Newcastle for Intermediaries reduces large loan product rates

Newcastle for Intermediaries has reduced two and five-year fixed rate products across its large loan proposition by up to 0.15%.

The two-year product is available at 5.15% up to 65% LTV on loans between £1.5m and £3m. The product comes with early repayment charges of 2% until 31.07.2025 and 1% until 31.07.2026, as well as a £1,999 product fee.

Also available is a five-year product at 4.75% up to 65% LTV on loans between £1.5m and £3m. The product comes with stepped early repayment charges of 5% in year one, reducing to 1% in year five, as well as a £1,999 product fee.

The range accepts up to 100% bonus/commission, subject to underwriter discretion, and allows enhanced income multiples of up to 5.5x.

The large loans proposition comes with a dedicated service offering direct access to Newcastle Intermediaries’ underwriting team and supports up to 10% overpayments.

Franco Di Pietro, head of intermediary mortgages at Newcastle Building Society, said: “We constantly strive to make our large loan product range more attractive to brokers and their clients, while our flexible approach to lending and overall proposition offers borrowers a compelling option.

“We’re pleased to be able to update our large loan product portfolio in line with the current rate environment, reflecting our continued commitment to supporting our intermediary partners and their clients.”