The lender has reduced the rates for eight two-year fixed rate first-time buyer products between 75 and 95 per cent loan to value (LTV), with the largest reduction applied to its 80 to 85 per cent LTV and 85 to 90 per cent LTV products.
Its two-year fixed rate between 80 and 85 per cent LTV has fallen from 2.69 per cent to 2.39 per cent, whilst its two-year fixed rate at 85 to 90 per cent LTV has gone from 3.09 per cent to 2.79 per cent.
On the house purchase side, the lender has cut the rates for eight products between 75 and 95 per cent LTV.
The largest reductions were on its two-year fixed rate at 80 to 85 per cent LTV, which has also been cut by 0.3 per cent to 2.39 per cent. Its two-year fixed rate at 85 to 90 per cent LTV has fallen from 3.09 per cent to 2.79 per cent.
Newcastle BS launches large loan range
Newcastle Building Society will re-enter the large loan market today, after exiting in April last year.
It has released two and five-year discounted variable products.
The products are designed to support higher earning professional clients and are available up to 80 per cent LTV.
A two-year discounted rate is available at 2.34 per cent and comes with free standard valuation and allows 10 per cent overpayments per year in addition to £499 monthly overpayments already allowed.
An early repayment charge (ERC) of one per cent applies for the first year of the fixed term period.
A five-year discounted rate product is also available at 2.75 per cent, which has no ERCs to give borrowers flexibility on payments.
The minimum loan size for the product is £500,000 and the maximum loan size is £1m for 80 per cent LTV, whilst for 75 per cent LTV minimum loan size is £1m and maximum loan size is capped at £1.5m.
The products allow income multiples up to 5.5 and a fee of £1,999 applies to both products.
Newcastle Building Society’s head of intermediary mortgages Franco Di Pietro said: “We’re seeing strong demand in the market for loans between £500,000 and £1,500,000, this re-launch will provide greater choice for borrowers whilst brokers will also have direct access to our experience underwriters and bespoke service proposition.”
