Newcastle Intermediaries ups penalty-free BTL overpayments

Money

Newcastle Intermediaries has increased the level of overpayments allowed without penalty across its buy-to-let range.

The lender now accepts 10 per cent of the balance per annum to be made in overpayments, in addition to an existing facility to pay up to £499 per month as an overpayment.

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

Newcastle Intermediaries product development and propositions manager Ben Smith says: “As we continue to grow our buy-to-let offering, the introduction of additional overpayments reflects our commitment to the market and to providing more choice and flexibility for intermediaries to access our buy-to-let product range.”