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 assist the reimbursement of the mortgage.
Clients downsizing by way of the sale of an present mortgaged property stay capped at 60% interest-only LTV, in step with present coverage.
Newcastle Building Society head of business and product improvement Ben Smith says: “We know that brokers and their shoppers worth selection and ease, so by extending our Interest-Only LTV to 80% and accommodating a number of reimbursement autos as commonplace, we’re making it simpler for brokers to search out the fitting answer for these seeking to transfer residence and remortgage.”
