Newcastle Building Society has increased the loan to value (LTV) for new-build houses to 95% to boost options for homebuyers.
The lender said the change to the LTV would also offer “further support for the housebuilding sector by broadening access for younger aspiring homeowners and those borrowers with smaller deposits to the new-build home market”.
Newcastle Building Society has brought out a five-year fixed rate deal at 95% LTV with a rate of 5.48%. It has no fees and free standard valuation, can be used for purchase and remortgage, and permits 10% overpayments.
Franco Di Pietro, head of intermediary mortgages at Newcastle Building Society, said: “We understand that achieving the dream of homeownership remains a challenge; that’s why we’re committed to supporting as many borrowers as possible in getting a foot on the property ladder or moving onwards to their next home.
“By increasing our maximum LTV for lending on new-build houses, we’re able to provide our broker partners with a greater number of options and more flexibility for their clients.”
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The Cambridge ups max LTV for foreign nationals
The Cambridge Building Society has increased the maximum LTV for foreign nationals by up to 90%.
Foreign nationals on a Skilled Worker visa, Global Talent visa or Health and Care Worker visa can apply for up to 90% LTV of the property value. This includes shared ownership.
Applicants need to have lived in the UK for at least two years, and for joint applicants where one has permanent residency, the LTV rises to 95%.
The lender said that the increase would meet the demand for skilled professionals such as doctors, nurses, teachers, civil engineers, programmers, and care workers.
Kathy Bowes, intermediary manager at The Cambridge Building Society, said: “We are pleased to further strengthen our support for foreign nationals by increasing the LTV to 90%. This change demonstrates our commitment to helping individuals who are looking to live and work in the UK after successfully applying for a visa.
“For 175 years, we’ve been helping people buy their own homes, and we’re delighted to extend this support to key professionals and workers who want to call the UK home.”
Accord ups BTL product transfers by up to 0.21%
Accord Mortgages will increase select buy-to-let (BTL) product transfers by around 0.21% from 17 January.
The current range will be withdrawn on 16 January and the new range will be available from 9am on 17 January.
The lender said that 60% LTV product rates will go up by up to 0.15%, along with 65% LTV product rates.
Going up to 75% LTV, rates will rise by around 0.2%, while two-year deals at 80% LTV will go up by 0.21%.
Five-year deals at 80% LTV will increase by 0.1%.
