Newcastle launches 90% LTVs with Openwork
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Newcastle Building Society has teamed up with Openwork to allow its brokers access to 90% LTV mortgage products.
The semi-exclusive products include a two-year fixed rate for house purchase only at 6.25% APR Fixed until 30 June 2012 at 90% LTV, with a completion fee of £499 and a reservation fee of £195 and a 3% early repayment charge and a proc fee 0.35%.
It is also offering a five-year fixed rate for house purchase, scheme transfer and remortgage at 5.39 APR fixed until 30 June 2015 at 80% LTV, with a completion fee of £800 and reservation fee of £195.
It has a 3% early repayment charge for minimum loans of £50,000 and maximum loans of £500,000 and a proc fee of 0.35%
Steven Marks, intermediary services executive at NBS, says:“We understand the importance of having strong relationships with key distributors, such as Openwork, and the importance of supporting homeowners with attractive offers. We’re pleased to be able to offer such competitive products to the marketplace and we’re confident these will be popular to Openwork’s customers.”
Paul Shearman, mortgage protection and GI proposition director at Openwork, says: “With products at the higher loan to values still hard to come by we’re delighted to be able to offer these two new products from Newcastle Building Society.
“Feedback from our Openwork advisers suggests that although lower rates may be available on tracker products, many purchasers at the higher loan to values are still looking for the security of a fixed rate product. Newcastle’s new two-year fixed rate at 90% loan-to-value and five-year fixed rate at 80% loan-to-value are welcome additions to our range of exclusive products.”
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