Newcastle launches custom build mortgages

Newcastle Intermediaries has added custom build products to its mortgage range.

The new offers can be accessed through the lender’s Build Store and its intermediary arm, Build Loan.

The products comprise an 85 per cent LTV two-year product at 5.39 per cent and an 85 per cent LTV two-year base rate tracker product at 5.19 per cent.

Both offers come with a £1,195 product fee, a maximum loan value of £600,000, 10 per cent overpayment facility per annum, and an ERC of 2 per cent until 31 March 2020 and 1 per cent until 31 March 2021.

Borrowers can use the lender’s interest-only option during the build, which reverts to repayment post-build, according to the firm.

Newcastle Intermediaries customer director Stuart Miller comments: “We have supported self-builders since 2012, we are now pleased to expand our proposition into the custom build sector.

“Custom build offers borrowers the flexibility of a self-build whilst providing the support of a new build.”

Buildloan client services director Rachel Pyne says: “We are delighted that Newcastle has entered the emerging custom build sector; 2019 marks the first year when local authorities are under a duty to deliver planning permissions in line with local demand registers.

Many authorities see custom build as the only way to comply with the legislation going forward. Around 18,000 extra permissions are expected this year, so the Newcastle’s entry is timely.”

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