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Newcastle BS relaunches large loan products
Newcastle Building Society has brought back its large loan product range, which is available up to 65 per cent loan to value (LTV).
The two-year product is available at 6.45 per cent and can be used for loans between £1.5m and £2m.
It comes with early repayment charges (ERC) of two per cent for the first year and then one per cent in the second year.
The range comes with enhanced income multiples of up to 5.5x, which the lender said will give more “choice and flexibility”.
The product permits 10 per cent overpayments and accepts up to 100 per cent bonus and commission, subject to underwriter discretion.
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The large loans range also comes with a “dedicated service offering” with direct access to the mutual’s underwriting team.
Franco Di Pietro (pictured), head of intermediary mortgages at Newcastle Building Society, said: “We have updated our large loan product portfolio in line with the current rate environment, and are pleased to be able to reintroduce the range to market reflecting our continued commitment to supporting our intermediary partners and their clients.”
Newcastle has been updating its range, recently adding deals up to 95 per cent LTV and increased its Standard Variable Rate.