Newcastle Intermediaries cuts large loan range by up to 62bps – Mortgage Strategy
Newcastle Intermediaries has cut rates across its large loan range and introduced discounted variable rates on products at up to 80% loan to value.
The broker-only arm of Newcastle Building Society says: “The products are in response to property price growth in the last few years resulting in higher loan sizes, and support brokers’ higher earning clients.”
It offers a two-year discounted rate at 4.29% (4.9% annual percentage rate of charge) at up to 65% LTV for loans of between £1,501,000 and £2m, which is a discount of 62 basis points on the lender’s standard variable rate.
And a five-year fixed-rate loan at 5.30% (5.2% APRC) is available at a maximum LTV of 80% for loans of between £1m and £1.5m
All products in the range carry a £1,499 fee and 10% overpayments per year are allowed, to support borrowers who require the flexibility to make lump sum overpayments.
Early repayment charges apply across the class.
The suite also offers larger income multiples up to 5.5 times, interest-only options and a dedicated service with direct access to underwriters.
Newcastle Building Society head of intermediary mortgages Franco Di Pietro says: “These discounted rates across our large loans range reflect our ambition to constantly strive to make our product range more attractive to brokers and their clients, while our flexible approach to lending and overall proposition offers higher earning borrowers a compelling option.”