Newcastle Intermediaries has reduced its 95 per cent loan-to-value (LTV) range in a bid to attract first time buyers and those looking to remortgage.
A two-year fixed rate of 3.12 per cent – a 0.18 per cent reduction on its current rate – will be available at a maximum loan to value (LTV) of 95 per cent.
It will come with free valuation, £500 cashback or free legal fees for remortgages.
Newcastle will also offer a two-year fixed rate at 2.59 per cent – a 0.27% reduction on its current rate – with fees of £498, at 95% LTV.
Both products offer an early repayment charge.
For borrowers looking for a longer term deal, a five-year fee assisted fixed rate is available at 3.45 per cent – a reduction of 0.04 per cent on the current rate. It comes with free valuation, £500 cashback or, for remortgagors, free legal fees.
There will be an early repayment charge of five per cent until 31 July 2020, dropping by a single percentage every year to 2024.
The reductions follow Newcastle’s recent increase in their maximum loan for 95% lending up to £400,000.
Common sense and flexibility
Stuart Miller, customer director at Newcastle Intermediaries, said: “The first time buyer market remains very active, and our reduction in rates support these buyers to make their first step onto the housing ladder. We are dedicated to supporting the first time buyer market and our flexible and common sense approach to underwriting means we can consider customers who require a flexible approach.
“These products will also support borrowers looking to re-mortgage up to 95% LTV including the ability to raise capital for home improvements.”