Newcastle Intermediaries cuts interest-only rates by up to 1%

Newcastle Intermediaries has made rate reductions of up to 1% across its interest-only proposition.

The reduced rates include a five-year fixed rate available at 4.65%, with stepped early repayment charges of 5% in year one, dropping to 1% in year five.

A two-year fixed rate at 5.05% is also available, with early repayment charges of 2% in year one and 1% in year two.

The range of two and five-year interest-only products are available up to 75% LTV with an additional 5% LTV able to be secured on a repayment basis. Both products come with a £1,499 product fee, and offer an overpayment facility of 10% each year.

Earlier this week, the Society reduced rates by up to 0.65% across its range of residential mortgage products.

Franco Di Pietro, head of intermediary mortgages at Newcastle Building Society, said: “As rates start to reduce market-wide, we are still experiencing demand from brokers and their clients who are wanting to utilise interest-only products.

“We are pleased to be able to make significant reductions to rates across our range of up to 1% which, alongside our flexible lending criteria, will support borrowers looking to purchase or remortgage a home.”