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Newcastle Intermediaries re-enters high LTV mortgages

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  • 14/06/2021
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Newcastle Intermediaries re-enters high LTV mortgages
Newcastle Intermediaries has launched high loan to value (LTV) mortgages to provide further choice for a variety of borrowers.

 

The lender last offered high LTV mortgages in March last year, according to a spokesperson.

The lender will offer a two-year fixed product at 95 per cent LTV with 3.8 per cent rate. The product is not subject to product fees and has an early repayment charge of 2 per cent until 30th November 2022 and 1 per cent until 30th November 2023.

A five-year fixed of up to 95 per cent LTV at the same rate is also available. It has no product fee and early repayment charges of five per cent until 30 November 2022, 4 per cent until 30 November 2023, 3 per cent until 30 November 2024, 2 per cent until 30 November 2025 and 1 per cent 30 November 2026

The products have a fee standard valuation and ten per cent annual overpayments. Selected deals have £250 cashback.

Newcastle Building Society’s intermediary mortgages head John Truswell (pictured) said: “As well as first-time buyers, second steppers, home movers and remortgage customers can all benefit from higher LTV products which are currently limited elsewhere in the market.

“This range builds on some of the initiatives we’ve recently announced and provides low-deposit borrowers with even more choice in the market.”

According to Moneyfacts, product choice for mortgage borrowers have reached their highest levels since the start of the pandemic, with 4,243 products available in June. The number of higher LTV deals has grown the most.

The latest product count from Moneyfacts indicated that there were around 525 products at 90 per cent LTV and 207 products at 95 per cent LTV.

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