Newcastle for Intermediaries has reduced its residential stress rate for borrowers taking out 2-year, 3-year, and 5-year fixed rate mortgages.
The change is designed to make it easier for people to borrow, with the lower stress rate meaning borrowers could access higher loan amounts across the lender’s full product range, including shared ownership and interest only.
Franco Di Pietro (pictured), head of intermediary mortgages at Newcastle Building Society, said: “We are committed to supporting our intermediaries and their clients in navigating the complexities of today’s mortgage landscape.
“The reduction in our residential stress rate is intended to boost borrowers’ affordability and demonstrates our dedication to making homeownership more achievable.
“Our residential stress rate is just one of the ways we measure affordability as part of our approach to ensuring responsible and sustainable lending, and we believe this move will empower brokers to help more clients secure the funding they need.”
