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Newcastle Intermediaries cuts BTL rates

Newcastle Intermediaries has announced cuts of up to 0.64 per cent across its range of buy-to-let products.

Highlights include the five-year fixed BTL and remortgage product, cut by 0.64 per cent to 3.05 per cent with a £999 fee. This product also comes with an option to overpay by 10 per year, with ERCs of 5 per cent until 31 January 2020, thereafter falling 1 per cent per year until 31 January 2024.

Also included is a two-year fixed rate remortgage deal for those who already have a BTL, which is now at 2.82 per cent (previously being 2.89 per cent) and commands no product fees, comes with a free standard valuation, and the option of free legal fees or £500 cashback. Borrowers may overpay by 10 per cent per year with ERCs of 2 per cent until 31 January 2020 and 1 per cent until 31 January 2021.

Newcastle Intermediaries head of mortgage distribution Steve Carruthers says: “At a time when BTL mortgage rates are increasing and the BTL 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.”

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