Newcastle cuts rates and enhances shared ownership proposition

Newcastle Intermediaries has reduced rates across its 95% LTV shared ownership proposition and introduced 85% and 90% LTV products to the range.

The expansion to the lender’s shared ownership range comes alongside reduced 95% LTV rates, including a two-year fixed rate at 5.99%, with early repayment charges of 2% until April 2025 and 1% until April 2026.

A five-year fixed rate is also available at 5.65%, with early repayment charges of 5% in the first year, reducing to 1% in year five.

Both products are available for house purchase and remortgage, come with a £999 product fee, and offer an overpayment facility of 10% each year.

The expansion of Newcastle Building Society’s shared ownership range follows recent enhancements to its proposition, including the introduction of products for remortgage and staircasing.

The updates provide shared ownership buyers with greater flexibility and the opportunity to increase their share in the property up to 100% of the value in increments of 5%.

Franco Di Pietro, head of intermediary mortgages at Newcastle Building Society, said: “The new products in our shared ownership range are designed to support brokers and their clients with larger deposits, complementing our existing 95% LTV products to provide greater choice and flexibility for borrowers.”