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Newcastle BS reduces rates on high LTV range
Newcastle Building Society has reduced rates by up to 0.25 per cent across its two and five-year fee-assisted 90 per cent and 95 per cent loan to value (LTV) mortgages.
There is a two-year fixed deal at 95 per cent LTV with a rate of 3.55 per cent, down from 3.80 per cent. It has an early repayment charge (ERC) of two per cent during the first year of the fixed period and one per cent in the final year.
Also at 95 per cent LTV, the five-year fixed product has been reduced by 0.10 per cent to 3.79 per cent.
It has ERCs of five per cent during the first year of the fixed term, declining by increments of one percentage point until the final year.
The products have no fees, include free standard valuation on properties of up to £500,000 and offer £250 cashback.
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Overpayments of 10 per cent per year are allowed alongside the £499 regular monthly overpayments already permitted.
John Truswell, head of intermediary mortgages at Newcastle Building Society, said: “The market continues to be very competitive in the higher LTV space and we’re seeing increased consumer confidence as demand continues to build.
“We’re pleased to be able to reduce rates across the higher LTV range to provide more options for brokers and their clients, along with several incentives and added flexibility.”