Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Solutions. Read the original article for full details.
Newcastle BS Expands 70% LTV Range and Tracker Mortgage Options
Newcastle for Intermediaries, the broker-facing division of Newcastle Building Society, has added fee-assisted products to its 70% loan-to-value (LTV) mortgage range. The lender has also widened its base rate tracker offering, now covering LTVs from 70% to 95%.
The new fee-assisted products in the 70% LTV range are designed to give borrowers more choice and flexibility. According to Newcastle Building Society, these options allow borrowers to manage remortgaging costs through benefits such as free legal fees.
The expanded tracker range includes both standard and Enhanced+ products. The Enhanced+ offering provides access to loan-to-income (LTI) multiples of up to six times income. For the two-year base rate tracker, the initial rate is 4.25% at 70% LTV with a £999 fee, 4.45% at 80% LTV, and 4.75% at 90% LTV. Within the Enhanced+ range, the two-year tracker is priced at 4.85% at 65% LTV with a £1,499 fee, and 4.95% at 80% LTV.
These changes may be relevant to letting agents and inventory clerks who work with landlords and property investors seeking flexible mortgage options or remortgaging solutions. The expanded product range could offer more choices for clients looking to manage costs or access higher loan-to-income multiples.
Source: Mortgage Solutions