Newcastle for Intermediaries has enhanced its Affordability Boost proposition by extending it to eligible new build purchase applications up to 95% LTV.
The enhancement is designed to support eligible first-time buyers, home movers and existing customers purchasing a new build property.
Affordability Boost enables customers selecting a qualifying longer-term fixed rate mortgage to benefit from an affordability assessment aligned to the product's longer-term payment certainty. The extension to 95% LTV new build purchases aims to support customers who are ready to buy but may be constrained by affordability challenges or the size of their available deposit.
Affordability Boost does not change lending policy, underwriting standards or income multiple limits and is not available for further advances.
Michelle Ash, national account manager at Newcastle Building Society, said: "For many customers, affordability is still one of the biggest hurdles to getting on the property ladder or moving home, especially when buying a new build. Even when they're financially ready to buy, higher rates and deposit requirements can make it difficult to access the borrowing they need.
"By extending Affordability Boost to eligible new build purchases up to 95% LTV, we're giving brokers another way to help suitable clients achieve their home ownership goals. Alongside options such as joint mortgage sole proprietor (JMSP) for new build purchases, this latest enhancement broadens the support available to customers who are constrained by affordability or deposit size, while still offering the longer-term payment certainty that many borrowers value."
