Newcastle strengthens interest-only mortgage proposition
The lender has increased LTVs and will now accept multiple repayment strategies.
Newcastle for Intermediaries has announced a series of enhancements to its interest-only mortgage proposition.
The lender has increased the maximum LTV from 75% to 80% (85% LTV for part-and-part loans).
In addition, and following broker feedback, the lender has also added further flexibility for repayment options. Multiple repayment strategies can be used to support the repayment of the mortgage.
Clients downsizing via the sale of an existing mortgaged property remain capped at 60% LTV, in line with existing policy.
Ben Smith, head of commercial and product development at Newcastle Building Society, said: “We know that brokers and their clients value choice and simplicity, so by extending our interest-only LTV to 80% and accommodating multiple repayment vehicles as standard, we’re making it easier for brokers to find the right solution for those looking to move home and remortgage.”
