Newcastle Intermediaries enhances large loan proposition

Newcastle Intermediaries has enhanced its large loan criteria and launched a new range of products to support the proposition.

Amongst the changes, the lender has increased its maximum loan amount from £2 million to £3 million.

In addition, for borrowers looking to downsize via the sale of a mortgaged property, the option for interest-only on Newcastle Intermediaries’ large loans range is now available up to 60% LTV, from a previous maximum of 50%.

A new two-year fixed rate has launched at 6.45% up to 65% LTV, is available on loans from £1.5 million to £3 million, and comes with early repayment charges of 2% until 31.12.2024 and 1% until 31.12.2025.

Also available is a five-year fixed rate at 6.15% up to 65% LTV, for loans from £1.5 million to £3 million, and comes with stepped early repayment charges of 5% in the first year, down to 1% in year five.

Both products require a £1,499 product fee, offer enhanced income multiples of up to 5.5x, and allow up to 10% overpayments per annum.

Franco Di Pietro, head of intermediary mortgages at Newcastle Building Society, said: “We’re always striving to maintain a competitive lending proposition with the help of feedback from our broker partners in order to refine our product range. These criteria enhancements, alongside the new products in our large loans range, enable us to continue to deliver a great range of options for brokers in meeting the needs of their higher-earning clients. This continued focus on our large loans proposition demonstrates our commitment to supporting our intermediary partners and their clients.”