Newcastle BS launches New Build range

Newcastle Building Society has launched a range of New Build products up to 90% LTV.

Related topics:  Mortgages
Rozi Jones
19th June 2015
new build house

The 90% LTV products are available with both two and five year fixed rate options. The two year is fixed at 3.89% (5.9% APR) and the five year at 4.10% (5.5% APR).

Meanwhile, the 85% LTV products are available at 3.04% (5.6% APR) fixed for two years or at 3.55% (5.1% APR), which is fixed for five years. Both products are fee free.

Newcastle has also widened its lending policy - the maximum permitted LTV will now be dependent on a) the presence of Builders Incentives and b) whether the property is a new build house or new build flat.

For New Build houses, where Builders Incentives are present the maximum LTV is 85%, rising to 90% with no incentives.

For New Build flats a maximum LTV of 75% is available with Builders Incentives, otherwise the maximum permitted LTV is 80%.

Additionally, the mortgage offer for new build is now valid for up to six months instead of three.

Steve Urwin, Managing Director, Sales and Marketing, said:

“The Society has supported First Time buyers for a number of years through our mortgage products with LTVs up to 95%. The launch of specific products for the new build market help 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.

“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.”

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