Newcastle Intermediaries re-enters large loan market
Newcastle Intermediaries has re-entered the large loan market with a new proposition 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 £1.5m.
A 2-year discounted rate is available at 2.35% and it 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 January 2024.
A 5-year discounted rate of 2.75% is also available and this product comes with no early repayment charges providing borrowers with flexibility 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. The 80% LTV covers loans from £500,000 to £1m and 75% LTV covers loans from £1m to £1.5m.
Franco Di Pietro, head of intermediary mortgages at 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 £1.5m, this relaunch will provide greater choice for borrowers whilst brokers will also have direct access to our experience underwriters and bespoke service proposition.”