Newcastle cuts buy-to-let rates
Newcastle Intermediaries reduced its buy-to-let rates by up to 0.40% across a selection of its 2, 3 and 5-year fixed products.
There’s a 5-year fix at 2.75% (4.8%APR), a reduction of 0.30% on its current rate, available at a maximum LTV of 75% with 10% overpayments per annum.
Steve Carruthers, head of mortgage distribution at Newcastle Intermediaries, said: “This reduction of rates, especially on our longer 5-year fixed mortgages means landlords and other potential investors have the chance to save some money; either by reducing their current rate or by choosing our 5-year fixed mortgage with no fees to pay, £500 cashback or free legal fees for those who are re-mortgaging providing choice and flexibility.”
Alternatively, for borrowers not wanting to pay any product fees, there’s a 5-year fix at 2.95% (4.8% APR), a reduction of 0.40% on its current, available at a maximum 75% LT with free standard valuation, £500 cashback or free legal fees for remortgaging.
There’s an early repayment charge of 5% until 31.05.2020, 4% until 31.05.2021, and 3% until 31.05.2022, 2% until 31.05.2023 and 1% until 31.05.2024.
The society’s interest coverage ratio is 145% at a rate of 4% for product terms of five years or more. Also, there’s no maximum age for borrowers on buy-to-let products.