Newcastle Intermediaries bring back 95% LTVs
Newcastle Intermediaries says it is re-entering the 90- and 95-percent loan-to-value market while West Brom has expanded its high LTV range.
Newcastle says its loans, which will be available starting today (June 11), are “available to first-time buyers on the property ladder, as well as to home publishers and mortgage customers”.
The mutual will sell two- and five-year products with a LTV of 90% and 95% at prices starting at 2.85% and a selection of paid products.
There is £ 250 cashback on select offers and free standard property valuation up to £ 500,000 on select loans.
Products offer overpayment options of 10% per annum for “customers who need the flexibility to make flat-rate overpayments”. This is on top of £ 499 of regular monthly overpayments that are already allowed.
The move comes as West Brom today expands its 95% LTV offering and introduces a new two-year fixed income product following its recent return to the market.
It offers a two year fixed rate home purchase loan of 3.79% at 95% LTV with no closing fee. The product is available directly and through intermediaries.
The 95% LTV loan has a maximum loan amount of £ 350,000 and a 30 year term.
The lender adds that at the end of the fixed-rate term, mortgage products revert to West Brom’s standard floating rate, which is currently 3.99%.
Since Chancellor Rishi Sunak announced the government’s 95 percent mortgage guarantee program in the March 3 budget, a number of lenders have brought back heavy lending.
Several companies lend under this scheme, but many have set up their own provisions.