First-time Buyers

Newcastle Building Society chops rates for those with a small deposit

Owain Thomas
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Owain Thomas

Newcastle Building Society has cut rates on its mortgages with a loan-to-value (LTV) of up to 95%.

The mutual said it expected these deals to be most valuable to first-time buyers.

The new two-year deals include a 3.39% rate with £999 fee. A no-fee option at 3.99% with free standard valuation plus £200 cash back is also available. Both these deals were reduced by 0.56%. Those remortgaging can opt for free legals instead of the cashback.

In all, Newcastle has reduced 14 rates across its mortgage range by an average of 0.35%.

Head of product development Ben Smith said: “We’re committed to supporting new buyers on to the property ladder and I’m pleased we can offer a reduction in our rates to help them do that.

“This range of products is ideal for first-time buyers looking to keep the costs of purchasing their first home down.”