Newcastle Intermediaries has introduced a new buy-to-let offering, 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 31 March 2022 and 1% until 31 March 2023.
Meanwhile, 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 31 March 2022, 4% until 31 March 2023, 3% until 31 March 2024, 2% early until 31 March 2025 and 1% until 31 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 £500,000, 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 (pictured), 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.”