The rates on two new mortgage products aimed at first time buyers have been cut by a building society, which are available to the intermediary marketplace.
Newcastle Building Society has launched a two-year fixed 95 per cent LTV product at 5.99 per cent (APR 6.2 per cent), cut from 6.25 per cent. It is available with no completion fee, a free standard valuation and free legal fees (for re-mortgages in England & Wales) or £300 cashback alternative.
This is aimed at those FTBs who don’t have a large deposit but are keen to fix while interest rates remain competitive.
In addition, a 90 per cent LTV product has also been launched, at a reduced rate of 4.10 per cent (APR 5.9 per cent) fixed for two years, which is ideal for those FTBs who have a larger deposit.
This is available to Legal & General, Openwork, Sesame, PINK, First Complete, Intrinsic, Positive Solutions and Brilliant Solutions.
Steven Marks, Corporate Development Executive, said: “It is important as a lender to keep your eye on the marketplace and react accordingly where possible. So, we reduced our rates on two first time buyer products to further support those who have smaller deposits.
“We anticipate these products will prove to be popular given the competitive rates.”
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