the Budget announcement which cut stamp duty on property values up to £300,000 for all first-time buyers.

Borrowers can choose between a two-year fixed deal at 4.25% or a five-year fixed rate at 4.60%.

Both products include all standard legal costs and have no reservation or completion fees.

The lender will also appoint an approved solicitor on the borrowers’ behalf to arrange completion of the purchase.

It said the range was designed to take away upfront and often unexpected fees, as well as streamline the purchase process.

Earlier this week the lender cut interest rates on buy-to-let and self-employed loan products.

 

First home

Newcastle Intermediaries head of mortgage distribution Steve Carruthers (pictured) said: “We’re fully committed to helping first-time buyers onto the property ladder and welcome the Budget announcement this week, which will hopefully help even more people own their first home.

“These products, with the addition of inclusive legal fees, could be an ideal choice for first-time buyers hoping to maximise their savings for their deposit by assisting with the upfront costs of buying a property.

“We understand that buying a home, especially a first home, is an exciting but daunting time and we hope to be able to make the experience much easier for borrowers,” he added.

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