Newcastle for Intermediaries has made enhancements to its interest-only mortgage proposition.
The lender has elevated the utmost loan-to-value (LTV) from 75% to 80% and 85% LTV for part-and-part loans.
In addition, the lender has added additional flexibility for reimbursement choices with a number of reimbursement methods out there to help the reimbursement of the mortgage.
Clients downsizing through the sale of an current mortgaged property stay capped at 60% interest-only LTV, in keeping with current coverage.
Newcastle Building Society head of economic and product improvement Ben Smith says: “We know that brokers and their purchasers worth alternative and ease, so by extending our Interest-Only LTV to 80% and accommodating a number of reimbursement automobiles as commonplace, we’re making it simpler for brokers to search out the best resolution for these trying to transfer residence and remortgage.”
Earlier this month, Newcastle for Intermediaries launched Enhanced+ to offer elevated loan-to-income multiples of as much as six instances, coverage enhancements and bespoke underwriting.