Legal & General Mortgage Club has expanded its large loan offering for members in an exclusive deal with Newcastle Intermediaries.
It will include an increase to the loan to income (LTI) from 5.25% to 5.75%. A new set of two-year and five-year fixed rate mortgages will also be available to all Legal & General Mortgage Club members. These new products benefit from free valuations and 10% overpayments.
Details are as follows:
| Product | Proposed Rate | Max LTV | Fees | Incentives | Early Repayment Charge |
| 2 Year Fixed | 2.59% | 60% | £1,499 | Free Valuation 10% Overpayments | 2/1% |
| 2 Year Fixed | 2.65% | 75% | £1,499 | Free Valuation 10% Overpayments | 2/1% |
| 2 Year Fixed | 2.69% | 80% | £1,499 | Free Valuation 10% Overpayments | 2/1% |
| 5 Year Fixed | 3.19% | 60% | £1,499 | Free Valuation 10% Overpayments | 5/4/3/2/1% |
| 5 Year Fixed | 3.25% | 75% | £1,499 | Free Valuation 10% Overpayments | 5/4/3/2/1% |
| 5 Year Fixed | 3.29% | 80% | £1,499 | Free Valuation 10% Overpayments | 5/4/3/2/1% |
Danny Belton, head of lender relationships at Legal & General Mortgage Club, said: “Legal & General Mortgage Club has a strong relationship with Newcastle Intermediaries and we are delighted to work with them to build and support this proposition and bring exclusive products to our members.”
Steve Carruthers, head of mortgage distribution, Newcastle Intermediaries, added: “We’re looking forward to working with Legal & General Mortgage Club to give this exclusive offer to their members. We’re committed to supporting large loan customers, offering them both flexibility and choice. Our underwriters consider affordability on a case by case basis and we’re confident that through Legal & General Mortgage Club we will help more advisers meet the needs of their customers.”