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Barclays reintroduces large loans and reprices products; Newcastle BS adds interest-only

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  • 01/06/2020
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Barclays reintroduces large loans and reprices products; Newcastle BS adds interest-only
Barclays is making a series of changes to its product offerings and rates while Newcastle Building Society has relaunched interest-only deals.

 

Barclays is making changes to its residential, buy-to-let and reward mortgage ranges from 2 June.

The lender is reducing its two-year fix at 75 per cent loan to value (LTV) and five-year fix at 60 per cent LTV, both with £999 fee in its residential purchase and remortgage ranges.

It is also reducing some rates by up to 0.10 per cent on Help to Buy deals.

And Barclays is introducing new 60 per cent LTV and 75 per cent LTV two-year trackers, including large loan options up to £5m.

 

Newcastle BS

Meanwhile, Newcastle Intermediaries has relaunched its interest-only mortgage range with the introduction of new two-year fixed rate products.

The range offers a choice of two 75 per cent LTV products on an interest-only basis and on a two-year fixed rate term.

A rate of 2.99 per cent is available with a completion fee of £999, or borrowers can opt for a fee-assisted product at 3.40 per cent including £300 cashback.

Both products offer a free standard valuation and allow 10 per cent overpayments each year before early repayment charges apply.

Newcastle Building Society head of intermediary mortgages John Truswell (pictured) said: “We’re always looking to offer borrowers greater choice around their product selection, so we’re pleased to re-introduce new interest only propositions to our range.

“We know some homeowners are looking for more flexibility at the moment, so with our manual underwriting service, lending up to the age of 80, and affordability calculated on an interest-only basis, these new products will be suitable for a range of borrowers who have an appropriate repayment vehicle in place.”

 

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