Here is the latest update from Newcastle for Intermediaries. For full details see their latest product information here. Access these product via our direct to lender mortgage club and get the benefits of payment on completion.
Announcement
We are delighted to be launching our First Step proposition with effect from Friday 5th September – which will allow First Time Buyers to borrow up to 98% LTV.
To support this proposition, we will be launching a First Step product on Friday 5th September. This new product will be available on both our Consumer and Intermediary website from tomorrow morning.
Please be advised that the proposition will initially be launched with limited distribution with the following key accounts, as well as being available through Direct channels:
Mortgage Advice Bureau
Connells
London & Country
First Step Key Criteria:
- Expansion of our maximum LTV to 98% for First Time buyers only (min LTV 95.01 – 98%)
- In cases where there is more than one applicant, at least one of the applicants must be a First Time Buyer.
- Minimum deposit requirement of £5k (gifted deposits not accepted)
- Minimum property valuation £101,000 (Min Loan £96,000)
- Maximum loan size permitted £350,000
- Maximum term permitted of 35 years
- Available on a 5 year fixed rate basis
- Available for purchase and repayment only
- Products are portable, however no additional borrowing will be permitted above 95% LTV.
- New build properties are not acceptable.
- Not currently available for non-EEA nationals.