Newcastle Intermediaries has re-entered the large loan market with a new offering and products available up to 80% loan to value (LTV).
The range allows income multiples of up to 5.5 x (subject to criteria) for loans between £500,000 and £1,500,000, providing borrowers with more choice and flexibility.
A two-year discounted rate is available at 2.35% (3.7% APRC) which represents a 1.61% discount from the lender’s SVR. The product comes with free standard valuation and allows 10% overpayments per annum in addition to the £499 regular monthly overpayment already permitted. An early repayment charge of 1% applies until 31/01/24.
Meanwhile, a five-year discounted rate of 2.75% (3.5% APRC) is available which is a 1.21% discount from the lender’s SVR. This product comes with no early repayment charges allowing borrowers to make increased overpayments.
A fee of £1,999 is payable on both products. Clients can either choose from an 80% or 75% LTV depending on their loan requirement. 80% LTV covers loans from £500,000 to £1,000,000 and 75% LTV covers loans from £1,000,000 to £1,500,000.
Franco Di Pietro, head of intermediary mortgages at the Newcastle Building Society, said: “We’re delighted to move back into the large loan market and support our intermediary partners in providing additional mortgage options for our mutual clients.
“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.”
