Newcastle Building Society’s broker-only arm highlights its new two-year product, which is available at 6.45% [at an annual percentage rate of charge of 5.3%] at up to 65% loan to value and on offers between £1.5m and £2m. It allows for enhanced income multiples of up to 5.5 times.   

The product comes with early repayment charges of 2% until 31 January 2024 and 1% until 31 January 2025.  

The business adds that its range of large loans comes with a dedicated service offering direct access to its underwriting team, allows up to 10% overpayments, and up to 100% bonus/commission, subject to underwriter discretion.  

The move comes after new Chancellor Jeremy Hunt earlier this month reversed the vast majority of tax cuts announced in September’s mini-budget, although the stamp duty cut for house purchases remains.           

Last month’s tax statement led to more than a thousand products being pulled as lenders worked out how to reprice loans as the cost of debt for the government and companies lifted on international money markets, following former Chancellor Kwasi Kwarteng’s tax-cutting fiscal event.       

Newcastle Building Society head of intermediary mortgages Franco Di Pietro says: “We have updated our large loan product portfolio in line with the current rate environment, and are pleased to be able to reintroduce the range to market reflecting our continued commitment to supporting our intermediary partners and their clients.”