Newcastle Intermediaries has reentered the large loan market with products available up to 80% loan-to-value.

The lender withdrew its large loan offering in April 2020 but has returned to allow income multiples of up to 5.5 x for loans between £500,000 and £1,500,000.

A two-year discounted rate is available at 2.35% (3.7% APRC), equivalent to a 1.61% discount from the lender’s SVR.

The product comes with free standard valuation and allows 10% overpayments per annum in addition to the £499 regular monthly overpayment already permitted. An early repayment charge of 1% applies until 31 January 2024.

A five-year discounted rate of 2.75% (3.5% APRC) is also available, which is a 1.21% discount from the lender’s SVR. This product comes with no early repayment charges providing borrowers with flexibility to make increased overpayments.

A fee of £1,999 is payable on both products.

Newcastle Building Society head of intermediary mortgages Franco Di Pietro says: “We’re delighted to move back into the large loan market and support our intermediary partners in providing additional mortgage options for our mutual clients. We’re seeing strong demand in the market for loans between £500,000 and £1,500,000, this re-launch will provide greater choice for borrowers whilst brokers will also have direct access to our experience underwriters and bespoke service proposition.”

Last week, Newcastle Building Society launched its range of 95% loan-to-value mortgages for first-time buyers under the government’s First Homes scheme.