Newcastle Intermediaries has introduced a variable rate large loan product which comes with no early repayment charge.
The 2-year discounted variable rate at 1.85% (APR 5.3 %) is offered at up to 80% LTV with a fee of £1,999. There is no early repayment charge, providing greater flexibility for clients.
Loans are available up to £1.5m up to 75% LTV (£1m up to 80% LTV) and are available on an interest-only basis subject to specific lending criteria.
Steve Carruthers, head of mortgage distribution at Newcastle Intermediaries, said: “Our large loans proposition can accommodate more complex income structures and has been designed to help brokers deliver a bespoke service that meets the needs of these clients.
“Our no early repayment product option gives clients the flexibility to make larger overpayments or even paying off the loan earlier than expected.”