The size of standard conveyance fees can often take home buyers by surprise adding unexpected costs into the financing element of purchasing a home. However, the company has reviewed the typical legal costs incurred by the borrower and launched a range of products that covers all of these costs, developing a unique proposition for new house purchase and an extension to its current remortgage product range.
The enhanced fee free package, which is available for all residential purchase borrowers (i.e. home movers as well as first time buyers), as well as remortgages, covers all standard legal costs including Land Registry fees, Land Registry Priority Search, Bankruptcy Searches, Property Searches (such as Local Authority, Water and Drainage Fees) and VAT.
Alongside no legal fees the new product also includes no valuation fees. Product fees have been scrapped too as these fees can add a hefty amount onto the initial cost of moving home or re-mortgaging.
As part of the ‘All In One’ product, we will instruct one of Newcastle Intermediaries’ approved Solicitors on the borrowers’ behalf to arrange completion of their purchase or remortgage - taking away all the hassle and speeding up the process on the way.
The new extended range includes a 4.35% (5.8% APR) two year fixed rate which is available up to a maximum of 95% loan to value (LTV).
The product is available to Sesame, Openwork, L&G, Intrinsic, First Complete, Pink Home Loans, The Mortgage Alliance, Premier Mortgage Services, SimplyBiz Mortgages and Tenet.
Head of Mortgage Distribution, Steve Carruthers, said: “I've only recently joined Newcastle Intermediaries and already I'm delighted with how we look to adapt our products to market demands. The development of this innovative product is now available at up to 95% LTV, meaning brokers can offer this product to even more borrowers helping them take advantage of this unique proposition, especially first time buyers.
We aim to make buying a home as easy as possible for borrowers and with our All in One mortgage we hope to do just that by taking away many fees borrowers would usually pay. Our product range is now available up to 95%LTV, which means it is ideal for not only home movers but also first time buyers, meaning a larger section of the mortgage marketplace can take advantage of this range.
We know that borrowers want to understand what the costs are to them at a glance so they don’t have to deal with any surprises further down the line.”
