Newcastle for Intermediaries is strengthening its support for existing interest-only customers approaching maturity by launching a refreshed product transfer proposition with reduced rates starting from 3.99%.
The move is specifically designed to make it easier for brokers to retain interest-only customers with reduced pricing and a fast online transfer process.
As part of the proposition, existing customers can secure exclusive transfer rates, lock in a new rate up to three months before their mortgage reaches maturity and apply entirely online through the lender’s product transfer tool.
Franco Di Pietro, head of intermediary mortgages at Newcastle Building Society, said: “By extending support to existing interest-only customers, our aim is to give brokers a practical, attractive option to keep those customers on their books, with real savings, a quick online transfer process and the peace of mind of being able to secure a rate ahead of maturity. This results in greater certainty for customers and a simpler process for brokers.”
The new interest-only pricing follows the Society's recent launch of First Step, a new low-deposit mortgage proposition for first-time buyers.
First Step offers lending up to 98% LTV with a minimum cash deposit of just £5,000.
