Newcastle Intermediaries has expanded its remortgage range by adding two new 60% loan-to-value products.
The lender has introduced a two-year fixed rate at 2.95% at a maximum of 60% LTV and a five-year fix at 3.10% at 60% LTV.
Both products are for remortgage customers only and come with zero product fees, offer a free standard valuation and free legal fees, should the mutual‘s solicitor be nominated.
The two-year fix attracts an early repayment charge of 2% until 31 August 2023 and 1% until 31 August 2024. The five-year product attracts early repayment charges of 5% until 31 August 2023, 4% until 31 August 2024, 3% until 31 August 2025, 2% until 31 August 2026 and 1% until 31 August 2027. Both products allow 10% overpayments per year.
Newcastle Intermediaries head of intermediary mortgages Franco Di Pietro says: “We know that with the rising cost of living and recent increases to the base rate, even more homeowners are looking to remortgage on the best possible terms.
“By introducing two new 60% LTV products and assistance with fees, we’re giving brokers and their clients some competitive options backed by our flexible approach to underwriting and leading service levels.”
Earlier this month, the lender removed the minimum income criteria on its buy-to-let mortgage products.
The lender says the move was designed to attract landlords with lower or non-traditional incomes.
Borrowers no longer need to meet the £25,000 (£30,000 joint) minimum income requirement on Newcastle Intermediaries’ BTL mortgage products but must be in receipt of an employed, self-employed or pension income.
Original Article
