Newcastle Intermediaries reduces buy-to-let rates
Newcastle Intermediaries has reduced rates on its buy-to-let range by up to 0.15%, including two with zero product fees.
The lender’s five year fixed rate at 2.45% (3.4% APRC) is a discount of 0.15% on the previous rate. It is available at a max LTV of 75% and an early repayment charge of 5% applies until 28.02.2023, 4% until 28.02.2024, 3% until 28.02.2025, 2% until 28.02.2026 and 1% until 28.02.2027.
Alternatively, borrowers can fix for a shorter period of time with a two year fixed rate at 2.39% (3.7% APRC). It is also available at a max LTV of 75% and an early repayment charge of 2% until 28.02.2023 and 1% until 28.02.2024 applies.
Both of these products come with free standard valuation on properties of up to £500,000 and a £500 cashback to assist with costs. Overpayments of 10% per year are allowed in addition to the £499 regular monthly overpayments already permitted.
The Interest Coverage Ratio is 145% at a rate of 4% for product terms of five years or more, and the two year ratio is 145% at a rate of 5.5%, there is no maximum age criteria and every case is individually underwritten.
Franco Di Pietro, head of intermediary mortgages at Newcastle Building Society, said: “We’re delighted to reduce rates on our buy-to-let products which include these competitive fee-assisted options for borrowers. They offer flexibility, competitive rates and a number of benefits, underpinned by our adaptable, nuanced approach to underwriting.”
