Newcastle Building Society has become the latest group to announce new mortgage products for its customers.
Four mortgage products have been revealed, specifically for the New Build marketplace. The lender has confirmed that these will be up to 90% LTV and are catered towards first-time buyers looking to buy a new property.
Low
Additionally, all four products come without fees, keeping upfront payments low. What’s more, builder and developer incentives can be included with a deposit for 85% range products.
All 90% LTV products are equipped with two and five year fixed rate options. For two-year products, the cost is fixed at 3.89% and for five years, rates are fixed at 4.10%.[1]
85% products LTV are available at 3.04% fixed-rates over two years, whereas five-year products will be fixed at 3.55%.[2]
Furthermore, changes to the Newcastle Building Society’s lending policy will now see the maximum LTV dependent on the presence of builders incentives or whether the property is a new build house or flat.
Support
‘The Society has supported first-time buyers for a number of years through our mortgage products with LTVs up to 95%,’ said Steve Urwin, Newcastle Building Scoeity’s Director of Sales and Marketing. ‘The launch of specific products for the new build market will continue to support first time buyers and next time buyers in a market that has and is expected to expand in the next couple of years,’ he continued.[3]
‘The products have been designed with a range of fixed rate terms to offer flexibility, as well as fees free and cash-back options to help keep upfront cost low for first time buyers,’ Urwin added.[4]
[1] http://www.propertyreporter.co.uk/finance/new-build-products-launched-at-newc4stle-bs.html