New options offer brokers more flexibility for residential and BTL clients
Newcastle for Intermediaries and Precise Mortgages have unveiled new product ranges aimed at helping brokers support clients facing affordability challenges in the current market.
Newcastle for Intermediaries has launched its Affordability Boost range, which provides enhanced borrowing power for clients by using more favourable affordability assessments compared to standard residential fixed-rate criteria.
The new products allow borrowers to increase the size of their loan based on their financial circumstances. For instance, a couple with one child, a combined income of £75,000, and £650 in monthly credit commitments could potentially borrow up to £375,000 with the Affordability Boost product, compared to £305,000 under standard criteria.
The Affordability Boost range includes products available up to 95% loan-to-value (LTV) for fixed rate mortgages exceeding five years, targeting first-time buyers, home movers, and remortgagers. Among the offerings is a 72-month fixed rate mortgage at 5.24% (6.4% APRC) for up to 90% LTV. This product comes with a £999 fee and tiered early repayment charges that decrease over time, ensuring borrowers have at least five years remaining on the fixed term upon completion.
“By adapting to the dynamic nature of the market, we can offer brokers a flexible proposition that meets their clients’ needs,” said Francesco Di Pietro (pictured left), head of intermediary mortgages at Newcastle Building Society. “That’s why we’ve worked collaboratively with our broker partners to develop a new range of products to improve affordability in a sustainable way.”
Meanwhile, Precise Mortgages, part of the OSB Group, has introduced limited edition products featuring rate reductions to enhance affordability for residential and buy-to-let customers.
Residential rates now start at 5.79% with no product fee, offering greater flexibility for borrowers planning purchases ahead of the scheduled April 2025 changes to stamp duty relief for first-time buyers. The lender has also reduced revert rates by up to 200 basis points and expanded support for clients with less-than-perfect credit profiles up to 85% LTV.
Precise’s buy-to-let updates include a new sub-4% rate, with products across tiers 1–3 starting at 3.99% (5% fee) and HMO Tier 1 rates beginning at 4.14% (5% fee). Other highlights include no loan size restrictions and two- and five-year fixed rate options at up to 75% LTV.
“The end of stamp duty relief for first-time buyers planned for next year could create a complex environment for those starting on the property ladder,” said Adrian Moloney (pictured right), group intermediary director at OSB Group. “By introducing lower rates and products with no fees, we’re confident we’ll help more residential customers. For landlords, reduced rates and new options ensure brokers can continue to support their clients in a challenging buy-to-let market.”
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