Newcastle Building Society has launched a two-year fixed rate deal and a two-year tracker at 90% LTV.
The fixed-rate deal is available at 5.95% with a £499 completion fee and a £195 reservation fee while the tracker is available at 4.60%, or Bank of England base rate plus 4.10%, with the same fees applicable.
Both deals are for purchase only, and will be available via the Newcastle’s branches and through its direct mortgage operations centre.
The products allows multiples of up to 3.25 times an individual’s annual salary, or three times the joint salary of a couple.
Steve Urwin, senior sales and marketing executive at Newcastle Building Society, says: “We know there is still the demand throughout the UK from many consumers that want to buy their first home.
“With house prices beginning to recover and a lot of homes remaining affordable to many first-time buyers, we have created these products to give them the opportunity to get onto the property ladder, while encouraging both responsible borrowing and lending practices.”
“The terms and rates we’re offering compare extremely favourably with other products currently on the market without demanding the applicant take other products to qualify for the deal.”