Newcastle for Intermediaries has broadened the distribution of its low-deposit mortgage proposition, First Step, making it available across the whole of market following its initial launch with London and Country Mortgages, Connells Group and Mortgage Advice Bureau in September.
First Step is designed to boost opportunities for first-time buyers with smaller deposits seeking to move quickly onto the property ladder, offering lending up to 98% LTV.
Eligible borrowers need a minimum cash deposit of just £5,000, supporting loans of up to £350,000.
A 5-year fixed rate is available at 5.25% (6.2% APRC) and includes a free standard valuation up to £550,000, with 10% overpayments permitted each year.
Francesco Di Pietro, head of intermediary mortgages at Newcastle Building Society, said: “We know how challenging it is for many first-time buyers to save large deposits.
“First Step gives those who have worked hard to save a small deposit a genuine chance of owning a home, offering up to 98% LTV with a competitive 5-year fixed rate and straightforward eligibility checks.
“It’s a practical solution designed to help more people take that first step into home ownership and we are pleased to be able to expand distribution to the wider market.”
