Newcastle Intermediaries has expanded its large loan range and increased its maximum loan amount to £2m.

Two new discounted variable rate products have been added to the range and are available for up to 65% LTV for loans of between £1.5m and £2m. The range allows enhanced income multiples of up to 5.5, providing borrowers with more choice and flexibility.

The new two-year discounted rate product is available at 2.25%, representing a discount of 1.71% from the lender’s SVR of 3.96%. It comes with free valuation and allows 10% overpayments per annum in addition to the £499 regular monthly overpayment already permitted. A 1% early repayment charge applies until 31 January 2024.

Alternatively, a five-year discounted rate product is available at 2.65% – a 1.31% discount on the lender’s SVR, with no early repayment charges applicable. A fee of £1,999 is payable on both new products.

Franco Di Pietro, head of intermediary mortgages 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% LTV products to give borrowers even more choice.”