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Newcastle BS drops 85 per cent LTV rates by up to 0.2 per cent
Newcastle Building Society has cut the rates on three of its 85 per cent loan to value (LTV) products by up to 0.2 per cent.
The lender has cut its two-year fixed at 85 per cent LTV by 0.2 per cent to 2.3 per cent. It is subject to a product fee of £499. Its fee-free two-year fixed rate has also been cut by 0.1 per cent to 2.55 per cent.
Both products are subject to an early repayment charge (ERC) of two per cent in the first year of the fixed period and one per cent in the final year.
The lender has also cut its fee-free two discounted rate product by up 0.05 per cent, and it has an ERC of one per cent.
All the products have a free standard valuation on properties up to £500,000 and permit 10 per cent overpayments per year, in addition to the £499 regular monthly overpayments allowed.
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Newcastle Building Society’s intermediary mortgages head John Truswell (pictured) said: “We’re always listening to broker feedback and know it’s important to keep the range fresh in a very competitive market.
“Customers will benefit from the reductions on offer as well as our manual underwriting approach and leading service levels.”
The lender has been adapting its offering in recent months, adding products to its joint mortgage sole proprietor portfolio and reentered high LTV mortgages. It has also relaunched its Help to Buy range for first time buyers.