NIS introduced a two-year fixed rate product at 5.95% (6.2% APR) which requires only a 5% deposit. It comes with just a £195 reservation fee and no completion fee and assistance towards valuation and legal fees freeing up more money for those moving costs.
Additionally, the Society has launched a two year, 4.10% (5.9% APR) fixed rate product, at a max LTV of 90%, which is ideal for those with a slightly larger deposit. It comes with a £195 reservation fee and a £495 completion fee.
Alternatively, for those with at least a 20% deposit there is a fees-free product, which is a competitive two year fixed rate set at 3.25% (5.6% APR).
These products are available through Legal & General, Openwork, PINK, First Complete, Intrinsic, Positive Solutions, Brilliant Solutions, Sesame and TMA .
Steven Marks, Corporate Development Executive at Newcastle Building Society, said:
“We have supported the intermediary marketplace by providing first time buyer products for more than 18 months and have seen the products grow in popularity during this time.
“These newly launched products are ideal for different levels of first time buyer borrowing; one is suited to those struggling to put together a deposit and the other is there at a lower rate for those with a larger deposit.
“Meanwhile, we understand the importance of still supporting the wider mortgage marketplace so we have also launched a competitive 80% LTV product, which helps to create movement further up the property ladder.”
