Newcastle Intermediaries is reducing its buy-to-let rates by up to 0.64 percentage points.
The cuts include a two-year remortgage deal as well as a number of fixed rates available from two to five years for remortgages and home movers.
The largest reduction has been on the five year fixed rate product now available at a rate of 3.05%.
The remortgage deal, for those who already have a buy-to-let mortgage, is a two-year fixed rate at 2.82% (5.5% APR) available with no product fees to pay and comes with free standard valuation, £500 cashback or free legal fees and 10% overpayments per annum with an early repayment charge of 2% until 31 January 2020 and 1% until 31 January 2021.
Another five-year buy-to-let deal is offered at a fixed rate of 3.05% (4.9% APR) with fees of £999, a 10% per annum overpayment option, and an early repayment charge of 5% until 31 January 2020, 4% until 31 January 2021, 3% until 31 January 2022, 2% until 31 January 2023 and 1% until 31 January 2024. This is available both to future investors and those looking to remortgage at a slightly lower rate.
Steve Carruthers, head of mortgage distribution at Newcastle Intermediaries, said: “At a time when buy-to-let mortgage rates are increasing and the buy-to-let market continues to readjust itself to the taxation changes made last year, we’re pleased to announce a reduction in our rates to give landlords and other potential investors the chance to save some money.”
