Newcastle Intermediaries is reducing its buy-to-let rates by up to 0.40 percentage points across a selection of its two, three and five-year fixed products.
A five year fix at 2.75% (4.8% APR), a reduction of 0.30 percentage points on its current rate, is available at a maximum LTV of 75%. It offers 10% overpayments per annum facility and an early repayment charge of 5% until 31.05.2020, 4% until 31.05.2021, and 3% until 31.05.2022, 2% until 31.05.2023and 1% until 31.05.2024..
Alternatively, for borrowers not wanting to pay any product fees, a five year fix at 2.95% (4.8% APR), a reduction of 0.40 percentage points on its current, is also available at a max 75% LTV, free standard valuation, £500 cashback or free legal fees for re-mortgaging, 10% overpayments per annum facility and an early repayment charge of 5% until 31.05.2020, 4% until 31.05.2021, and 3% until 31.05.2022, 2% until 31.05.2023 and 1% until 31.05.2024.
The societies Interest Coverage Ratio is 145% at a rate of 4% for product terms of five years or more. Also there’s no maximum age for borrowers on buy-to-let products.
Steve Carruthers (pictured), head of mortgage distribution at Newcastle Intermediaries, said: “This reduction of rates, especially on our longer five year fixed mortgages means landlords and other potential investors have the chance to save some money; either by reducing their current rate or by choosing our five year fixed mortgage with no fees to pay, £500 cashback or free legal fees for those who are re-mortgaging providing choice and flexibility.”
