Newcastle Intermediaries reduces rates and improves affordability criteria across BTL proposition
29 November 2023
Newcastle Intermediaries has reduced rates across its BTL product range by up to 0.36% and simplified the way it applies stress rates to BTL lending.
The reduced rates include a five-year fixed rate at 5.55% (6.5% APRC) available up to 80% LTV, with early repayment charges of 5% until 31.05.2025 4% until 31.05.2026, 3% until 31.05.2027, 2% until 31.05.2028, 1% until 31.05.2029.
A two-year fixed rate at 5.85% (7.0% APRC) is also available up to 80% LTV, with early repayment charges of 2% until 31.05.2025 and 1% until 31.05.2026. Both products come with a £999 product fee and offer an overpayment facility of 10% each year.
In response to feedback from its broker partners, and as Newcastle Intermediaries look to support borrowers with affordability concerns, the lender has also implemented a single stress rate of 8.25% across its fixed rate products under five years, and a single stress rate of 5.70% across longer term products.
The lender’s BTL proposition is available to sole trader landlords, has no minimum income or maximum age and is available for both house purchase and remortgage.
Franco Di Pietro, head of intermediary mortgages at Newcastle Building Society, said: “We’re always listening to feedback from our partners to better understand how we can provide the best possible service to brokers and their clients. The recent changes to our BTL proposition, including the removal of our tiered BTL stress rate, reflect the wider market conditions and our commitment to remaining competitive in what is still a dynamic market.”
All product details and the full range of available products can be found at www.newcastleis.co.uk.
