Newcastle for Intermediaries has raised the maximum loan-to-value (LTV) for new build houses to 95%.
The change means new build buyers could secure a Newcastle Building Society mortgage with just a 5% deposit, increasing options for homebuyers. The decision will also provide further support for the housebuilding sector by broadening access for younger aspiring homeowners and those borrowers with smaller deposits to the new build home market.
Included as part of the new proposition is a 5.48% fixed rate until 31st March 2030 (6.6% APRC) up to 95% LTV, available with no product fees and a free standard valuation.
The 95% LTV products are available for both house purchase and re-mortgage and offer up to 10% overpayments. Early Repayment Charges (ERCs) apply.
Franco Di Pietro, head of intermediary mortgages at Newcastle Building Society said: “We understand that achieving the dream of homeownership remains a challenge, that’s why we’re committed to supporting as many borrowers as possible in getting a foot on the property ladder or moving onwards to their next home. By increasing our maximum LTV for lending on new build houses, we’re able to provide our broker partners with a greater number of options and more flexibility for their clients.”
