Newcastle Intermediaries has launched an exclusive range of fixed-rate mortgages aimed at first-time buyers in the North East.
Available at 95 per cent loan-to-value, the two-year fix at 3.71 per cent and five-year fix at 4.11 per cent come with no product reservation or completion fees.
The loans also feature free standard valuation on properties up to a value of £500,000 and £200 cashback for borrowers.
First-time buyers in the following postcode areas are able to apply for the loans: NE, SR, DH, TD15, TD12, DL,TS, CA1-11.
Steve Carruthers, head of mortgage distribution at Newcastle Intermediaries, said: “It’s important to us as the North East’s largest building society that, in addition to making a comprehensive and competitive range of mortgage products available nationally, we are also connecting with our heartland communities.
“This is a first for us. We’ve made these competitive products exclusive to our North East customer base to help first-time buyers of homes in our heartland postcodes save on upfront costs, with the reassurance of fixed monthly payments. We want to help more local people own their own home.”
Robert Sinclair, chief executive of the Association of Mortgage Intermediaries, said such region-specific deals had not been very common in recent years.
“If you go back a long way, a regional would only lend in its own area,” he continued. “Over time, as they acquired more branches, they became more national. Others are still more regional.
“All they are doing is saying ‘we will do something to support the local community’,” he added, suggesting mutuals were starting to do more to support their local base.