Newcastle Intermediaries boosts large loan range, cuts fees

Essex Home Finance
Newcastle Intermediaries has boosted its large loan products with the launch of new two-year fixed rate products.
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Newcastle Intermediaries has boosted its large loan products with the launch of new two-year fixed rate products as well as cutting rates across the range.

The broker-only unit of Newcastle Building Society adds that it has removed upfront reservation fees and reduced completion fees.

The lender has added a new two-year fixed-rate deal at 2.45% (3.7% annual percentage rate of charge) available at a maximum loan to value of 65% for loans of between £1.5m and £2m.

An alternative two-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 year are permitted to support borrowers who require the flexibility to make lump sum overpayments. 

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

Newcastle Intermediaries head of intermediary mortgages Franco Di Pietro says: “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.” 

Original Article from Mortgage Strategy 29/10/21

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