Newcastle Intermediaries has relaunched interest-only mortgages with a new range of 2-year fixed rate products.
The range now offers a choice of two 75% loan-to-value (LTV) products on an interest-only basis and on a 2-year fixed-rate term.
A rate of 2.99% (5.5% APRC) is available with a completion fee of £999, or borrowers can opt for a fee-assisted product at 3.40% (5.5 APRC) which offers £300 cashback.
John Truswell (pictured), head of intermediary mortgages at Newcastle Building Society, said: “We’re always looking to offer borrowers greater choice around their product selection, so we’re pleased to re-introduce new interest-only propositions to our range.
“We know some homeowners are looking for more flexibility at the moment, so with our manual underwriting service, lending up to the age of 80, and affordability calculated on an interest-only basis, these new products will be suitable for a range of borrowers who have an appropriate repayment vehicle in place.”
Both products offer a free standard valuation and allow 10% overpayments per annum. Early repayment charges apply at 2% until 30.10.2021 and 1% until 30.10.2022.