Newcastle for Intermediaries extends Affordability Boost to 95% LTV new build purchases
The move is designed to help FTBs, home movers and existing customers who face affordability or deposit barriers when buying a newly built home.
Newcastle for Intermediaries has extended its Affordability Boost scheme to cover eligible new build purchase applications up to 95% loan-to-value (LTV).
The move is designed to help first-time buyers (FTBs), home movers and existing customers who face affordability or deposit barriers when buying a newly built home.
Affordability Boost allows customers choosing a qualifying longer-term fixed rate mortgage to benefit from an affordability assessment that matches the product’s longer-term payment certainty.
The extension aims to support buyers who are ready to purchase but are held back by affordability challenges or the size of their deposit.
Michelle Ash, national account manager at Newcastle Building Society, said: “For many customers, affordability is still one of the biggest hurdles to getting on the property ladder or moving home, especially when buying a new build.
“Even when they’re financially ready to buy, higher rates and deposit requirements can make it difficult to access the borrowing they need.
“By extending Affordability Boost to eligible new build purchases up to 95% LTV, we’re giving brokers another way to help suitable clients achieve their home ownership goals.”
Ash added: “Alongside options such as Joint Mortgage Sole Proprietor (JMSP) for new build purchases, this latest enhancement broadens the support available to customers who are constrained by affordability or deposit size, while still offering the longer-term payment certainty that many borrowers value.”
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