Newcastle Building Society launches 95 per cent mortgages
Newcastle Building Society has released a range of three and five-year fixed rates at 95 per cent loan to value (LTV).
The new range includes four products on both three and five-year fixed rates.
An example includes a three-year fixed rate priced at 3.06 per cent. It comes with early repayment charges (ERC) of three per cent until 2023, which then falls one per cent a year until 2025.
The range has a five-year fixed rate at 3.09 per cent. It comes with ERCs of five per cent for the first year, which also falls one per cent a year until 2027.
The products allow overpayments of up to 10 per cent each year and come with £500 cashback as well as free standard valuation up to £500,000.
Franco Di Pietro, head of intermediary mortgages at Newcastle Building Society said: “We’re always listening to broker feedback and looking for ways to increase support for clients.
“For low deposit borrowers especially we recognise needs are evolving so we’re really pleased to introduce new three and five-year fixed rate options to give brokers additional options, backed by our flexible approach to underwriting.”
The lender re-entered the 95 per cent LTV space in June last year, having last offered the products in March 2020.
Overall, the lender has 16 products at 95 per cent LTV including joint borrower sole proprietor, Help to Buy, Deposit Unlock or regional exclusive products.