Newcastle enhances large loan criteria and product range

Newcastle for Intermediaries has enhanced its large loan criteria and launched a refreshed range of products to support the changes.

In a bid to enhance the options available to brokers and their clients, the proposition now includes products up to 85% LTV and increased loan amounts on its range below 80% LTV. It has also raised the amount allowed for part and part mortgages up to 85%. The maximum LTV on interest-only is 75%.

Further changes to the lender’s large loans criteria provide greater flexibility, specifically, the use of a combination of repayment vehicles, including downsizing via sale of mortgaged property, are now accepted. Downsizing remains capped at 60% and has minimum equity requirements, additional repayment vehicles can be used up to a maximum LTV of 75%.

Included as part of the refreshed range is a two-year fixed rate at 5.70% and a five-year fix at 5.20%, both available up to 85% LTV on loans from £500,000 - £1million.

Franco Di Pietro, head of intermediary mortgages at Newcastle Building Society, said: “We’re always listening to our broker partners which is why we’ve taken the decision to expand our large loan proposition to include 85% LTV products and increase loan amounts across all LTVs.

"The updates to our large loans proposition not only reflect our commitment to supporting our intermediary partners, but enable us to continue to deliver a great range of options for brokers and their higher earning clients.”