The changes have been applied to its residential, shared ownership, First Home, interest-only, joint borrower sole proprietor, Enhanced+, Affordability Boost and new build mortgages up to 95% loan to value (LTV).
The mutual has also introduced two-, five- and six-year fixed rate options across a range of LTVs up to and including 95%, as well as fee-assisted and cashback incentives on selected products at 90% and 95% LTV.
Francesco Di Pietro, head of intermediary mortgages at Newcastle Building Society, said: “We know many brokers are seeing demand from customers who need practical, affordable solutions, whether they’re buying for the first time, moving home, remortgaging or seeking high-LTV support.
“These targeted rate reductions and the additions of fee-assisted and cashback options strengthen the toolkit intermediaries have available to them to get their clients moving.”
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Vernon BS launches mortgages for professionals
Vernon Building Society has released a range of mortgages for professionals to lend in line with their future earning potential.
The products will be available to a variety of professionals, including doctors, solicitors, teachers, engineers, accountants and other regulated or specialist roles.
The mutual will lend to employed and self-employed borrowers across England and Wales for purchase and remortgage.
Vernon Building Society will consider applicants aged between 18 and 75, with a minimum property value of £125,000 and loans up to £1m.
The products include a five-year fix up to 80% LTV with a £999 fee and rate of 4.59%, and a corresponding option at 85% LTV priced at 4.74%.
There is a two-year discount product up to 80% LTV with a £499 fee and rate of 3.01%, and an equivalent at 85% LTV with a rate of 2.81%. Both products allow overpayments of up to 25% of the total loan with no early repayment charges.
The mutual will allow part and part payments up to 85% LTV, with up to 70% of the loan on an interest-only repayment basis.
It will consider self-employed borrowers with just one year’s accounts and applicants still in their probationary period. Vernon Building Society will also consider gifted deposits.
Brendan Crowshaw, head of mortgage and savings distribution at Vernon Building Society, said: “Affordability remains one of the biggest hurdles for professional borrowers. Rising property prices often mean that even those with strong future earning potential – whether they are early in their careers or more established – struggle to access the homes they want today.
“This new mortgage range reflects our new lending policy and applies our common‑sense approach to underwriting. By eliminating the loan to income (LTI) cap and allowing affordability to be based on guaranteed income rises, we’re helping professionals borrow in line with their career trajectory rather than being limited by current earnings.”
