Newcastle Intermediaries has enhanced its large loan criteria and launched a range of products to support the proposition.

As well as increasing its maximum loan amount from £2m to £3m, the lender has also given borrowers looking to downsize the option for interest only up to 60% LTV (previously 50%).

A two-year fixed rate at 6.45% up to 65% LTV and a five-year fixed rate at 6.15% – also up to 65% LTV – is available on loans between £1.5m to £3m.

Both products come with a £1,499 fee and allow up to 10% overpayments per annum.

Newcastle Building Society head of intermediary mortgages Franco Di Pietro says: “We’re always striving to maintain a competitive lending proposition with the help of feedback from our broker partners in order to refine our product range.

“These criteria enhancements, alongside the new products in our large loans range, enable us to continue to deliver a great range of options for brokers in meeting the needs of their higher-earning clients.”