Newcastle for Intermediaries has launched a low-deposit mortgage aimed toward first-time patrons with smaller deposits.
The mutual’s First Step product lends as much as 98% mortgage to worth, with a minimal money deposit of £5,000 and a most mortgage dimension of £350,000.
A five-year mounted price is out there at 5.25% (6.2% annual proportion price of cost) and comes with a free normal valuation as much as £550,000 and 10% overpayments per yr.
It will initially be bought by means of L&C Mortgages, Connells Group and Mortgage Advice Bureau.
Newcastle Building Society head of middleman mortgages Francesco Di Pietro (pictured) says: “First Step has been designed to present individuals who have labored exhausting to save lots of a money deposit a sensible route into dwelling possession, whereas guaranteeing sturdy affordability and lending standards.”
L&C Mortgages managing director Sidney Wager provides: “This [product] will permit L&C advisers to discover a answer for extra first-time patrons, who can afford to purchase however might solely have a smaller money deposit.
“It’s a sensible step in direction of broadening routes to homeownership, harnessing the worth of recommendation to make sure constructive outcomes for prospects.”
