L&G launches two 95pc LTV deals
The deals include a 2-year fixed rate available at 5.95% with a £195 reservation fee and an £800 completion fee which can be added to the loan up to the maximum LTV.
The second product is a fee-free version of the 2-year fix and is available at a rate of 6.25%.
The maximum loan amount for both deals is £250,000 and both carry a 3% early repayment charge during the fixed rate period.
Martyn Smith, head of mortgage products at L&G, said: “The high LTV market, especially at 95% remains constrained with building societies currently providing most of the lending in this sector.
“These intermediary exclusives from the Newcastle are great news for L&G Mortgage Club brokers, who are now able to offer their customers the choice of a two-year fix at competitive rates on both a fee and no fees basis.
“The free valuation or cashback gives the fee-free deal that little something extra which we know borrowers really appreciate in these straitened times.
“We’re continuing to get the message out that mortgages with smaller deposits are available – despite perceptions to the contrary.”
Steven Marks, intermediary services executive at the Newcastle, said: “We’re delighted to be able to offer these deals to the intermediary marketplace exclusively to L&G Mortgage Club members.
“It’s important to support borrowers, particularly first-time buyers, with smaller deposits where possible and we believe these products do just that.
“We expect strong interest from brokers looking to support their clients at the higher end of the LTV market.”