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Newcastle launches 90% LTV range

Newcastle Building Society has launched a new mortgage range aimed at first-time buyers with loan-to-value of up to 90 per cent.

The range includes a two-year tracker at 4.6 per cent, a two-year fixed rate at 5.95 per cent and a base rate tracker is available at a rate of 4.1 per cent above the Bank of England base rate.

For the 90 per cent LTV products, the building society allows up to 3.25 times an individual’s salary or three times the joint salary of a couple.

Newcastle Building Society senior sales and marketing executive Steve Urwin says: “Conditions in the mortgage market have been very difficult for sometime, and they have had a particular impact on the first-time buyer market, where numbers across the UK have fallen year-on-year by around four per cent.

“We know, however, there is still the demand throughout the UK from many people that want to buy their first home. With house prices beginning to recover we have created these new products to give them the opportunity to get onto the property ladder, while encouraging both responsible borrowing and lending practices.”

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