It also reduces rates on 95% LTV products
Newcastle Intermediaries has added new 85% and 90% loan-to-value (LTV) products to its shared ownership range.
The expansion of the lender’s shared ownership range follows recent enhancements to its proposition, including the introduction of products for remortgage and staircasing. These updates, Newcastle said, provide shared ownership buyers with greater flexibility and the opportunity to increase their share in the property up to 100% of the value in increments of 5%.
“The new products in our shared ownership range are designed to support brokers and their clients with larger deposits, complementing our existing 95% LTV products to provide greater choice and flexibility for borrowers,” said Franco Di Pietro (pictured), head of intermediary mortgages at Newcastle Building Society.
The addition of new products to Newcastle’s shared ownership range comes alongside reduced 95% LTV rates, including a two-year fixed rate at 5.99% (7.1% APRC), with early repayment charges of 2% until April 30, 2025 and 1% until April 30, 2026.
A five-year fixed rate is also available at 5.65% (6.7% APRC), with early repayment charges of 5% until April 30, 2025, 4% until April 30, 2026, 3% until April 30, 2027, 2% until April 30, 2028 and 1% until April 30, 2029.
Both products are available for house purchase and remortgage, come with a £999 product fee, and offer an overpayment facility of 10% each year.
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