Newcastle Intermediaries cuts joint minimum BTL income to £30,000

Money

Newcastle Intermediaries has reduced the minimum income requirement for joint buy-to-let properties from £40,000 to £30,000.

The lender has also refreshed its existing buy-to-let range.

All products in the range allow borrowers to overpay by 10 per cent of their mortgage balance a year. This is over and above the existing policy which allows £499 monthly overpayments.

Newcastle Intermediaries head of mortgage distribution Steve Carruthers says: “As we continue to grow our buy-to-let offering, the reduction of the minimum income for joint properties reflects our commitment to the market and to providing more flexibility for brokers seeking the right choice for their clients.”

The lender’s existing buy-to-let lending policy includes no maximum age limit and five-year fixed products stressed at 145 per cent at 4 per cent.