Newcastle Intermediaries has updated its large loan portfolio with a new range of fixed rate products.
The refreshed range is available now and includes a two, five and 10-year fixed rate offering.
The five-year product is available at 3.70% for up to 80% LTV and on loans up to £1.5m at 75% LTV. This product comes with early repayment charges (ERCs) of 5% until 31 October 2023, 4% until 31 October 2024, 3% until 31 October 2025, 2% until 31 October 2026 and 1% until 31 October 2027.
Newcastle also confirmed the range allows enhanced income multiples of up to 5.5 times. The large loans range comes with a dedicated service offering direct access to the lender’s underwriting team, allowing up to 10% overpayments and acceptance of up to 100% bonus or commission, subject to underwriter discretion.
Head of intermediary mortgages at Newcastle Building Society, Franco Di Pietro, commented: “The updates to our large loans product portfolio enable us to continue to deliver a great range of options for brokers in meeting the needs of their higher-earning clients.
“This continued focus on our large loans proposition demonstrates our commitment to supporting our intermediary partners and their clients.”
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