Newcastle Intermediaries reduce rates across Interest Only range

23 November 2023

Newcastle Intermediaries has made rate reductions of up to 0.25% across its Interest Only proposition.

The reduced rates include a five-year fixed rate available at 5.55% (6.6% APRC), with early repayment charges of 5% until 30.04.2025, 4% until 30.04.2026 and 3% until 30.04.2027, 2% until 30.04.2028 and 1% until 30.04.2029.

A two-year fixed rate at 5.85% (7.0% APRC) is also available, with early repayment charges of 2% until 30.04.2025 and 1% until 30.04.2026.

Both Interest Only products are available up to 75% LTV with an additional 5% LTV able to be secured on a repayment basis, come with a £1,499 product fee, and offer an overpayment facility of 10% each year plus additional monthly overpayments of £499.99.

Franco Di Pietro, head of intermediary mortgages at Newcastle Building Society said: “Following the rises to the Bank of England base rate we have experienced growing demand for Interest Only products, signalling that more borrowers are exploring the option to ease affordability issues.

“That’s why we are enhancing our offering by reducing rates across our range of products, including Interest Only, and offering a range of fee options, as we look for ways to better support our broker partners and their clients.”

All product details and the full range of available products can be found at www.newcastleis.co.uk.