Newcastle for Intermediaries has made enhancements to its interest-only mortgage proposition. The lender has increased its maximum LTV from 75% to 80%, and to 85% LTV for part-and-part loans. The firm said that by increasing the LTV, it will broaden its support for clients through offering alternative repayment options enabling homeownership. Furthermore, Newcastle for Intermediaries has added further flexibility for repayment options, following broker feedback. Multiple repayment strategies can be used to support the repayment of the mortgage, and clients downsizing via the sale of an existing mortgaged property remain capped at 60% interest-only LTV.

Nationwide is now offering enhanced affordability to homeowners looking for a new mortgage deal when applying to remortgage to Nationwide. As a result, the society will apply a different affordability calculation when eligible applicants take out a five- or 10-year fixed rate product, which may enable them to borrow more. The enhanced criteria will be available for both employed and self-employed applicants. Sole applications will a minimum income of £40,000 and joint applicants need a minimum income of £70,000 to benefit from the enhanced affordability check. All applications will continue to be subject to a robust affordability assessment to ensure Nationwide continues to lend responsibly.

Landbay has strengthened its limited edition range of AVM products, increasing both the maximum LTV and loan amount. The limited edition AVM range consists of four standard five-year fixed rate products, with rates starting from 4.59%. Across all four products, the maximum LTV available as been increased from 65%, with 70% and 75% LTV now available. The maximum loan amount has also been increased by 15%, with loans now available up to £562,500. The range starts from loan sizes from £75,000.

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