A pair of discounted variable rate products have been added to the range and are available up to 65 per cent loan to value (LTV) for loans between £1.5m and £2m. The range allows enhanced income multiples of up to 5.5.
The two-year discounted rate product is available at 2.25 per cent, representing a discount of 1.71 per cent from the lender’s standard variable rate (SVR) of 3.96 per cent. It comes with free valuation and allows 10 per cent overpayments per annum in addition to the £499 regular monthly overpayment already permitted.
A one per cent early repayment charge (ERC) applies over the term.
Alternatively, a five-year discounted rate product is available at 2.65 per cent – a 1.31 per cent discount on the lender’s SVR, with no ERCs applicable. A fee of £1,999 is payable on both new products.
Franco Di Pietro (pictured) head of intermediary mortgages at Newcastle Building Society, said: “We recently moved back into the large loan market with a wide range of products, realising our commitment to do more to support brokers and their higher earning clients.
“After listening to broker feedback we’re pleased to extend that range even further, increasing the maximum loan amount and introducing some new 65 per cent LTV products to give borrowers even more choice.”
