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Newcastle BS cuts rates on 80 per cent LTV range

  • 15/07/2021
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Newcastle BS cuts rates on 80 per cent LTV range
Newcastle Building Society has reduced rates on select products in its 80 per cent loan to value (LTV) range.


Its two-year discount product is now available at 1.45 per cent, down from 1.55 per cent. This is a 2.51 per cent discount from the lender’s standard variable rate.

The product is subject to a £999 fee and one per cent early repayment charge (ERC).

The lender’s two-year fixed fee assisted product now stands at 2.35 per cent, a reduction from 2.45 per cent. The product has no fees and free standard valuation for properties up to £500,000 as well as £500 cashback.

An ERC of two per cent applies in the first year of the fixed period, declining to one per cent in the final year.

Both products permit 10 per cent overpayments per year in addition to the £499 regular monthly overpayments already permitted.

Newcastle Building Society’s intermediary mortgages head John Truswell (pictured) said: “We’re seeing a downward trend in rates across all LTVs due to a number of factors, including a reduction in market activity with the closure of the stamp duty land tax window in June and a tightening of housing supply.

“So, to better support borrowers in an ever-changing market, we’re refreshing our 80 per cent LTV range to give brokers and their clients more choice and some really competitive options to suit their needs.”

The lender has been changing its offering in the past few months, re-entering 95 per cent LTV mortgages in June this year. It also cut rates on its 85 per cent LTV rates by up to 0.2 per cent in June.

It then cut rates on select 90 and 95 per cent LTV mortgages earlier this month.

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