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Newcastle Intermediaries announces BTL rate reductions

Newcastle Intermediaries has reduced buy-to-let rates across a selection of its two-, three- and five-year fixed rate products.

Highlights include the 75 per cent LTV five-year fix being reduced by 0.30 per cent to 2.75 per cent. It comes with a 10 per cent overpayment facility.

The lender has also cut the rate on its 75 per cent LTV five-year product by 0.40 per cent to give a fix of 2.95 per cent.

This comes with free standard valuations, £500 cashback or free legal fees for remortgaging, and a 10 per cent overpayment facility.

Both offerings include an early repayment charge of 5 per cent until 31 May 2020, which declines progressively until 31 May 2024, at which point the charge is 1 per cent.

The society’s interest coverage ratio is 145 per cent at a rate of 4 per cent for product terms of five years or more, and offers no maximum age for borrowers on BTL products.

Newcastle Intermediaries head of mortgage distribution Steve Carruthers says: “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.”

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