Newcastle Intermediaries launches competitive buy-to-let range
07 October 2020
Newcastle Intermediaries has launched a competitive buy-to-let range, with rates from 2.46% including no product fees on selected products.
The fee-assisted two-year fixed rate at 2.46% (5.5% APRC) is available up to 75% LTV. A 2% early repayment charge applies until 31st March 2022 and 1% until 31st March 2023.
For borrowers wanting to fix for longer, a fee-assisted five-year fix at 2.70% (4.7%APRC) is also available up to 75% LTV. A 5% early repayment charge applies until 31st March 2022, 4% until 31st March 2023, 3% until 31st March 2024, 2% early until 31st March 2025 and 1% until 31st March 2026.
Both of these products are fee assisted, meaning customers do not pay a reservation or completion fee and as they offer a free standard valuation on properties up to £500k, most borrowers will only have to pay associated legal costs.
Overpayments of 10% per year are allowed and the interest coverage ratio is 145% at a rate of 4% for product terms of five years or more.
John Truswell, head of intermediary mortgages at Newcastle Building Society, said: “The buy-to-let market remains robust even in the current climate. The stamp duty holiday is playing a part in the high demand we’re seeing in the market and we expect that will continue through to Q1 2021. So we’re pleased to launch a range of competitive buy-to-let products all of which are underpinned by our manual underwriting approach and focus on support for our brokers and their clients’ needs.”
All product details and the full range of available products can be found at www.newcastleis.co.uk
