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Newcastle Building Society lowers large loan mortgage rates

Newcastle Building Society lowers large loan mortgage rates
Shekina Tuahene
Written By:
Shekina Tuahene

Newcastle Building Society has reduced rates across its large loan product range by as much as 0.15 percentage points.

Changes have been made to both two- and five-year fixes at Newcastle Building Society.

The two-year fix now has a rate of 5.15 per cent up to 65 per cent loan to value (LTV) for borrowing amounts between £1.5m and £3m.

It has a £1,999 product fee and an early repayment charge (ERC) of two per cent in the first year and one per cent in the second.The five-year fix is also available up to 65 per cent LTV and is priced at 4.75 per cent.

It also has a £1,999 product fee and an ERC that starts at five per cent before falling incrementally each year.

The lender will accept up to 100 per cent of bonus or commission income subject to the underwriter’s discretion and lends up to five-and-a-half times a borrower’s income.

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.”

The mutual reported stable gross mortgage lending of £1.1bn for 2023, as well as a profit before tax of £29.1m.