Newcastle Intermediaries has relaunched its Help to Buy range aimed at first time buyers trying to get onto the property ladder.
The broker-only arm of Newcastle Building Society said highlights among the range includes a two-year fixed-rate mortgage at 2.19 per cent (3.7 per cent annual percentage rate), available at a maximum loan to value of 75 per cent.
The range also includes a five-year fixed rate product at 2.49 per cent (3.4 per cent APR), also available at a maximum loan to value of 75 per cent.
Both products offer free standard valuation, £500 cashback and allow 10 per cent overpayments per annum.
The unit adds that “borrowers can remortgage their existing Help to Buy mortgage and benefit from the competitive rates while maintaining their equity loan”.
Newcastle Building Society head of intermediary mortgages John Truswell says: “The new build market is still under served with product options for first-time buyers. So we’re pleased to be re-entering the Help to Buy market and support borrowers looking to get on the ladder with only a 5 per cent deposit.”
Demand for Help to Buy and shared ownership schemes hit record levels, with 17.2 per cent of first-time buyers using one of the schemes last year, according to price comparison site Reallymoving.
Take up of these programmes is being driven by rising house prices and stricter deposit requirements by lenders, said the price comparison site in February.
Original Article from Mortgage Strategy 06/04/2021