Newcastle for Intermediaries has launched into the interest-only market with a selection of specific fixed-rate mortgages.
The interest-only mortgage rates are available up to 75% loan-to-value (ltv), although an additional 5% ltv can be secured on a repayment basis. This takes the part interest-only and part capital repayment mortgage up to 80 ltv and minimises the monthly payments.
Newcastle's lowest two-year fix is priced at 2.99% with a 5.5% APRC and it has a £999 completion fee. There is a free standard property valuation on properties up to £500,000 and up to 10% of the mortgage can be repaid each year without charge. The maximum loan size is £1 million and after the fixe-period, the rate reverts to the lenders 5.99% standard variable rate.
Aaron Strutt, product director at Trinity Financial, says: "There are around 50 banks and building societies offering interest-only mortgages at the moment. Some of the lenders expect borrowers to earn at least £75,000 to qualify for these mortgages while others require applicants to have a minimum amount of equity in their property.
"Interest-only is a great option for many borrowers, particularly the self-employed because they provide flexibility to make lump sum overpayments and they have low monthly payments to boost cash flow."
Newcastle provides a range of mortgages for the employed and self-employed, the lender offers joint borrower sole proprietor mortgages and larger loans with an income multiple capped at 5.75 times single and joint salaries.
The maximum loan size will be calculated on an interest-only basis to generate more generous loans compared to many other lenders, and the maximum age for borrowers at the end of the mortgage term is 80.
Call Trinity Financial on 020 7016 0790 to secure an interest-only mortgage or send an enquiry
Newcastle will accept the sale of the mortgaged as the interest-only repayment vehicle providing the interest-only exposure is capped at 50% loan-to-value and it must have a minimum of £150,000 equity on completion.
It will also allow pension plans, share portfolio's, plus regular bonus payments, the sale of investment properties, and regular overpayments as other interest-only repayment methods.
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