Newcastle for Intermediaries has widened access to its new low-deposit mortgage product, First Step, making it available across the intermediary market following a limited launch in September.
The First Step range, initially introduced through London & Country Mortgages, Connells Group and Mortgage Advice Bureau, is designed to support first-time buyers struggling to save substantial deposits.
The product offers lending up to 98% loan-to-value, requiring a minimum cash deposit of £5,000, with a maximum loan size of £350,000.
A five-year fixed rate of 5.25% (6.2% APRC) is available, and the product includes a free standard valuation for properties up to £550,000 and permits 10% annual overpayments.
Francesco Di Pietro, head of intermediary mortgages at Newcastle Building Society, said: “We know how challenging it is for many first-time buyers to save large deposits.
“First Step gives those who have worked hard to save a small deposit a genuine chance of owning a home, offering up to 98% LTV with a competitive five year fixed rate and straightforward eligibility checks.
“It’s a practical solution designed to help more people take that first step into home ownership and we are pleased to be able to expand distribution to the wider market.”
