Newcastle Intermediaries enhances large loan proposition

Jessica Bird

October 29, 2021

mortgage prices

Newcastle Intermediaries has enhanced its large loan proposition with the introduction of 2-year fixed rate products and a rate cut across the range.

The lender has also removed upfront reservation fees and reduced completion fees.

A 2-year fixed rate at 2.45% (3.7% APRC) is available at a maximum loan-to-value (LTV) of 65% for loans of between £1.5m and £2m.

An alternative 2-year fixed rate is available at 2.55% (3.8% APRC) up to 80% LTV for loans of between £500,000 and £1m or up to 75% LTV for loans between £1.5m and £2m.

A product fee of £1,499 is payable on all products in the range and 10% overpayments per annum are permitted to support borrowers who require the flexibility to make lump sum overpayments.

An early repayment charge (ERC) of 2% applies until 28 February 2023 and 1% until 29 February 2024.

Franco Di Pietro, head of intermediary mortgages said: “Since re-entering the large loan market we’re constantly assessing our range based on broker feedback and making changes to ensure products offer borrowers a real choice.

“I’m confident our tailored lending approach including direct access to our underwriters and these updates to our range will meet the unique needs of higher earning clients.”

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