Newcastle Intermediaries has announced changes to its large loan criteria, along with the introduction of a new range of mortgage products.
The lender has increased its maximum loan amount from £2m to £3m. Additionally, for clients who are downsizing through the sale of a property under mortgage, Newcastle Intermediaries now offers an interest-only option on its large loans range up to a 60% loan-to-value (LTV) ratio, an improvement from the previous limit of 50% LTV.
Two new products have also been added to the large loans portfolio. A 2-year fixed rate mortgage is available at 6.45% (7.1% APRC) for loans ranging between £1.5m and £3m, up to 65% LTV. This product comes with early repayment charges of 2% until the end of 2024 and 1% until the end of 2025.
The second addition is a 5-year fixed rate mortgage at 6.15% (6.9% APRC), also for loans between £1.5m and £3m, and up to 65% LTV.
The early repayment charges for this product are tiered, starting at 5% until the end of 2024 and decreasing yearly until 1% at the end of 2028. Both products have a £1,499 product fee and permit annual overpayments of up to 10%.
Franco Di Pietro (pictured), head of intermediary mortgages at Newcastle Building Society, said: “The changes to our large loan criteria, coupled with the addition of these new products, aim to strengthen our offering in the higher-earning client market.
“We value the feedback from our broker partners and are committed to providing a range of options that meet the unique financial needs of their clients.”
