Newcastle Intermediaries has launched two new large loan mortgages and increased the maximum amount one can borrow to £2m.

Both products are available at up to 65% LTV for loans starting at £1.5m.

The two-year discount has an initial rate of 2.25% and allows for 10% overpayments per year on top of the £499 monthly overpayment limit. It charges a 1% early repayment charge (ERC) until 31 January 2024.

The five-year discount has an initial rate of 2.65% and has no ERC.

Both mortgages charge a £1,999 fee.

The lender returned to the loan market at the end of July this year, with products available up to 80% LTV.

Newcastle head of intermediary mortgages Franco Di Pietro says: “We recently moved back into the large loan market with a wide range of products, realising our commitment to do more to support brokers and their higher earning clients.

“After listening to broker feedback we’re pleased to extend that range even further.”